RECENT NEWS
Summit Properties Names Steven LeBlanc Next CEO
March 28, 2001 CHARLOTTE, N.C. – Summit Properties (NYSE:SMT) has named Steven R. LeBlanc as chief executive officer, effective July 1.LeBlanc, currently the company's president and chief operating officer, will succeed William F. Paulsen. After the transition, Paulsen...
Fitch Withdraws TriNet Mortgage Securities Trust I Ratings
March 28, 2001 NEW YORK – Fitch has withdrawn its rating on TriNet Mortgage Securities Trust I, commercial mortgage pass-through certificates.The certificates were paid in full on March 2.Comments? E-mail Susanna Potter, or call her at (215) 504-4288,...
Denver-area Park Service Building Sells
March 28, 2001 Public Employees' Retirement Association of Colorado has sold the National Park Service Building in Lakewood, Colo., to an unknown private investor.Kathryn Spritzer, senior vice president, portfolio management at LaSalle Investment Management, advised PERA in the...
Tri-National Forms JV for Development in Mexico
March 28, 2001 BAJA, Mexico – Tri-National Development Corp. and its Mexican subsidiary, Tri-National Holdings, have entered into a joint venture and financing agreement for Portal Del Mar, a condominium development on five acres overlooking the Pacific Ocean.The...
LA-area Flex Property Hits the Block
March 28, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterA pension plan is looking to unload the Reynolds Business Park, a flex park in the John Wayne Airport sub-market of Irvine, Calif.Unisys Master Trust, the pension...
ARV Assisted Living to Modify Leases
March 28, 2001 COSTA MESA, Calif. - ARV Assisted Living Inc. (NYSE:SRS) and Nationwide Health Properties Inc. will modify and extend leases for 16 assisted living communities.The parties entered into two master lease agreements, each governing eight communities....
Fitch Withdraws Rating on Mortgage Capital Funding, 1994-MC1
March 28, 2001 NEW YORK – Fitch has withdrawn its ratings on Mortgage Capital Funding Inc., 1994-MC1 because the bonds were paid in full on March 25.
AvalonBay Communities Starts San Francisco-Area Apartments
March 28, 2001 SAN FRANCISCO – AvalonBay Communities Inc. (NYSE:AVB) has started construction of a $79.5 million, 250-unit apartment complex.Avalon at Mission Bay will have 149 apartment units in one 16-story high-rise tower, 91 garden-style units in three-story...
Industry City Associates Buys 450,000-sf Warehouse in Brooklyn, N.Y.
March 28, 2001 BROOKLYN, N.Y. – Industry City Associates has purchased a 450,000-square-foot warehouse complex from Mercedes Books for $18.5 million.The complex contains two six-story buildings, which are located at 62 Imlay St.Industry City Associates plans to market...
Kimco Names Chief Investment Officer
March 28, 2001 NEW HYDE PARK, N.Y. – Kimco Realty Corp. (NYSE:KIM) has appointed David B. Henry as chief investment officer and confirmed his nomination as vice chairman of the board, which will be voted on at the...
Manhattan Office Complex Fetches Nearly $520/sf
March 28, 2001NEW YORK – Teachers Insurance and Annuity Association has paid about $520/sf, or $15.5 million, for a four-building low-rise office complex between Lexington and Park Avenues in Manhattan.TIAA bought the buildings at 116-118 E. 55th St.,...
Mary Marx Leaves Transwestern, Joins Cushman & Wakefield
March 28, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterMary Marx has joined Cushman & Wakefield as director of asset services for southern California.Marx, who has been active in various industry associations, will oversee C&W's regional...
Jones Lang LaSalle Hotels Sells Upscale Aspen Ski Resort
March 28, 2001 ASPEN, Colo. – Northridge Capital, which invests on behalf of offshore investors, has bought the Aspen Club Lodge, for nearly $21 million, or about $230,000/unit.Jones Lang LaSalle Hotels arranged the sale on behalf of IRP...
5-acre Miami Parcel Sold for $35Mln
March 28, 2001 MIAMI – Brickellinvest Joint Venture, a wholly owned affiliate of Muliplan USA, has sold a five-acre, bay-front parcel in Miami's "Wall Street of Americas" district for $35 million.The site, which sits on Brickell Bay Drive...
Westfield America Declares Dividend
March 28, 2001 LOS ANGELES - Westfield America Inc. (NYSE:WEA) has declared a dividend of $0.02456/share for April 1 to April 6 as part of Westfield America Inc.'s merger agreement with Westfield America Trust.The dividend will be paid...
Southeast Regional Digest (3/28/01): Telefonica Selects LightSpeed Miami Center for Major U.S. Facil
March 28, 2001 Telefonica selects LightSpeed Miami Center for major U.S. facilityHOLLYWOOD, Fla. - Telefonica DataCorp has signed a lease with Lightspeed Infrastructure LLC for an entire 173,000-square-foot building at Lightspeed Miami Center in West Miami-Dade County to...
Moody’s Upgrades CDC Securitization, 1999-FL1
March 28, 2001 NEW YORK – Moody's Investors Service has upgraded CDC Securitization Corp., 1999-FL1, because loan prepayments have led to an increase in subordination levels.The rating agency upgraded three classes and affirmed three others. It upgraded: –...
Keystone CalEast Partnership Close on 7 N.J. Properties
March 28, 2001 WEST CONSHOHOCKEN, Pa. – Keystone Property Trust (NYSE:KTR) has closed on its contribution of seven properties, totaling $103.8 million, to its $300 million joint venture with CalEast Industrial Investors.The 2.1 million square feet of distribution...
James Wassel to Head Cushman & Wakefield’s New U.S. Retail Division
March 28, 2001 NEW YORK – Cushman & Wakefield is making a major move to increase its retail services business, and James S. Wassel will head the initiative as national director of retail servicesThe brokerage firm, best known...
Gaylord Entertainment Obtains Long-Term Financing Through Merrill Lynch
March 28, 2001 NASHVILLE, Tenn. – Gaylord Entertainment Co. (NYSE:GET) has received $375 million in financing from affiliates of Merrill Lynch & Co. that replaces the interim financing obtained in October 2000.Proceeds from the financing will be used...
Trepp Adds Swap Modeling, Launches Deal Snapshots
March 27, 2001 NEW YORK – Trepp LLC has enhanced its Trepp CMBS Analytics application, allowing users who access the service via Bloomberg terminals to evaluate portfolios of CMBS in relation to swaps, as opposed to Treasury securities....
CDC Provides $33Mln of Financing for San Diego Apartments
March 27, 2001 CDC Mortgage Capital Inc. has provided a $33 million floating-rate mortgage to Sports Arenas Inc., allowing the firm to refinance University City Village, a 542-unit apartment complex in San Diego.The financing was structured to allow...
Red Mortgage Capital Provides $10.7Mln of DUS Financing
March 27, 2001 COLUMBUS, Ohio – Red Mortgage Capital Inc. has provided $10.7 million of financing under Fannie Mae's delegated underwriter servicer program to finance the purchase of a California apartment complex.The financing is backed by the Woodmere...
RFS Fixes Rate on $30Mln of Debt
March 27, 2001 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) has entered into an interest rate swap agreement with PNC Bank, which fixes the interest rate on $30 million of the company's floating rate debt at 6.775...
S&P Names Execs to Lead Charter Research Unit
March 27, 2001 NEW YORK – Standard & Poor's has begun integrating Charter Research, which it recently acquired, into its operations by naming three senior executives to oversee the unit.Kathy D. Rainey, a director within S&P's real estate...
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Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
