RECENT NEWS
Tejon Venture to Build 650,000-sf Building at Industrial Complex in Calif.
March 14, 2001 TEJON RANCH, Calif. – Tejon Ranch Co. (NYSE:TRC) and Dermody Properties will build a 650,000-square-foot distribution building at the Tejon Industrial Complex.Construction on the building will begin in April, with an estimated completion date of...
CSFB Provides $130 Mln Financing for Chicago Office/Telecom Center
March 14, 2001 CHICAGO – An entity comprised of Taconic Investment Partners, Angelo Gordon & Co., Amerimar Enterprises and Centrum Properties has received $130 million in financing for the e-port @ 600 W. Chicago Avenue.The Class-A, 1.8 million-square-foot...
Fitch Upgrades 2 Classes of MLIC, 1996-1
March 14, 2001 NEW YORK - Fitch has upgraded two classes of Manufacturers Life Insurance Co.'s commercial mortgage pass-through certificates, series 1996-1.The $12.9 million class E has been upgraded to single-A from double-B, and the $6.2 million class...
Starwood Hotels Launches Tender Offer for Thailand Hotel Owner
March 14, 2001 WHITE PLAINS, N.Y. – Starwood Hotels and Resorts Worldwide Inc. (NYSE:HOT) is making a tender offer to buy all of the outstanding shares of Royal Orchid Hotel (Thailand) Public Co. Ltd., owner of the Royal...
Fitch Upgrades JP Morgan’s $315 Mln Series 1996-C3
March 14, 2001 NEW YORK - Fitch has upgraded three classes of J.P Morgan Commercial Mortgage Finance Corp.'s $315 million commercial mortgage pass-through certificates, series 1996-C3.The $24.1 million class B is upgraded to double-A-plus from double-A. The $26.1...
Key Commercial Appoints San Francisco District Sales Manager
March 14, 2001 Key Commercial Real Estate has named Donald K. Adams senior vice president and district sales manager in the lending firm's San Francisco office.Adams is responsible for construction and interim financing and permanent lending and equity...
Flagler Names Melinda Thompson VP, Controller
March 14, 2001 JACKSONVILLE, Fla. - Flagler Development Co. has named Melinda McDonald Thompson vice president and controller.Thompson now oversees accounting, financial reporting and human resources for Flagler. She was controller and director of financial reporting at Flagler.Thompson...
Southeast Regional Digest (3/14/01): Comcast Cablevision sells 2 buildings in Fla.
March 14, 2001 Industry news: Comcast Cablevision sells 2 buildings in Fla.Daily Business ReviewDistrict Cablevision Ltd. has purchased two office buildings in Davie and Fort Lauderdale for nearly $4 million from Comcast Cablevision of the South Inc. The...
Urstadt-Biddle Properties Inc. 1st Qtr FFO $0.26/shr vs $0.26/shr
March 14, 2001 Urstadt-Biddle 1st-Qtr 01 1st-Qtr 00 FFO (Mln) $3.1 $3.0 FFO/shr (diluted) $0.26 $0.26 FFO/shr (class A common) $0.29 $0.29 Net Income (Mln) $1.1 $1.0 Net/shr (diluted) $0.10 $0.09 Revenue (Mln) $8.3 $7.8 Shares Outstanding...
FINAL PRICING: COMM 2001-J1
March 14, 2001 Class Amount ($mln) Sub. Level (%) Rating Fitch Rating Moody's Avg. Life Price Talk (bp) RevisedPrice Talk (bp) Priced? (bp) Benchmark A-1 160.9 26 AAA Aaa 5.7 +45-47 +53-55 +55+35 SwapsLibor A-2 418.1 26 AAA...
World Trade Center Deal May Falter
March 14, 2001 Talks between the Port Authority of New York and New Jersey and Vornado Realty Trust (NYSE:VNO) appear to be on the skids.According to a report on BetweentheBricks, Vornado, which had been negotiating final terms for...
PRICE TALK: $313.5 Mln GMAC Commercial Mortgage, 2001-FL1
March 14, 2001 Class Amount ($mln) Sub. Rate Rating S&P Rating Moody's Avg. Life Pricetalk Benchmark A 222.6 29 AAA Aaa 2.5 +26 area Libor B 21.9 22 AA Aa2 2.8 +45 area Libor C 12.5 18 A...
Malan to Restructure Debt, Sell Some Assets
March 14, 2001 BINGHAM FARMS, Mich. - Malan Realty Investors Inc. (NYSE:MAL) will take steps to maximize shareholder value, and may sell the REIT if other strategies fail to accomplish that goal.The REIT will restructuring its debt to...
Canada Regional Digest (3/14/01): Wyndham agrees to manage Vancouver hotel, opening 2004
March 14, 2001 Wyndham agrees to manage new Vancouver hotelVANCOUVER – Wyndham International Inc. has agreed to manage a full-service upscale hotel proposed for downtown Vancouver, the third Wyndham in Canada. The 300-unit hotel, part of a major...
Johnson Capital Looks to Beef Up in Utah
March 14, 2001 John E. Seastrand has joined Johnson Capital Group Inc., an Irvine, Calif.-based real estate investment and commercial mortgage bank, as senior director for the Utah region.Seastrand will be based in the firm's Salt Lake City...
Morgan Stanley Provides $12.8 Mln Financing for Conn. Offices
March 14, 2001 Morgan Stanley Dean Witter has provided $12.8 million of mortgage financing to Collins Enterprises for 2777 Summer St. in Stamford, Conn.The 110,000-square-foot office building was purchased in late-1999 by Collins for $12.5 million. The financing...
Joint Venture Receives $100 Mln in Permanent Financing for Retail Portfolio
March 14, 2001 INDIANAPOLIS – A joint venture between Simon Property Group and an institutional pension fund advised by Commonwealth Realty Advisors Inc. has received $100 million in permanent financing for nine retail properties.The five-year fixed-rate financing was...
S&P Raises Ratings on Structured Corp., 1996-CFL
March 14, 2001 NEW YORK – Standard & Poor's has upgraded four classes of Structured Asset Securities Corp., 1996-CFL, because of increased credit support levels.The rating agency raised class E to triple-A from double-A; class F to double-A...
Cornerstone Realty to Buy Back Convertible Preferred Shares
March 13, 2001 RICHMOND, Va. – Cornerstone Realty Income Trust Inc. (NYSE:TCR) has begun a tender offer until 5 p.m. EST April 12 for all of its outstanding Series A Convertible Preferred Shares.The company is offering either two...
Fitch: 2000 CMBS Upgrades Continue on Pace With 1999
March 13, 2001 NEW YORK – Fitch has upgraded 26 percent of the commercial mortgage-backed securities reviewed in 2000. The pace represents only a slight decline from the 28 percent upgraded in 1999, according to the rating agency's...
Investment Team Buys Land Near Mexico for Industrial Park
March 13, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterMaster Development Corp. of Newport Beach, Calif., is teaming up with GE Capital Real Estate and Buchanan Fund I to buy and develop 15 acres in San...
Mack-Cali Begins Construction on Harborside Financial Center in NJ
March 13, 2001JERSEY CITY, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has begun construction of Harborside Financial Center Plaza 10, a 575,000-square-foot Class-A office building.As reported in January, the company has fully preleased the building to Charles Schwab &...
Cedar Income Fund to Sell Salt Lake City Property
March 13, 2001 SALT LAKE CITY - A regional property trust has entered into a contract to buy Broadbent Business Center for $5.3 million.The 119,500-square-foot office/distribution complex is owned by Cedar Income Fund Ltd. (NYSE:CEDR).The closing date is...
Kennedy-Wilson, Hanover Financial Buy Multifamily Portfolio for $10 Mln
March 13, 2001 LOS ANGELES -Kennedy-Wilson Inc. (NYSE:KWIC) and Hanover Financial have purchased Tobias Gardens and Village Green for about $10 million.The venture bought the buildings, at 8938 and 9010 Tobias Ave. in Panorama City, Calif., from Milan...
CIBC Inks Deal for Brookfield’s 300 Madison
March 13, 2001 NEW YORK – CIBC World Markets has signed a 30-year lease for the entire 1.2 million-square-foot building that Brookfield Properties Corp. (NYSE:BPO) is developing at 300 Madison Ave. The transaction is valued at $800 million.The...
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