RECENT NEWS
Shurgard Europe Closes $193 Mln Fund for European Expansion
March 19, 2001 BRUSSELS, Belgium – Shurgard Europe has closed on its credit facility of 215 million euros (US$193.1 million) with its bank group, led by Credit Suisse First Boston.The facility was expanded from 140 million euros (US$125.7...
Prentiss Properties Closes 5-Year, $75 Mln Unsecured Term Loan
March 19, 2001 DALLAS - Prentiss Properties Trust (NYSE:PP) has closed on a five-year, $75 million unsecured term loan.The terms include an initial interest rate of Libor plus 137.5 basis points.Banking participants included Commerzbank as lead arranger and...
John Schneider Retires as COO of United Dominion
March 19, 2001 RICHMOND, Va. – John S. Schneider will retire as chief operating officer and director of United Dominion Realty Trust Inc. (NYSE:UDR) by the end of March.Tom Toomey, president and chief executive officer, will oversee apartment...
Developers Picked for Penn Station Project
March 16, 2001 NEW YORK – A partnership of the Staubach Co. and the Frankfort Airport Group has been chosen to build the new Pennsylvania Station on Eighth Avenue within the James A. Farley Building, better known as...
Insignia/ESG Hires Former Vornado Exec
March 16, 2001 NEW YORK – David Sims has been hired by Insignia/ESG's brokerage team as senior managing director, according to Joseph Harbert, chief operating officer of the firm's New York Metro Region. He will be responsible for...
FINAL PRICING: $111.2 Mln G.P. Funding Corp. (Sutro)
March 16, 2001 Class Amount ($mln) Sub. Rate Rating Fitch Rating Moody's Avg. Life Price Talk Priced Benchmark A 50 55 AAA Aaa 1 +50-60 +60 Libor B 6.7 49 AA Aa2 1.1 NA +90 Libor C 7.8...
Kempner Moves from Housing Council to Mortgage Agency
March 16, 2001 Special to Commercial Real Estate DirectJonathan Kempner, longtime president and executive director of the National Multi Housing Council, is taking on a similar position with the Mortgage Bankers Association of America.Kempner headed the NMHC as...
Stivers Buys Irvine, Calif., Flex Building
March 16, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterStivers Investment Co. has acquired a 43,566-square-foot flex-tech office building in Irvine, Calif., for $9.75 million, or nearly $225/sf. The Pasadena, Calif., investment firm, which is affiliated...
Jones Lang LaSalle Opens Office in Monterrey, Mexico
March 16, 2001 MONTERREY, Mexico – Jones Lang LaSalle Inc. (NYSE:JLL) has opened a second full-service office in Mexico, this one in Monterrey.Javier Llaca, vice president, heads the eight-person team in the new office and plans to make...
Telecom Firm Leases Space at LA Carrier Hotel
March 16, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterLooking Glass Networks has leased 17,825 square feet at one of the two downtown Los Angeles high-rise towers recently acquired by a joint venture between Menlo Equities...
PRICE TALK: $1.3 Bln First Union National Bank–Bank of America Commercial Mortgage Trust, 2001-C1
March 16, 2001 Class Sub. Rate Amount Rating Moody's Rating Fitch Avg. Life Price Talk Benchmark A-1 22 167.2 Aaa AAA 5.7 +43-46 Swaps A-2 22 853.2 Aaa AAA 9.46 +51-54 Swaps B 18 52.3 Aa2 AA 9.7...
Southeast Regional Digest (3/16/01): Owners want ex-hotel tract rezoned in Atlanta
March 16, 2001 Owners want ex-hotel tract rezoned in AtlantaThe Atlanta Journal-ConstitutionATLANTA – Marquis Tower wants to convert the 247,000-square-foot former Ramada Plaza Hotel on Presidential Parkway to offices and apartments with some retail space. Marquis Tower filed...
Vornado Scrambles for World Trade Center Lease; Negotiations Reopen With Silverstein
March 16, 2001NEW YORK – The Port Authority of New York and New Jersey has decided to reopen negotiations with Silverstein Properties for control of the World Trade Center, after Vornado Realty Trust tried to change the terms...
Cohen Financial Promotes in Houston, Adds to San Francisco Offices
March 16, 2001 Cohen Financial has promoted Nick Gonzalez to managing director of the firm's Houston office and named Thomas E. Connolly as vice president in the capital markets unit at the firm's San Francisco office. Both men...
Public Storage 4th Qtr FFO $0.65/shr vs $0.64/shr
March 16, 2001 Public Storage 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $74.6 $75.6 $297.1 $287.9 FFO/shr (diluted) $0.65 $0.64 $2.59 $2.50 Net Income (Mln) $74.6 $75.6 $297.1 $287.9 Net/shr (diluted) $0.35 $0.39 $1.41...
National Health Terminates Alterra Lease
March 16, 2001 MURFREESBORO, Tenn. – National Health Investors Inc. (NYSE:NHI) has terminated Alterrra Healthcare Corp.'s ten leases on eleven of its properties.The action is a result of Alterra's failure to pay rent due March 1, 2001. Negotiations...
JDN Realty 4th Qtr FFO $0.06/shr vs $0.08/shr
March 16, 2001 JDN Realty 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $12.9 $2.7 $48.8 $52.2 FFO/shr (diluted) $0.06 $0.08 $1.16 $1.55 Net Income (Mln) $(14.4) $9.2 $18.8 $48.4 Net/shr (diluted) $(0.44) $0.28 $0.58...
Nomura Hires Haejin Baek
March 16, 2001 Nomura Securities, which has been slowly re-building its commercial mortgage-backed securities operations, has hired industry veteran Haejin Baek to run its trading desk, according to the newsletter Commercial Mortgage Alert.Baek had been co-head of CMBS...
Delphi Renews Industrial Lease in Irvine, Calif.
March 16, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterDelphi Automotive Systems Corp. has renewed its lease of a 157,000-square-foot industrial building in Irvine, Calif., in a five-year deal valued at $8.5 million, or $10.83/sf.The building,...
Condo Developer Buys Chicago Apartment Building for $42 Mln
March 15, 2001 A national condominium developer has bought the Four Towers & Tower View Apartments in Chicago for $42 million, or about $73,684/unit, and plans to convert the 570-unit property into condominiums.Crescent Heights Investments, which is based...
Canada Regional Digest (3/15/01): St. Albert gets $35 Mln shopping center
March 15, 2001 St. Albert gets $35 Mln shopping center The Edmonton JournalA Toronto developer outlined plans for a big-box shopping center development in St. Albert that may cost up to $35 million (US$24.4 million). The1,850-acre site is...
Investors Given More Time in Jamaica
March 15, 2001 Commercial Real Estate Direct Staff ReportInvestors have been given at least another two weeks to turn in offers for a portfolio of $740 million of distressed loans offered by the Jamaican government.The government agency handling...
Pacific Gulf Sells Last Apartment Property
March 15, 2001 DIAMOND BAR, Calif. – Pacific Gulf Properties Inc. (NYSE:PAG) has sold its last multifamily property for about $10.9 million to Eagle Realty Group.The Daisy Apartments consist of 204 units.Comments? E-mail Christina Caprio, or call her...
Developer Secures $37.5 Mln Construction Loan for LA Farmers Market Project
March 15, 2001 A two-bank syndicate has provided developer A.F. Gilmore Co. with a $37.5 million construction loan for a mixed-use development at the historic Farmers Market in Los Angeles.City National, the lead lender, and the Bank of...
Catellus Authorizes Additional $50 Mln for Stock Repurchase Program
March 15, 2001 SAN FRANCISCO - Catellus Development Corp. (NYSE:CDX) has authorized an additional $50 million for its stock repurchase program.Since February 2001 the company has spent $49.9 million repurchasing stock, totaling 2,888,900 shares at a weighted average...
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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.
