RECENT NEWS
Canada Regional Digest (2/27/01): Victory Majors Completes 4th Acquisition of Properties
February 27, 2001 Victory Majors completes 4th acquisition of propertiesSASKATOON, Canada - Victory Majors Investments Corp. has bought eight properties in Saskatoon for C$3.8 million (US$2.5 million). The properties consist of five apartment buildings with a total of...
LaSalle Hotel Taps Noble House to Manage Newport, R.I., Hotel
February 27, 2001 BETHESDA, Md. – LaSalle Hotel Properties (NYSE:LHO) has hired Noble House Hotels and Resorts to manage the Hotel Viking, a 237-room historic luxury hotel in Newport, R.I.Noble House replaces Viking Hotel Corp., which was paid...
Washington Transit Agency Taps LCOR to Develop Complex
February 27, 2001 BETHESDA, Md. – The Washington Metropolitan Area Transit Authority has formed a joint venture with LCOR Inc. to develop a 32-acre parcel next to the White Flint Metrorail station in Bethesda, Md.LCOR will develop the...
Zuckerman Trust Buys 1.8 Mln Boston Properties Shares From Pru
February 27, 2001BOSTON – MBZ Charitable Remainder Unitrust has purchased 1.8 million shares of Boston Properties Inc. (NYSE:BXP) stock for $39.90/share, or nearly $72 million.MBZ is a charitable trust of which Mortimer B. Zuckerman, Boston Properties' chairman, is...
PRICE TALK: Credit Suisse First Boston Mortgage Securities Corp., 2001-CK1
February 27, 2001 Class Amount Rating Moody's Rating Fitch Avg. Life Price Talk Benchmark A-1 106 Aaa AAA 4.6 +38-40 Swaps A-2 154 Aaa AAA 7.1 +43-45 Swaps A-3 518.8 Aaa AAA 9.7 +47-49 Swaps B 43.7 Aa2...
Southeast Regional Digest (2/27/01): Fontainebleau & Turnberry to build condo tower in Miami Beach
February 27, 2001Fontainebleau & Turnberry to build condo tower in Miami Beach, Fla.The Miami HeraldMIAMI BEACH, Fla. - Stephen Muss, owner of The Fontainebleau Hilton, signed a joint venture agreement with Turnberry Associates to build a $200 million,...
Moody’s Upgrades Danbury Buildings Acceptance Corp.
February 27, 2001 NEW YORK – Moody's Investors Service has upgraded two tranches, class A-1 and A-2, of Danbury Buildings Acceptance Corp., 1994-1 to A2 from Baa2. The bonds are backed by a long-term triple net lease at...
Pru Originates $20 Mln Loan on Calif. Offices
February 27, 2001 SAN FRANCISCO – Prudential Mortgage Capital Co. has provided $20 million of mortgage financing for an 85,000-square-foot office building in Redwood City, Calif.The building, at 305 Walnut St., is fully leased and serves as the...
Security Capital Unit Taps Russell Platt to Develop Investment Offerings
February 27, 2001 CHICAGO – Russell C. Platt, who most recently served as president of JER Partners' international division, has joined Security Capital Global Capital Management Group as managing director.Platt will oversee product development, global expansion and client...
Cohen Financial to Add Suburban Chicago Office
February 27, 2001 CHICAGO – Cohen Financial is planning to open a satellite office in Chicago's suburbs that will be managed by Steve Roth and Joel Simmons, partners of the Chicago mortgage firm.The office is slated to open...
Jones Lang Named Property Manager for Mass. Mall
February 27, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterTimes Square Real Estate Investors has hired Jones Lang LaSalle to manage Worcester Common Outlets in Worcester, Mass., in yet another attempt to improve performance at the...
Scott Rechler to Relinquish Management Posts at Frontline, Focus on Reckson
February 26, 2001 By Susanna Potter, Commercial Real Estate Direct Staff WriterScott Rechler, president and co-chief executive of Reckson Associates Realty (NYSE:RA), will soon relinquish his titles of president and chief executive of Frontline Capital Group (Nasdaq:FLCG), the...
Developer Gets OK to Proceed With Calif. Industrial Project
February 26, 2001Commercial Real Estate Direct Staff ReportCarson Cos. has secured city approvals for a speculative 1.35 million-square-foot industrial development in Chino, Calif., within the Inland Empire distribution hub, according to the area's weekly Business Press.Carson Cos., based...
Weingarten Realty Buys Orlando, Fla., Retail Property for $54 Mln
February 26, 2001 ORLANDO, Fla. – Weingarten Realty Investors (NYSE:WRI) has paid Cousins Properties Incorporated (NYSE:CUZ) $54 million for a 480,000-square-foot shopping mall.The Colonial Plaza Marketcenter is located on 45 acres on East Colonial Drive and Bumby Avenue,...
Lehman Exec Named COO of SL Green
February 26, 2001 NEW YORK – Michael Reid, a managing director with Lehman Brothers' global real estate department, has joined SL Green Realty Corp. (NYSE:SLG) as chief operating officer, succeeding David J. Nettina, who resigned to pursue other...
Southeast Regional Digest (2/26/01): Crescent wins rezoning for Sam Wilson business park in Charlott
February 26, 2001 Crescent wins rezoning for Sam Wilson business park in Charlotte, N.C.The Business Journal of Charlotte (N.C.)CHARLOTTE, N.C - Crescent Resources Inc. will begin work on the first building in a complex totaling 750,000 square feet...
Burnham Pacific Sells 2 Centers to Pru Venture for $19 Mln
February 26, 2001 SAN DIEGO – Burnham Pacific Properties Inc. (NYSE:BPP) has completed the $19 million sale of two shopping centers to Retail Value Investment Program, a venture of Developers Diversified Realty (NYSE:DDR), Coventry Real Estate Partners and...
Prime Group Realty Trust 4th Qtr FFO $0.09/shr vs $0.43/shr
February 26, 2001 Prime Group Realty Trust ? 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $2.4 $11.1 $44.0 $54.1 FFO/shr (diluted) $0.09 $0.43 $1.64 $2.06 Net Income (Mln) $(4.1) $(4.5) $13.9 $54.8 Net/shr (diluted) $(0.46)...
Japanese Banks Increase Securitization Activity by 30 Percent
February 26, 2001 Japanese banks have increased by 30 percent since last March the amount of property assets that have been securitized, according to a recent report from Nomura Real Estate Development Co. in Tokyo.The combined trust balance...
Smith Residential Realty 4th Qtr FFO $1.00/shr vs $0.87/shr
February 23, 2001 Smith Residential Realty ? 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $43.3 $32.3 $155.5 $116.5 FFO/shr (diluted) $1.00 $0.87 $3.63 $3.23 Net Income (Mln) $53.8 $46.6 $94.7 $82.2 Net/shr (diluted) $2.14 $2.20...
First Washington Sale to CalPERS Venture Set for Early March Closing
February 23, 2001 BETHESDA, Md. – First Washington Realty Trust Inc. (NYSE:FRW) said its $800 million sale to a venture led by the California Public Employees' Retirement System should be completed between Feb. 28 and March 5.The venture,...
Sunrise Assisted Living Sells Properties to Pru Venture for $131 Mln
February 23, 2001 MCLEAN, Va. – Sunrise Assisted Living Inc. (Nasdaq:SNRZ) has completed the sale of nine assisted-living properties to a partnership created with clients of Prudential Real Estate Investors for about $131 million.Sunrise will continue to own...
Crescent Real Estate 4th Qtr FFO $0.77/shr vs $0.75/shr
February 23, 2001 Crescent Real Estate ? 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $94.7 $102.1 $326.9 $355.8 FFO/shr (diluted) $0.77 $0.75 $2.54 $2.58 Net Income (Mln) $77.8 $22.1 $248.1 $11.1 Net/shr (diluted) $0.69 $0.15...
Southeast Regional Digest (2/23/01): Fine Hotel Corp. buys Orlando, Fla., hotel for $47 Mln
February 23, 2001 Fine Hotel Corp. buys Orlando, Fla., hotel for $47 MlnThe Orlando (Fla.) SentinelORLANDO, Fla. – The Hotel Royal Plaza in Lake Buena Vista has changed hands once again. Fine Hotels Corp. paid $47 million for...
S&P Puts Vornado Ratings on CreditWatch, Negative
February 23, 2001 NEW YORK – Standard & Poor's has placed the ratings of Vornado Realty Trust (NYSE:VNO) on CreditWatch with negative implications.The action was prompted by news that Vornado was negotiating a 99-year lease for Manhattan's World...
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