RECENT NEWS
Investcorp Buys Offices in Illinois
December 26, 2000 NEW YORK – Investcorp bought, a 241,130-square-foot office/warehouse/distribution facility at 175 Ambassador Drive in Naperville, Illinois for about $9 million, or just over $37/sf.
Home Depot Buys Site in Valencia, Calif.
December 26, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterNorthern Los Angeles County's booming Santa Clarita Valley is about to get another "big box" retailer – Home Depot Inc. has acquired 15.4 acres in the community...
Shurgard to Buy Fremont’s Stake in JV
December 26, 2000 SEATTLE – Shurgard Storage Centers Inc. (NYSE:SHU) has exercised an option to buy Fremont Realty Capital's interest in Shurgard/Fremont Partners I, a venture that owns 15 properties that Shurgard had developed.The exact purchase price is...
Kimco Realty Takes Chunk of Pocono Landowner
December 26, 2000 Kimco Realty Services Inc. (NYSE:KIM) has upped its stake in Blue Ridge Real Estate Co./Big Boulder Corp. (OTC BB:BLRGZ.OB) to 37.6 percent.On Dec. 14, the New Hyde Park, N.Y., REIT bought 68,830 shares for $10.50/share...
Southern Calif. Shopping Center Sells
December 26, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterA recently redeveloped shopping center in upscale Granada Hills, Calif., has changed hands for $9.2 million, or $230/sf.Brokers handling the sale of the 40,000-square-foot center, which is...
Southeast Regional Digest (12/26/00): Nashville Twin office towers sell for $71 Mln
December 26, 2000 Nashville Twin office towers sell for $71 Mln Nashville Business Journal, December 26 A partnership between Cooper Realty and the Arkansas Teacher Retirement bought One and Two American Center for $71 million or $172/sf. The...
KSL Recreation Completes Arizona Biltmore Buy
December 26, 2000PHOENIX – KSL Recreation Corp. has completed its purchase of the 730-unit Arizona Biltmore Resort & Spa from Boca Resorts Inc.The investment firm, which is backed by Kohlberg Kravis Roberts & Co., is paying a total...
Hilton Sells 7 Homewood Suites for $95 Mln
December 26, 2000 BEVERLY HILLS, Calif. – Hilton Hotels Corp. (NYSE:HLT) received about $95 million for seven Homewood Suites hotels it sold to RLJ Development LLC.RLJ was formed by Robert L. Johnson, chairman and chief executive officer of...
EastGroup Sells Apartments for $14.8 Million, Sees $8 Mln Gain
December 26, 2000 JACKSON, Miss. – EastGroup Properties Inc. (NYSE:EGP) has sold the 240-unit, La Vista Crossing Apartments in Atlanta for $14.8 million. The property was the REIT's only apartment holding.The sale generated a gain of about $8...
AmeriVest Names William Atkins Chairman
December 26, 2000 DENVER – AmeriVest Properties Inc. (NYSE: AMV ) has named William Atkins its chairman.Atkins, who also holds the title of chief executive officer, will succeed Charles R. Hoffman who retired after seven years of service.AmeriVest...
Kennedy-Wilson Buys Offices in Austin
December 26, 2000 BEVERLY HILLS, Calif. – KWI Property Fund I LP, a $250 million investment fund formed by Kennedy-Wilson International (NYSE: KWIC), has purchased two office properties in Austin, Texas. The two low-rise, campus style office properties...
KSL Finances Biltmore Buy With Bonds
December 26, 2000 KSL Recreation Corp., which just completed its purchase of the Arizona Biltmore Resort & Spa, is financing its purchase with unsecured debt. The La Quinta, Calif., resort company is paying $335 million before working capital...
Nonprofit Sublets Space from Washington Mutual
December 22, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterCCK Sports Foundation has subleased 51,500 square feet of campus-type office space from financial giant Washington Mutual at the former Home Savings headquarters in Irwindale, Calif.The 9-1/2-year...
Wells REIT Pays $45 Mln for Houston Offices
December 22, 2000 ATLANTA – Wells REIT has paid $45 million, or $144/sf, for the office building at 1430 Enclave Parkway in Houston.The property is fully leased to Stone & Webster and Sysco Corp.Stone & Webster, which occupies...
Rouse Secures $375 Mln Revolving Credit
December 22, 2000 COLUMBIA, Md. – A syndicate of 11 banks is providing The Rouse Co. with a $375 million unsecured revolving credit facility – an extension of a line that was provided in July 1998.The three-year, floating...
Newhall Land Sells 4 Apartment Complexes to Equity Residential for $129 Mln
December 22, 2000 Special to Commercial Real Estate DirectNewhall Land & Farming (NYSE:NHL), the biggest property owner in northern Los Angeles County's booming Santa Clarita Valley, has sold four apartment complexes totaling 924 units within its Valencia master-planned...
Cadillac Fairview to Buy Out TD’s Interests in JV for $844 Mln
December 22, 2000 TORONTO – Cadillac Fairview has agreed to pay Toronto Dominion Bank C$1.28 billion (US$843.9 million) for its interests in the real estate assets they jointly own.The sale involves several of Canada's most prominent landmark properties,...
Southeast Regional Digest (12/22/00): Lowe Enterprises to buy Tower Place 200 for about $50 Mln
December 22, 2000 Lowe Enterprises Investment Management to buy Tower Place 200 for about $50 MlnThe Atlanta Journal Constitution, December 22ATLANTA – Lowe Enterprises Investment Management plans to buy Tower Place 200, a 14-story, 260,000-sf building at the...
Fred Pratt Named President, COO of Lend Lease in U.S.
December 22, 2000 ATLANTA – Fred N. Pratt, Jr. has been named president and chief operating officer of Lend Lease Real Estate Investments Inc.Pratt joined Lend Lease in November 1999 when Lend Lease acquired Boston Financial Group LP,...
Oracle from Omaha Invests in Another REIT
December 22, 2000 Warren Buffett has taken a 5.66 percent stake in HRPT Properties Trust (NYSE:HRP).The billionaire investor controls about 7.5 million shares in the REIT, according to a Schedule 13G filed with the SEC.In April, Buffett reported...
Mack-Cali Sells $15 Mln of Unsecured Notes
December 22, 2000 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has sold $15 million of senior unsecured notes.The notes priced to yield 253 basis points over Treasuries. They carry a rate of 7.835 percent and mature in December...
Canada Regional Digest (12/22/00): Fortis Properties buys Canadian offices for $80 Mln
December 22, 2000 Fortis Properties Buys Aliant/Blue Cross Properties for $80 MlnFortis Properties Corporation completed the purchase of three major office properties in Atlantic Canada for about $80 million. The properties included, the Fort William Building, located in...
Wellsford/Whitehall Venture to Sell Assets
December 22, 2000 NEW YORK – A venture between Wellsford Real Properties Inc. (AMEX: WRP) and Goldman Sachs' Whitehall Street Real Estate Fund has decided to gradually sell off all its assets.The venture owns 43 properties in New...
Southeast Regional Digest (12/21/00): West Broward business park sells for $39 Mln
December 21, 2000 West Broward Business Park sells for $39 Mln.Daily Business Review, December 21PLANTATION, Fla. – PG Plantation CS One LLC has purchased the Cornerstone Business Park in Plantation for $39.11 million. The property, at 1200 S....
FINAL PRICING: $321.9 Mln Chase Commercial Mortgage Securities Corp., Series 2000-FL1
December 21, 2000 center>Chase Commercial Mortgage Securities Corp., Series 2000-FL1ClassAmount($mln)Sub.Rate(%)Rating S&PAvg.LifePriceTalk*(BP)Priced(BP)BenchMarkA180.344AAA2.9+27-28+28LiborB27.335.5AA2.9+45 area+45LiborC23.328.25A2.9+80 area+80LiborD825.75A-2.9NA+100LiborE16.920.5BBB2.9+180 area+190LiborF818BBB-2.9+245 area+245Libor* Revised. Earlier price guidance was not available.
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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.
