January 4, 2001 Commercial Real Estate Direct Staff ReportBank of America has provided $55 million of construction financing for the Strand, an upscale rental apartment complex that is being constructed in West Palm Beach, Fla.The bank has also...

January 4, 2001 NEW YORK – Acadia Realty Trust (NYSE:AKR has hired Credit Suisse First Boston to advise it on strategic alternatives, including a merger, asset sale or recapitalization.The Port Washington, N.Y., REIT, like other small-capitalization REITs, has...

January 4, 2001 MOUNTAIN VIEW, Calif. – An affiliate of Goldman Sachs has paid about $276 million for real estate owned by SGI (NYSE:SGI), which was formerly known as Silicon Graphics Inc.The Goldman affiliate, presumably one of the...

January 4, 2001PHILADELPHIA – Pennsylvania REIT (NYSE:PEI) has refinanced its credit line with a $250 million combination credit/construction facility led by Wells Fargo Bank.The facility combines a $175 million revolving credit and a $75 million two-year construction loan....

January 4, 2001 PALO ALTO, Calif. – Pacific Property Co. has purchased two apartment communities, totaling 126 units in southern California for $10.3 million.The properties, located about four miles apart, are the 84-unit Casa Del Prado in South...

January 4, 2001 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) on Jan. 1 terminated its operating lease and management contract relationships with Hilton Hotels Corp. (NYSE:HLT).Following a recently laid out plan, RFS paid Hilton about $60 million...

January 4, 2001 WASHINGTON – Millennium Hotels and Resorts will spend $70 million renovating 12 hotels.The properties were purchased this year by London-based Millennium and Copthorne Hotels and are located in various cities.As each of the Regal hotel...

January 4, 2001 NEW YORK – Lexington Corp. Properties Trust (NYSE:LXP) has raised $39 million through fixed-rate mortgages on three properties in Pennsylvania, South Carolina and Virginia.The properties are the Jones Apparel property in Bristol, Pa., the Fleet...

January 4, 2001 ATLANTA – David P. Stockert has joined Post Properties Inc. (NYSE: PPS) as president and chief operating officer.Stockert will replace Jeffrey A. Harris, who is leaving the company to pursue other opportunities.Previously, Stockert was senior...

January 3, 2001 NEW YORK – Offices2share.com has expanded its offerings to include all types of short-term office space, regardless of size.The offerings include short-term shares, sublets, landlord-direct spaces, executive suites and business centers.The company now provides a...

January 3, 2001 DALLAS – Cousins Properties Inc. (NYSE:CUZ ) has purchased a 200,000-square-foot Class-A office building in Dallas for $25.4 million. The four-story building, on 15 acres, is located at 3400 Waterview Parkway in Synergy Business Park.The...

January 3, 2001 Commercial Real Estate Direct Staff ReportInvestors are poised to turn in their offers Thursday for a package of multifamily and healthcare mortgages offered by the U.S. Department of Housing and Urban Development.The agency had originally...

January 3, 2001 SAN DIEGO, Calif. – Burnham Pacific Properties Inc. (NYSE:BPP) has sold three Los Angeles-area shopping centers for about $109.9 million.Retail Value Investment Program – a joint venture of Developers Diversified Realty Corp., Coventry Real Estate...

January 3, 2001 CARY, N.C. – Konover Property Trust Inc. (NYSE:KPT) has retained Credit Suisse First Boston to evaluate and sell its outlet portfolio.The Cary, N.C., shopping center REIT owns 145 shopping centers in 22 states totaling 17.1...

January 3, 2001 ROCKVILLE, Md. – Criimi Mae Inc., which is wriggling its way out of bankruptcy, has promoted David B. Iannarone to executive vice president.In his new post Iannarone, who has been the firm's general counsel since...

January 3, 2001 Industry news: St. Joe Commercial gears up for busy new yearOrlando Sentinel, January 2ORLANDO, Fla. – St. Joe Commercial plans to break ground on about 500,000 square feet of office space in Orlando this year....

January 3, 2001 FORT WORTH, Texas – Crescent Operating Inc., an affiliate of Crescent Real Estate Equities Co. (NYSE:CEI), is planning to restructure in the first quarter.Details of its plans have not been made known. The restructuring results...

January 3, 2001 FORT LAUDERDALE, Fla. – IRT Property Co. (NYSE:IRT) has bought the Pine Ridge Square shopping center in the Coral Springs area for about $11.6 million from a venture between Concorde Realty Partners LLC and an...

January 3, 2001 WEST HOLLYWOOD, Calif. – Mani Brothers, a private investment firm, has paid $36 million, or just over $257/sf, for 9000 West Sunset Blvd. in West Hollywood.The 15-story office building was sold by ING Realty Partners...

January 3, 2001 FORT LAUDERDALE, Fla. – Extended Stay America Inc. (NYSE:ESA) has opened a three-story, 116-room Extended Stay America Efficiency Studios hotel at 329 Newman Springs Road in Red Bank, N.J.Weekly rates at the hotel range from...

January 2, 2001 OKLAHOMA CITY – Wells Real Estate Funds has acquired a 128,500-square-foot Class-A office building for $15.3 million.The property is 54 percent owned by Wells Limited Partnership Fund XII and 46 percent owned by Wells REIT....

January 2, 2001 NEW YORK – Fitch has upgraded three classes and withdrawn one class in Credit Suisse First Boston Mortgage Securities Corp.'s 1995-AEW1. Class G is not rated.The rating agency upgraded the $24.7 million class E to...

January 2, 2001 ATLANTA – Post Properties Inc. (NYSE:PPS) has leased properties in Atlanta, Austin, Texas, and Dallas.The properties are:– Post Stratford, located a block off Peachtree Street in Atlanta, includes more than 10 million square feet of...

January 2, 2001 NEW YORK – A venture between Lexington Corporate Properties Trust (NYSE:LXP) and the New York Common Retirement Fund has paid $81 million for a 340,240-square-foot office complex in northern New Jersey that is net leased...

Correction (Jan. 4, 2001): Glenborough Realty Trust, which sold a portfolio of 37 apartment complexes for about $400 million, used $37 million of the net proceeds to buy back 1 million of its stock. It also earmarked $23...