RECENT NEWS
Wells Fargo, BofA Rework $219 Mln Credit Line for Newhall Land
December 5, 2000 Commercial Real Estate Direct Staff ReportWells Fargo and Bank of America have provided Newhall Land and Farming Co. (NYSE:NHL) with a total of $220 million of financing to replace maturing credit lines.The two lenders provided...
High-tech Still Dominates Calif. County
December 5, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterHigh-tech businesses, and companies that serve them, have altered demand over the last four years for commercial space in southern Orange County, Calif., according to a just-completed...
Charlesbank, Divco Buy LA-Area Office
December 5, 2000 BOSTON – Charlesbank Capital Partners LLC has formed a joint venture with Divco West Properties to purchase Manhattan Towers, a 310,000-square-foot office complex in Manhattan Beach, Calif.As previously reported, Charlesbank and Divco paid $55 million,...
Grocer Buys Pomona, Calif., Retail Center
December 5, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterSuperior Super Warehouse, a grocery chain, has purchased a 111,600-square-foot retail center in Pomona, Calif., which straddles the Los Angeles/San Bernardino County border.The Lynwood, Calif.-based grocery operator,...
Macerich Signs Long-Term Energy Management Agreement With Enron
December 4, 2000 The Macerich Co. (NYSE:MAC) has signed an energy management agreement with Enron Energy Services for its portfolio of shopping malls.Under the 10-year deal, Enron will manage the supply of electricity and natural gas and provide...
First Union Leads $55 Mln Investment for Healthcare Realty Firm
December 4, 2000 CHARLOTTE – First Union Capital Partners, a unit of First Union Corp., led a group of investors that provided $55 million of equity to Medcap Properties LLC, an owner of medical office buildings.First Union provided...
PNC Sells Subperforming Hotel Loan for 77 Percent of Balance
December 4, 2000 Commercial Real Estate Direct Staff ReportPNC Bank has recovered $5.5 million, or 77 percent of unpaid balance, for a subperforming mortgage on a Scranton, Pa.-area hotel.The bank had hired JBS & Associates of Chicago two...
Canada Digest (12/4/00): Portfolio sells for C$79 Mln
December 4, 2000 Concert Properties buys portfolio for C$79 MlnCanada Newswire, December 4VANCOUVER – Concert Properties Ltd has acquired a portfolio of 16 commercial and industrial properties from BCR Properties Ltd. for C$79 million (US$51.2 million). The transaction...
HUD Looks to Close Mortgage Sales by Early January
December 4, 2000 By Orest Mandzy, Commercial Real Estate Direct Managing EditorDespite all its efforts, the U.S. Department of Housing and Urban Development will not be able to complete the sale of $760 million of multifamily and health-care...
Basil S. Donnelly Named General Counsel at Kramont Realty Trust
December 4, 2000 PLYMOUTH MEETING, Pa. – Kramont Realty Trust (NYSE:KRT) has appointed Basil S. Donnelly as vice president and general counsel of the REIT.Donnelly will oversee the company's legal responsibilities.Prior to joining Kramont, Donnelly was a senior...
Grubb & Ellis’ Owners Find Buyer for Stake
December 4, 2000 NORTHBROOK, Ill. – The directors of Grubb & Ellis Co. (NYSE:GBE) have approved the firm's purchase, via a self tender, of up to 7 million of its shares at $7/each, or a total of $49...
FINAL PRICING: $861.5 Mln Banc One/FCCC Commercial Mortgage Loan Trust, 2000-C1
December 4, 2000Banc One/FCCC Commercial Mortgage Loan Trust, 2000-C1ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sRatingS&PAvg.LifePriceTalk(BP)>Final Pricing(BP)BenchMarkA-151519AAAAaaAAA2.4+23-24+23SwapsA-2182.919AAAAaaAAA2.5+22-23+221-mo. LiborB4314AANRAA5.9+53 area+56SwapsC34.510ANRA6.8+68 area+71SwapsD8.69A-NRA-7.4+78 area+81SwapsE15.17.25BBBNRBBB7.7+120 area+122SwapsF8.66.25BBB-NRBBB-7.9+280 area+280Treas.X861.5NAAAAAaaAAA------
CalSTRS Team Buys Office Development for $72.3 Mln
December 4, 2000 VALENCIA, Calif. – The California State Teachers Retirement System and Thomas Properties Group has paid Newhall Land and Farming Co. (NYSE:NHL) $72.3 million, or about $183/sf, for four office buildings totaling 395,000 square feet.The buildings,...
Morgan Stanley, SL Green to Pay $45.7 Mln for Manhattan Offices
December 4, 2000 NEW YORK – A venture between Morgan Stanley Real Estate Fund III and SL Green Realty Corp. (NYSE:SLG) has agreed to buy 469 Seventh Ave. in midtown Manhattan for $45.7 million, or $180/sf.The property is...
RioCan Closes on Purchase of Ontario Mall
December 4, 2000 TORONTO – RioCan Real Estate Investment Trust (TSE:REI.UN) has closed on its $19.8 million purchase of the remaining interest in the Northumberland Mall in Cobourg, Ontario.The REIT, which had previously acquired a 50 percent interest...
Southeast Regional Digest (12/4/00): Three spec industrial facilities planned for Memphis, Tenn.
December 4, 2000 Weston Cos. to build out Midway CenterMemphis Business Journal, December 4MEMPHIS, Tenn. – Weston Cos. will build three spec industrial warehouses, totaling 778,000 square feet at a cost of $22 million. Phase I will be...
HCA Completes Sale of 116 Medical Office Buildings
December 4, 2000 NASHVILLE, Tenn. – The Healthcare Co. (NYSE:HCA) has completed the sale of 116 medical office buildings to MedCap Properties LLC for about $250 million as well as for a minority interest in MedCap.MedCap is a...
Boston Properties Buys 2nd Times Square Site for $165 Mln
December 4, 2000 NEW YORK – Boston Properties Inc. (NYSE:BXP) has acquired the 100 percent leasehold interest and ground rent credits for the site of the future "Times Square Tower" from The Prudential Insurance Co. of America for...
S&P Removes Ratings on Meditrust Corp.
December 4, 2000 NEW YORK – Standard & Poor's today removed its ratings on Meditrust Corp. from CreditWatch, with negative implications and affirmed the company's double-B-minus corporate credit rating. The outlook is negative. S&P placed the ratings on...
Lehman Analysts Call Office/Industrial REITS ‘Compelling’
December 4, 2000 (NewsTraders.com) – Lehman Brothers analysts David Shulman and David Harris today said that real estate investment trusts "offer a compelling total return investment story at this time of market uncertainty."The analysts wrote in a brokerage...
U.S. Hotel Broker Opens Shop in London, Handles $63 Mln Hotel Sale
December 4, 2000By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterLONDON – Molinaro Koger, a U.S. hotel brokerage with offices in McLean, Va., and Chicago, this month opened its first European branch in London and promptly completed...
Grubb & Ellis Sees 2nd-Qtr Net Below Analyst Expectations
December 4, 2000Grubb & Ellis Co. (NYSE:GBE) said it will earn about 20 cents/share for the second quarter ended Dec. 31 – far below analysts' expectations of 34 cents/share.The brokerage firm attributed the shortfall to its strategic review,...
G&L Realty Execs Make Offer for REIT for $10/share
December 1, 2000 BEVERLY HILLS, Calif. – G&L Realty Corp.'s (NYSE:GLR) chief executive officer and president – Daniel M. Gottlieb and Steven D. Lebowitz, respectively – are making a run for the healthcare REIT.The two executives yesterday offered...
SL Green to Sell NY Retail Condo for $13.3 Mln
December 1, 2000 NEW YORK – SL Green Realty Corp. (NYSE:SLG) has agreed to sell its interest in a retail condominium at 633 Third Avenue in Midtown Manhattan for $13.3 million.Third Avenue Realty LLC – a company owned...
Cousins, Pru Venture Buys Atlanta Offices for $35 Mln
December 1, 2000 ATLANTA – A venture between Cousins Properties Inc. (NYSE:CUZ) and Prudential Insurance Co. of America has paid $35 million, or about $92/sf, for an office building in midtown Atlanta. CP Venture Three LLC bought One...
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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.
