RECENT NEWS
TrizecHahn Gets $312 Mln From Property Sales
December 1, 2000TORONTO – TrizecHahn Corp. (NYSE:TZH) said it has completed the sale of seven non-core office properties in the past two months, giving it proceeds of about $312 million, or $180 million after debt repayments.The real estate...
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...
AIMCO to Modifiy Sr. Management Investment Program
November 30, 2000 DENVER – Apartment Investment and Management Co. (NYSE:AIV) plans to modify its senior management's investment program, effective Jan. 1. The modified High Performance Unit program will raise the minimum investment hurdle to an annual rate...
Canada Digest (11/30/00): REIT acquires retail center in Montreal for C$21 Mln
November 30, 2000 REIT buys Montreal retail center for C$21 MlnCanada Newswire, November 30SAINT BRUNO, Montreal – Cominar Real Estate Investment Trust has acquired a four-building, 225,510-square-foot retail center in Saint Bruno for C$21 million (US$13.7 million). The...
CarrAmerica, NY State Teachers Break Ground on Chicago-Area Offices
November 30, 2000 WASHINGTON – CarrAmerica Realty Corp. (NYSE:CRE) has begun construction of a 130,000-square-foot office building at Nine Parkway North in Deerfield, Ill.CarrAmerica is developing the five-story building in a venture with the New York State Teachers'...
Vectiv Secures $13 Mln in Second Round Financing
November 30, 2000 BERKELEY, Calif. – Vectiv Corp., which is developing an online site selection service for retailers and hotel operators, has raised $13 million in its second round of financing. AC Ventures, the venture capital unit of...
Aimco to Buy Tax-Free Fund, Eyes Refinancing Mortgages
November 30, 2000 DENVER – Apartment Investment and Management Co. (NYSE:AIV) has agreed to acquire Oxford Tax-Exempt Fund II LP (Amex:OTF) for $206 million.The acquisition gives Aimco, which already owns the managing general partner of Oxford Tax-Exempt, the...
Lee Wielansky to Lead JDN’s Development Arm
November 30, 2000 ATLANTA – Lee S. Wielansky, head of investments for Regency Realty Corp. (NYSE:REG), has been named president and chief executive of JDN Development Co., the development arm of JDN Realty Corp. (NYSE:JDN)Wielansky co-founded and was...
Fitch Upgrades SASCO 1995-C4
November 30, 2000 NEW YORK – Fitch has upgraded three classes of Structured Asset Securities Corp.'s 1995-C4. The $10 million class D has been lifted to triple-A from double-A-minus, the $25.7 million class E is raised to double-A...
Cushman & Wakefield Teams With New Zealand Firm
November 30, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterCushman & Wakefield has formed an exclusive business alliance with New Zealand's biggest commercial/industrial real estate services company, Bayleys Real Estate, giving it the ability to offer...
RFS to Terminate Hilton Leases, Bring on New MeriStar Venture
November 30, 2000 MEMPHIS, Tenn. – RFS Hotel Investors Inc. (NYSE:RFS) is paying $60 million to terminate its operating leases and management contracts with Hilton Hotels Corp. (NYSE:HLT).RFS is forming a strategic alliance with hotel management company MeriStar...
Criimi Names Five to Serve on Expanded Board
November 30, 2000 ROCKVILLE, Md. – Criimi Mae Inc. (NYSE:CMM) has increased its six-member board of directors to nine and appointed five new directors, including three real estate industry executives. Among the five new members are Donald J....
Brian Rotchford Moves to Carlton Group
November 30, 2000 By Orest Mandzy, Commercial Real Estate Direct Managing EditorBrian Rotchford, who has been marketing and investing in troubled assets for the past eight years, has surfaced at Carlton Group of New York.Rotchford, who was among...
Transcontinental Was Buyer of Mack-Cali’s Nebraska Asset
November 30, 2000 Transcontinental Realty Investors Inc. has purchased the Brandeis Building in Omaha, Neb., from Mack-Cali Realty Corp. As Commercial Real Estate Direct reported earlier this week, Mack-Cali sold the 319,230-square-foot office building to TCI Brandeis LP...
Southeast Regional Digest (11/30/00): Development firm to build $9.5 Mln hotel in Atlanta
November 30, 2000 Staybridge Suites hotel planned for Pharr RoadThe Atlanta Journal-Constitution, November 30ATLANTA – Rossmore Management Group plans to build a six-story, 80-key Staybridge Suites by Holiday Inn extended-stay hotel at 540 Pharr Road. Staybridge Suites is...
Morguard REIT to Buy Remaining Interest in Ottawa Mall for US$70.6 Mln
November 30, 2000 TORONTO – Morguard Real Estate Investment Trust (TSE:MRT) has agreed to buy the remaining 50 percent interest in the St. Laurent Centre in Ottawa from Sears Canada for about C$109 million (US$70.6 million).Morguard is assuming...
Former Criimi Mae, Freddie Mac Exec Joins Federal Realty Investment Trust
November 30, 2000ROCKVILLE, Md. – Andrew P. Blocher has joined Federal Realty Investment Trust (NYSE:FRT) as vice president of investor relations and finance.Blocher will direct the company's investor relations activities, developing and managing the company's relationships with equity...
HUD Pushes Bid Date for Mortgage Offering to Dec. 13
November 30, 2000 Commercial Real Estate Direct Staff ReportThe U.S Department of Housing and Urban Development has given investors another week to put together offers for a $760 million package of mortgages.The agency, which is marketing the portfolio...
CAP REIT Sells Shares to Syndicate
November 29, 2000 TORONTO – Canadian Apartment Properties Real Estate Investment Trust has agreed to sell 2.65 million shares to a syndicate of eight underwriters for C$11.45 per unit, or C$30.3 million (US$19.7 million).RBC Dominion Securities Inc. is...
Burnham Pacific’s Shareholders to Vote on Liquidation Plan
November 29, 2000 SAN DIEGO – Burnham Pacific Properties Inc. (NYSE:BPP) will hold its annual meeting on Dec. 15., where shareholders will vote on the company's complete liquidation and dissolution plan and will elect nine company directors.The liquidation...
Cabot Industrial Trust, TIAA-CREF Form Development JV
November 29, 2000 BOSTON – Cabot Industrial Trust (NYSE:CTR) has formed a joint venture with Teachers Insurance and Annuity Association - College Retirement Fund to develop bulk distribution properties. Cabot, an industrial REIT, said that the investors have...
Apartment Management Web Site Teams with Mobile Service Provider
November 29, 2000 REDWOOD CITY, Calif. – Realeum, the Web-based property management service founded by three major apartment REITs in September, is teaming with Corrigo Inc., a mobile service management system that targets the multifamily property management sector.Realeum...
Clarion Pays $33.3 Mln for Boston Carrier Hotel
November 29, 2000 Clarion Partners has paid $33.26 million, or $120.50/sf, for 70/100 Inner Belt Road, a telecom facility and distribution center in Somerville, Mass.The two-story building, which has 276,000 sf, is on the periphery of downtown Boston....
Starwood Capital Invests in Industrial Realty Firm
November 29, 2000SAN DIEGO – Starwood Capital Group has agreed to invest $50 million into Westcore Industrial Properties, a San Diego company that invests in industrial properties. "Our goal is to align ourselves and invest significant private capital...
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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.
