RECENT NEWS
TrizecHahn Names Christopher Mackenzie CEO
December 15, 2000 TORONTO – TrizecHahn Corp. (NYSE:TZH) has named Christopher Mackenzie chief executive officer, effective Jan. 1.Mackenzie will replace Peter Munk as chief executive. Munk will retain his post of chairman. Gregory C. Wilkins will remain president...
GE Capital Conduit to Price Monday
December 15, 2000 Commercial Real Estate DirectSources close to the deal say that the $713.1 million GE Capital Mortgage Corp., 2000-1, commercial mortgage-backed securities transaction that was in the market this week will price sometime Monday.Price talk for...
Canada Regional Digest (12/15/00): Wal-Mart plans to build store
December 15, 2000 Wal-Mart plans to build storeThe Edmonton Journal, December 15CLAREVIEW – Wal-Mart is planning to build a 128,000-square-foot store at the Clareview Town Centre. The developer, First Professional Management Inc., would build the store at the...
CarrAmerica Names Kenneth Kristofek as VP, Development Director
December 15, 2000 WASHINGTON – CarrAmerica Development Inc. has named Kenneth A. Kristofek to vice president and director of development for Texas.Kristofek will be located in the Dallas office and will handle development activity for CarrAmerica's Austin market...
AvalonBay Prices $200 Million Medium-Term Notes Offering
December 14, 2000 ALEXANDRIA, Va. – AvalonBay Communities Inc. (NYSE:AVB) has priced a $200 million offering of medium-term notes.The 10-year notes, which mature on Dec. 15, 2010, were priced to yield 7.613 percent. They were issued at 99.221...
FINAL PRICING: $996 Mln Lehman Brothers-UBS Commercial Mortgage Trust, Series 2000-C5
December 14, 2000 LB-UBS Commercial Mortgage Trust, Series 2000-C5ClassAmount ($mln)Sub. Level (%)Rating Moody'sRating S&PAvg. LifePrice Talk(BP)Priced(BP)BenchMarkA-1352.420.5AaaAAA5.87+29 area+32SwapsA-2439.420.5AaaAAA9.71+41 area+41SwapsB44.816Aa2AA9.9+58 area+58SwapsC44.811.5A2A9.9+73 area+73SwapsD14.910A3A-9.9+83 area+85SwapsE7.49.25Baa1BBB+9.9+125 area+128SwapsF12.48Baa2BBB9.9+130 area+130SwapsG9.97Baa3BBB-9.9+275 area+275Treas.X*996NAAaaAAA8.41+375**+375Treas.*Notional amount, interest only.**At 100 percent CPR.
Extended StayAmerica Hotel Opens in NY
December 14, 2000 ELMSFORD, N.Y. – Extended StayAmerica Inc. (NYSE:ESA) has opened a seven-story Extended StayAmerica Efficiency Studios brand hotel at 118 Tarrytown Road.The 136-unit hotel, which is the company's eighth hotel in the state, has weekly room...
Level 3 Leases 166,000 sf at Catellus Property in Calif.
December 14, 2000 SAN FRANCISCO – Level 3 Communications Inc. (NYSE:LVLT) has signed a 20-year lease for two buildings totaling 166,000 square feet at Pacific Commons, an 8.3 million-sf property in Fremont, Calif., that is owned by Catellus...
Acadia Sells Florida Offices for $31.5 Mln
December 14, 2000 NEW YORK – Acadia Realty Trust (NYSE:AKR) has sold Northwood, a 501,000-square-foot mixed-use property in Tallahassee, Fla., to an affiliate of UrbanAmerica LP for $31.5 million. The sale, part of the REIT's effort to dispose...
Kimco’s Departing Kornwasser Files to Sell $5.2 Mln of Stock
December 14, 2000 (NewsTraders.com) – Kimco Realty Corp.'s (NYSE:KIM) departing senior executive vice president, Joseph Kornwasser, recently filed paperwork with the SEC to sell 125,000 shares of the REIT.Kornwasser listed plans to dispose of the shares, worth an...
Ampal to Sell Interest in 800 Second Ave. in Manhattan
December 14, 2000NEW YORK – A subsidiary of Ampal-American Israel Corp. (Nasdaq:AMPL) has sold its majority interest in an 18-story office condominium building in a deal valued at $33 million, or just over $202/sf.The deal for floors two...
NY State Teachers Fund Makes Big Real Estate Commitments
December 14, 2000Commercial Real Estate Direct Staff ReportThe New York State Teachers Retirement System is planning to continue playing a substantial role in commercial mortgage-backed securities. According to minutes from the pension fund's latest board meeting, Nystrs has...
S&P Affirms General Growth’s Credit Rating
December 14, 2000 NEW YORK – Standard & Poor has affirmed its triple-B-minus rating on General Growth Properties Inc. for corporate credit rating.The double-B rating on General Growth's $337 million preferred income equity redeemable stock also is affirmed....
Rouse Sells Vegas Properties to Venture for $85 Mln
December 14, 2000 COLUMBIA, Md. – The Rouse Co. has formed a joint venture with Stoltz Bros. Ltd. to which it sold 37 office/flex industrial properties and several undeveloped parcels for $85 million.The properties that Rouse contributed are...
BRE Properties Names Chief Investment Officer
December 14, 2000 SAN FRANCISCO – BRE Properties Inc. (NYSE:BRE) has named Bradley P. Griggs as executive vice president and chief investment officer.Griggs will manage 12 local market developers and builders in Northern California, San Diego, Los Angeles/Orange...
Southeast Regional Digest (12/14/00): 2.5 million-sf warehouse planned for Hillsborough County, Fla.
December 14, 2000 2.5 million-sf warehouse planned for Hillsborough CountyThe Tampa Tribune, December 14TAMPA, Fla. – Hadar Corp. is planning to build a 2.5 million-square-foot industrial warehouse and distribution center in Madison Business Park. Plans also would call...
S&P Rates Commercial Investment Trust
December 14, 2000 MELBOURN, Australia – Standard & Poor has given its triple-B-plus rating to Commercial Investment Trust. The outlook is stable.The action is a result of CIT's above-average asset quality, strong tenant profile and moderately conservative financial...
Summit REIT to Sell Calgary Office Tower
December 13, 2000 TORONTO – Summit REIT (TSE:SMU_u.TO) has agreed to sell an office tower in Calgary, Alberta, for about C$24.5 million (US$16.1 million), or C$122/sf (US$80/sf), to an undisclosed buyer.The 200,987-square-foot building is at 333 11th Ave....
Lennar Builds Space for Ontario, Calif., Manufacturer
December 13, 2000 ONTARIO, Calif. – Lennar Partners has started developing a 222,000-square-foot expansion of Ritek Group/Ritek Global Media's manufacturing and distribution facilities.The build-to-suit project is located on 12 acres north of the Pomono Freeway at 2950 E....
AvalonBay Starts $102 Mln Apartment Complex in Queens, NY
December 13, 2000 NEW YORK – AvalonBay Communities Inc. (NYSE:AVB) has begun construction of a 32-story apartment building on the west waterfront of Queens, N.Y. The project is expected to cost $102.5 million.Completion of the 372-unit Avalon Riverview...
Target to Lease Warehouse, Develop Site in Southern Calif.
December 13, 2000 By Brad Berton, Commercial Real Estate Direct Contributing WriterTarget Stores will lease a vacant 725,000-square-foot warehouse and develop an adjacent property with about 500,000 sf within Southern California's booming Inland Empire hub surrounding Ontario International...
ProLogis Names Tim M. Harvie Chief Technology Officer
December 13, 2000 DENVER – ProLogis (NYSE:PLD) has named Tim M. Harvie as chief technology officer.Harvie will be responsible for integrating the company's technology investments and finding opportunities to leverage technology to further expand ProLogis' customer service offerings.Prior...
FINAL PRICING: $914.6 Mln Salomon Bros. Commercial Mortgage Trust 2000-C3
December 13, 2000 Salomon Bros. Commercial Mortgage Trust 2000-C3ClassAmount($mln)Sub. Level(%)RatingS&PRatingMoody'sAvg.LifePriceTalk(BP)Priced(BP)BenchMarkA-1180.723AAAAaa5.7+28-29+30SwapsA-2523.623AAAAaa9.37+41-42+43SwapsB43.418.25AAAa29.82+56-59+59SwapsC35.514.25AA29.9+71-74+74SwapsD13.712.75A-A39.91+81-8490SwapsE13.711.25BBB+Baa19.91+120 area+120SwapsF13.79.75BBBBaa29.91+130 area+130SwapsG13.78.25BBB-Baa39.91+280 areaNA*Treas.IO914.6NAAAAAaa8.82NANA*NA*Privately placed.
Settlement Reached in Courtyard by Marriott Partnerships Lawsuits
December 13, 2000 WASHINGTON – Marriott International Inc. (NYSE:MAR) and Rockledge Hotel Properties Inc. have settled lawsuits with Courtyard by Marriott Limited Partnership and Courtyard by Marriott II Limited Partnership.CBM I Holdings LLC and CBM II Holdings LLC...
Southeast Regional Digest (12/13/00): Harrisburg, N.C., farmland to become $300 Mln town center
December 13, 2000 Harrisburg farm land to become $300 Mln town centerThe Charlotte Observer, December 12HARRISBURG, N.C. – J & B Development and Management partners Joe Murphy and Bob Burkett are planning to transform 97 acres of Harrisburg...
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