RECENT NEWS
Hilton Hotels Studies Feasibility of Building Hotel in Outer Space
September 22, 1999 By Michael White, AP Business WriterLOS ANGELES (AP) – As NASA assembles the international space station high above the Earth, private lodging and travel companies are taking a serious look at orbiting hotels and other...
Grubb & Ellis to Provide Real Estate Services to Boeing
September 22, 1999NORTHBROOK, Ill. – Grubb & Ellis Co. (NYSE:GBE) has been selected by Boeing's real estate unit to provide a variety of real estate services.The brokerage has hit the ground running. It is marketing a 28-acre site...
Prentiss Places $50 Mln of Preferred With Investors
September 22, 1999 DALLAS – Prentiss Properties Trust (NYSE:PP) said its affiliated operating partnership, Prentiss Properties Acquisition Partners LP, privately placed 2 million Series C Cumulative Redeemable Perpetual Preferred units with institutional investors.The sale generated $50 million of...
Essex Property Sells Former HQ in Palo Alto for $404/sf
September 22, 1999 PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE:ESS) has sold its former headquarters building at 777 California Avenue in Palo Alto for $18.4 million, or $404/sf, giving it a gain of $4.7 million.Essex moved...
Lodging Industry Still Strong, Presents Plenty of Opportunity, Commentary by Arthur Adler of Sonnenb
September 22, 1999By Arthur Adler, Managing Director, Lodging & Leisure Group, Sonnenblick-Goldman Co.The lodging industry is continuing to generate strong operating results. While occupancies have declined recently, average daily rates are still increasing at above the rate of...
Southeast Regional Digest
September 21, 1999 Citrus land value up slightlyTampa Tribune, September 21TAMPA – Florida's land values rose slightly last year for the first time since 1990, but values still remain dramatically less than they were a decade ago. Orange...
Provident Bank Buys Capstone Realty
September 21, 1999 CINCINNATI – Provident Bank has acquired Capstone Realty Advisors, a Cleveland mortgage broker that specializes in placing commercial mortgages with life insurers.Provident, a unit of Provident Financial Group Inc. (NASDAQ: PFGI), is a regional bank...
Canadian Digest
September 21, 1999 Sears Canada bags Eaton'sThe Globe and Mail, September 21TORONTO – The Sears logo will grace up to 13 Eaton's stores as part of a deal that will see the once-venerable T. Eaton Co. Ltd. carved...
JP Morgan Fund Provides $200 Mln of Debt for Houston Center
September 21, 1999 HOUSTON – A commingled pension fund managed by J.P. Morgan Investment Management Inc. has provided $200 million of fixed-rate financing to Crescent Real Estate Equities Co. (NYSE:CEI) for 3 million square feet of space in...
W. P. Carey Pays $55.2 Mln for Four AmeriServe Distribution Facilities
September 21, 1999NEW YORK – W. P. Carey & Co. Inc. paid $55.2 million for four food distribution facilities that it purchased from AmeriServe Food Distribution Inc. The four properties, which are either being renovated or constructed, were...
Lehman Takes $907 Mln Fusion Deal On Road Show
September 21, 1999 By Thomas J. Walsh, VertiNews.com Senior WriterLehman Brothers has started marketing a $907.5 million commercial mortgage-backed securities transaction.Investors said that the investment bank was meeting with individual investors this week and expected price talk by...
Treasury Bond Prices Down at Midday
September 21, 1999 By The Associated PressNEW YORK (AP) – The price of the Treasury's main 30-year bond was down 11/32 point, or $3.43 ? per $1,000 in face value, around midday, while its yield rose 2 basis...
PPG Builds Distribution Center at Lima, Ohio
September 21, 1999By The Associated PressPITTSBURGH – The automotive refinish coatings business unit of PPG Industries (NYSE: PPG) is starting construction this month of a $6.1 million, 252,000-sf distribution center near Lima in northwestern Ohio. The center, slated...
Bentley Forbes Buys, Leases Back Maryland Building
September 21, 1999 LOS ANGELES – The Bentley Forbes Group LLC has paid $5.4 million for the 52,682-sf worldwide headquarters building of GSE Systems Inc., a technology company in Columbia, Md.As part of the deal, GSE Systems signed...
RioCan Sets $0.09/Shr Div
September 21, 1999 TORONTO – RioCan Real Estate Investment Trust (Toronto Stock Exchange:REI.UN) declared an 8.75 cents/unit dividend payable Oct. 7 to unitholders of record on Sept. 30. RioCan's monthly distribution now equals $1.05 on an annualized basis,...
Essex Property Sets $0.55/Shr Div
September 21, 1999 PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE:ESS) declared a 55 cents/share dividend payable Oct. 15 to shareholders of record as of Sept. 30.On an annualized basis the dividend represents a distribution of $2.20...
Taubman Invests in Swerdlow, Forms Venture for Dolphin Mall
September 21, 1999 MIAMI – Taubman Centers Inc. (NYSE:TCO) and Swerdlow Real Estate Group have partnered to develop Dolphin Mall, a 1.4 million square foot regional mall in Miami.As part of the agreement, Taubman has invested $10 million...
Tarragon Realty Investors Sets $0.11/Shr Div
September 21, 1999 NEW YORK – Tarragon Realty Investors Inc. (NASDAQ:TARR) declared a 10.5 cents/share dividend payable Nov. 15 to shareholders of record as of Nov. 1.Tarragon also said it will repurchase another 500,000 common shares. Since Jan....
WRIT Pays $12.7 Mln for Maryland Apartments
September 21, 1999 ROCKVILLE, Md. – Washington Real Estate Investment Trust (NYSE:WRE) has purchased Avondale Apartments in Laurel, Md., for $12.7 million.The 11 story building contains 237 units and is 95% leased. Avondale, purchased at an average price...
Southeast Regional Digest
September 20, 1999Equitable building for sale againAtlanta Business Chronicle, September 20ATLANTA, Ga. – The landmark Equitable Building, owned by a fund between Jones Lang LaSalle Inc. and Nippon Landic Co., is for sale again. The asking price is...
Canadian Digest
September 20, 1999Largest mall owners face vacanciesThe Globe and Mail, September 18 TORONTO – Canada's two biggest shopping mall owners face the spectre of much of their prime retail space sitting empty for almost a year after insolvent...
CSSA Changes Name to Commercial Mortage Securities Association
September 20, 1999 NEW YORK – The Commercial Real Estate Secondary Market and Securitization Association, or CSSA, has changed its name to the Commercial Mortgage Securities Association, or CMSA.The simpler name better reflects the trade group's focus, which...
Simon Hires Mitchell Little as MD of Marketing
September 20, 1999 LOS ANGELES – William E. Simon & Sons LLC has named Mitchell S. Little managing director of marketing and client services.Little, formerly a partner with Rice Hall James, an asset management firm in San Diego,...
Deutsche Lends $85 Mln to Capital Automotive
September 20, 1999MCLEAN, Va. – Capital Automotive (NASDAQ: CARS) has received $85 million of 15-year secured notes from an affiliate of Deutsche Banc Alex. Brown.The notes carry a fixed rate of 8.05 percent and were priced at 222...
Cornell Professor Joins PKF Consulting
September 20, 1999NEW YORK – John B. (Jack) Corgel has joined PKF Consulting as managing director of applied research for the firm's newest division, The Hospitality Research Group. Corgel spent the last nine years as a faculty member...
About
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.
