RECENT NEWS
Apex Mortgage Capital Sets $0.46/shr Div, Changes Hedging Strategy
September 8, 1999LOS ANGELES – Apex Mortgage Capital Inc. (NYSE: AXM) has set a third-quarter dividend of 46 cents/share payable Oct. 15 to shareholders of record Sept. 30. The dividend is 70 percent higher than the one paid...
Essex Property Trust Buys Newport Beach, Calif., Apartments for $62 Mln
September 8, 1999 PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE: ESS) paid $62 million, or $84,700/unit, for Coronado at Newport, a 732-unit apartment complex in Newport Beach, Calif.Essex is evaluating forming a joint venture with another...
Wilshire Fires Two Top Execs
September 8, 1999 By Hans Greimel, Associated Press Writer PORTLAND, Ore. (AP) - The whiz-kid founder of Wilshire Financial Services Group and his number two executive have been fired by the company's board in a disagreement over how...
Grubb & Ellis Names Kelley Corporate Services Group Director
September 8, 1999NORTHBROOK, Ill. – Grubb & Ellis Co. (NYSE: GBE) has named J.D. Kelley national director of strategic services and director of its corporate services group, which is based in Dallas.Kelley was formerly executive managing director of...
Spieker To Develop 16-story Office Tower In Emeryville, Cal.
September 8, 1999MENLO PARK, Calif. – Spieker Properties Inc. (NYSE: SPK) intends to start construction on a 16-story, 330,000 square foot office tower at its Watergate Office Towers complex in Emeryville, Calif. by the end of this year....
Lerner Brings Recently Built Building up to 98% Occupied
September 8, 1999MCLEAN, Va. – Lerner Enterprises said it has signed leases with seven tenants for 73,400 square feet at 1750 Tysons Boulevard, an office building that is nearing completion in McLean, Va.Lerner, which is based in North...
Essex Raises $55 Mln Through Sale of Preferred
September 8, 1999 PALO ALTO, Calif. – Essex Property Trust, Inc., (NYSE: ESS) has raised $55 million by issuing, to an institutional investor, 2.2 million preferred units in its affiliated operating partnership.The preferred, 9.25% Series E Cumulative Redeemable...
Wellsford/Whitehall Pays $27 Mln for Properties, Sells Other for $26 Mln
September 8, 1999 NEW YORK – Wellsford Real Properties Inc. (AMEX: WRP) said an affiliate it operates with Goldman Sachs' (NYSE: GS) Whitehall Street Real Estate Fund paid $27 million for four office buildings with 221,000 square feet...
E-Business and Corporate Real Estate: Opportunity or Threat?, Commentary by Rachel Sinden and Trevor
September 8, 1999By Rachel Sinden, Principal Consultant, and Trevor Miles, Senior Associate, PricewaterhouseCoopers, London(Excerpted from the Fall 1999 edition of Global Real Estate Now, to be distributed later this month.)E-business is already transforming the business landscape for many...
Developers Diversified Raises $75 Mln Through Preferred Offering
September 7, 1999 CLEVELAND – Developers Diversified Realty Corp. (NYSE: DDR) raised $75 million by placing perpetual preferred units in its affiliated operating partnership with an institutional investor. The preferred units pay an annual dividend of 8.875 percent...
Northeast Regional Digest
September 7, 1999 A developer reshapes a Brighton Beach project New York Times, September 5BRIGHTON BEACH, N.Y. – Developer Joshua L. Muss is a man of patience who is waiting for the magic formula of permits and financing...
Western Regional Digest
September 7, 1999 PricewaterhouseCoopers Signs $22 Mln Lease in Orange CountyLos Angeles Times, Sept. 7IRVINE, Calif. – PricewaterhouseCoopers has leased 69,000 square feet of space in Opus Center Irvine, a 12-story, 267,000 sf office building in Irvine. The...
Southeast Regional Digest
September 7, 1999Starmount, Lindbrook plan medical buildingsThe Business Journal of the Greater Triad Area, September 7GREENSBORO, N.C. – Starmount Co. is entering the medical office realm with a 50,000-square-foot building for Moses Cone Health System, while market veteran...
Lazard Appoints 2 Real Estate Executives
September 7, 1999 Robert C. Larson, vice chairman of Taubman Centers Inc., has been named chairman of Lazard Freres & Co.'s real estate operation, while Michael G. Medzigian, a partner of Olympus Real Estate Corp., was named president...
Canadian Regional Digest
September 7, 1999 Summit mulls making a hostile bid for AvistaThe National Post, September 7 TORONTO – Summit Real Estate Investment Trust's board of trustees will decide today whether to launch a hostile bid for Avista REIT. The...
Summit Properties Raises $55 Mln Through Sale of Preferred
September 7, 1999 CHARLOTTE, N.C. – Summit Properties Inc. (NYSE: SMT) has raised $55 million by issuing, through its affiliated operating partnership, perpetual preferred units to an institutional investor.The 2.2 million Series C cumulative redeemable perpetual preferred units...
Southcentral Regional Digest
September 7, 1999 Building sale signals market revivalHouston Business Journal, September 7HOUSTON – A major office building has changed hands in the Galleria area's biggest investment sale of the year. The glassy, half-circular Tractebel Building at the edge...
Koger Equity Sells Office Buildings to Lennar for $70 Mln
September 7, 1999 JACKSONVILLE, Fla. – Koger Equity Inc. (AMEX: KE) said it completed the sale of two office parks totaling 1.1 million square feet in Charlotte and Jacksonville to Lennar Partners Inc. (NYSE: LNR) for $70 million,...
Mid-Atlantic Regional
September 7, 1999Assisted living at Gulick tract gets a final OKThe Princeton Packet, September 6 LAWRENCE, N.J. — The hotly contested conversion of the historic William Gulick House into an assisted living facility was granted an official approval...
Urstadt Biddle Buys Westchester, N.Y., Shopping Center
September 7, 1999 GREENWICH, Conn. – Urstadt Biddle Properties Inc. (NYSE: UBP) paid $9.5 million for the 80,000-square-foot Towne Centre Shopping Center in Somers, Westchester County, N.Y.The property, anchored by a Gristede's supermarket, is 95 percent occupied. It...
Midwest Regional Digest
September 7, 1999 Soaring real estate values trigger cuts in Metro tax billsThe Detroit News , September 7DETROIT – Real estate values are steadily inclining around Metro Detroit and a state law is forcing property taxes to roll...
Taubman Places $75 Mln of Preferred in Partnership With Investor
September 7, 1999 BLOOMFIELD HILLS, Mich. – Taubman Centers Inc. (NYSE:TCO) said it raised $75 million through the private placement of 9 percent cumulative preferred partnership equity in the Taubman Realty Group LP. The preferred equity was purchased...
Hudson Hotels Gets Management of Two Dallas-Area Hotels
September 7, 1999 ROCHESTER, N.Y. – Hudson Hotels Corp. (NASDAQ: HUDS) has been awarded the management contracts to the Best Western D/FW Airport Suits and the Clarion Inn and Suites D/FW North, two adjoining hotels next to the...
Post Properties Raises $70 Mln Through Placement of Preferred
September 7, 1999 ATLANTA – Post Properties Inc. (NYSE: PPS) raised $70 million through a private placement of 8 percent preferred equity securities.The securities were issued by Post Apartment Homes LP, the REIT's operating partnership. They were placed...
Hilton Buys Promus
September 7, 1999 By The Associated PressBEVERLY HILLS, Calif. (AP)- Hilton Hotels Corp., owner of New York's famed Waldorf-Astoria and other properties, will acquire Promus Hotel Corp. for $4 billion plus the assumption of debt, the hotel operator...
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