RECENT NEWS
Tortilla Producer Signs $12.3 Mln Industrial Lease in Commerce, Calif.
October 13, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorGruma Corp., the world's leading producer of corn flour and tortillas, has renewed and expanded its lease to 200,000 square feet of production space in Commerce, Calif.,...
Southeast Regional Digest (10/13/00): Cousins to add two buildings at Cobb office park
October 13, 2000 Cousins to add two buildings at Cobb office parkThe Atlanta Journal Constitution, October 13 ATLANTA – Cousins Properties plans to add two 250,000-square-foot office buildings at Wildwood, its 300-acre office park at Powers Ferry and...
Equitable Life Says It Isn’t Offering PaineWebber Building in Manhattan
October 13, 2000 Equitable Life Assurance Society of the U.S. said that it has not hired Cushman & Wakefield to market for sale 1285 Avenue of the Americas in Midtown Manhattan. The insurer was responding to a report...
Transcontinental Buys Office Complex in Virginia for $50 Mln
October 13, 2000 Transcontinental Realty Investors Inc. has purchased a four-building professional complex in Sterling, Va., for $44.9 million, or about $169/sf.The sellers of the 265,700-square-foot Countryside Commercial and Professional Center were Countryside Commercial and Professional Center LP,...
Goldman Sachs Fund Offers to Buy Lodgian for $126.5 Mln
October 12, 2000 ATLANTA – Goldman Sachs' Whitehall Street Real Estate Fund has offered to buy Lodgian Inc. (NYSE:LOD) for $4.50/share, or $126.5 million.The offer has prompted Lodgian to postpone its annual meeting, which was scheduled for today,...
Merrill Lynch Provides $200 Mln of Interim Financing for Opryland Hotels
October 12, 2000 NASHVILLE, Tenn. – Merrill Lynch Mortgage Capital Inc. has provided Gaylord Entertainment Co. with $200 million in interim financing for the construction of two hotels in Florida and Texas.The financing is secured by the 2,884-unit...
Southeast Regional Digest (10/12/00): Cigna moves to buy SunTrust building in Nashville
October 12, 2000 Cigna moves to buy SunTrust building in Nashville, Tenn.The Tennesean, October 12 NASHVILLE, Tenn. – SunTrust Bank has agreed to sell the SunTrust Center on Church Street to Cigna Corp., the lender on the downtown...
PRICE TALK: $889 Mln Banc of America Commercial Mortgage 2000-2
October 12, 2000 Go To S&P's Presale Report.Banc of America Commercial Mortgage, Series 2000-2ClassAmount($mln)Sub. Level(%)RatingS&PRatingMoody'sAvg.LifePriceTalk(BP)BenchMarkA-1198.324AAAAaa5.75+27-29SwapsA-2477.124AAAAaa9.18+37-39SwapsB37.819.75AAAa29.56+52-54SwapsC24.517A+A19.63+58-60SwapsD17.815AA29.63+66-68SwapsE8.914A-A39.63+76-78SwapsF11.112.75BBB+Baa19.66+220-225Treas.G17.810.75BBBBaa29.71+230-235Treas.H11.19.5BBB-Baa39.71+265-270Treas.X*889NAAAAAaaNANATreas.* Interest only, notional amount.
British, Canadian Securitizations in the Market
October 12, 2000By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterPunch Pub Co. is floating another 250 million pounds (US$ 363.5 million) of real estate debt.The debt amounts to an add-on to Punch's March 1998 $1 billion...
Jyotsna Desai Joins PropertyFirst.com
October 12, 2000 LOS ANGELES – PropertyFirst.com has named Jyotsna Desai as vice president of strategic accounts group in the western region.Desai will focus on building long-term relationships with commercial real estate brokerage firms, institutional investors, public and...
AEW Group Chops Bedford Property Stake to 0.6 percent From 7.6 percent
October 12, 2000 (NewsTraders.com) – AEW Partners LP and affiliates have drawn down their position in real estate investment trust Bedford Property Investors (NYSE:BED) to a 0.6 percent stake, a steep drop from a previous position of 7.6...
RFR Holdings to Buy Manhattan’s Seagram Building for $375 Mln-Plus
October 12, 2000RFR Holdings, one of the five bidders competing to buy Manhattan's Seagram Building, has apparently emerged the winner.According to The New York Times, RFR, which is run by Aby Rosen and Michael Fuchs, yesterday agreed to...
Insignia Gets $20 Mln from Edward Gordon Insurance Policy
October 12, 2000 NEW YORK – Insignia Financial Group Inc. (NYSE:IFS) has received about $20 million from its "key man" life insurance policy on Edward S. Gordon, who died on Sept. 21.The company said the policy will result...
Lower Manhattan Offices Sell for $195/sf
October 12, 2000 A European family has apparently agreed to buy 1 Broadway in lower Manhattan for $35.3 million, or nearly $195/sf.According to the New York Post, the building was sold by Kenyon & Kenyon, a law firm...
Bascom Group Buys California Apartments for $17.3 Mln
By Brad Berton, Commercial Real Estate Direct Contributing EditorThe Bascom Group LLC has acquired apartment communities in Oceanside and Covina, Calif., for $17.3 million.The Irvine-based company, which is headed by principals Jerome Fink, David Kim and Derek Chen,...
A.G. Edwards Downgrades CoStar to Maintain
October 12, 2000 (NewsTraders.com) – A.G. Edwards analyst Art Havener downgraded shares of CoStar Group (Nasdaq:CSGP) to "maintain" from "accumulate."Havener said that his "maintain" grade is based on his belief that CoStar shares are "adequately valued for speculative...
Cigna Taking Title to Nashville Office Tower
October 12, 2000 Cigna Corp. is expected to take title to the SunTrust Building in downtown Nashville, Tenn., through a deed-in-lieu of foreclosure.According to The Tennessean, the 30-story building's owner is a partnership that is 97 percent owned...
NMHC Exec to Join BRE Properties as Sr. VP of Technology Initiatives
October 12, 2000 SAN FRANCISCO – BRE Properties Inc. (NYSE:BRE) has appointed Stephen E. Lefkovits as senior vice president of technology initiatives, effective Dec. 1.Lefkovits has served for the past three years as vice president of housing and...
Clarion Commercial to Liquidate
October 12, 2000 NEW YORK – Clarion Commercial Holdings Inc. (NYSE:CLR) has decided to liquidate and shut down operations. The company is asking shareholders to approve of its plan by early next year."In assessing any alternatives, our first...
W.P. Carey Group Buys Kansas City, Mo., Distribution Facility
October 12, 2000 KANSAS CITY, Mo. – W.P. Carey & Co. LLC has closed on the purchase of a 120,855-square-foot warehouse distribution facility here for $6.5 million, or nearly $54/sf.Earle M. Jorgensen Co. leases the steel and aluminum...
Brookfield Completes Secondary Offering of 8 Million Shares
October 12, 2000 NEW YORK – Brookfield Properties Corp. (NYSE:BPO) has completed its secondary offering of 8 million shares through the Canadian Imperial Bank of Commerce at a price of US$14.50 (C$21.85).The company said that the final prospectus...
Clarion Owns $65 Mln of CMBS, Much of it High-Yielding
October 12, 2000 Clarion Commercial Holdings Inc. (NYSE: CLR), which earlier today said it would seek to liquidate, has $96.5 million of assets, including $65 million of commercial mortgage backed securities, on its books.The company, which was formed...
Entertainment Properties Nixes BRT Realty’s $15/Share Offer
October 11, 2000(NewsTraders.com) – Entertainment Properties Trust (NYSE:EPR) has spurned BRT Realty Trust's (NYSE:BRT) offer to purchase 1.3 million shares from the movie theater-focused company at $15 apiece, according to an amended Schedule 13D filing released today.In addition,...
Prudential, Wellsford Affiliate Fund $34 Mln Mezzanine Loan
October 11, 2000 CHICAGO – The Fordham Co. has received $34 million of mezzanine financing from Prudential Real Estate Investors and an affiliate of Wellsford Real Properties Inc. (AMEX:WRP) to build a 50-story condominium tower in Chicago.Creamer Vital...
Pivotal LLC Purchases 650 California St.
October 11, 2000 SAN FRANCISCO – Pivotal 650 California Street LLC, a venture between the Pivotal Group and investor William S. Levine, has purchased a nearly 500,000-square-foot office building from Sarofim Realty Advisors of Dallas through a $160...
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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.
