RECENT NEWS
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...
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...
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...
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...
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...
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,...
PaineWebber Starts Parkway Properties at Attractive
October 11, 2000 (NewsTraders.com) – Real estate investment trust Parkway Properties (NYSE:PKY) carried an "attractive" rating and a $32.50 price objective in new coverage today from PaineWebber analyst Stuart Seely.Seely estimated that Parkway trades at an 11 percent...
Land Securities to Acquire London Office
October 11, 2000 LONDON – Land Securities PLC has agreed to purchase a leasehold interest in One New Change from the Bank of England for more than the asking price of 175 million British pounds ($253.7 million). Land...
Fitch Upgrades Merrill Lynch, Series 1994-C1
October 11, 2000 CHICAGO – Fitch has upgraded two classes of Merrill Lynch Mortgage Investors Inc.'s 1994-C1 and affirmed the other classes that it rates in the series.The rating agency upped the $17.9 million Class E to double-A...
CMSA Forms Canadian Chapter
October 11, 2000 TORONTO – The Commercial Mortgage Securities Association has formed a Canadian chapter. The Canadian chapter will be chaired by Ross A. Brennan, president and chief executive of the Commercial Mortgage Origination Co. of Canada, and...
GMAC Arranges $20 Mln in Financing for California Apartment Complex
October 11, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has arranged and provided $19.6 million in fixed-rate permanent financing for a multifamily property in Sacramento, Calif.The 302-unit Governor's Square Apartments sits on 8.08 acres and consists of nine...
The Gazit Group Completes Sale of Centrefund Shares to Alony-Hetz
October 11, 2000 TORONTO – Alony-Hetz Properties & Investments Ltd. has completed its purchase of 2.5 million shares of Centrefund Realty Corp. common shares from the Gazit Group for about US$22 million.Alony-Hetz, an Israeli publicly traded REIT, paid...
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...
Shaner Group Ups Offer for Interstate Hotels to $4.50/share
October 11, 2000 An investment team led by Shaner Hotel Group has upped its offer to buy Interstate Hotel Corp. (Nasdaq:IHCO) to $4.50/share from $4.125/share.The new offer values Interstate at $29 million. It comes just after Interstate rejected...
Southeast Regional Digest (10/11/00): Residents oppose proposed Home Depot in Boca Raton, Fla.
October 11, 2000 Neighbors fight Home Depot in Boca RatonSun-Sentinel, October 11BOCA RATON, Fla. – Home Depot has proposed a 146,000-square-foot store just north of city hall on Northwest Second Avenue. However, residents who live near the 15-acre...
Philips International Stockholders Approve Liquidation Plan
October 11, 2000 NEW YORK – Philips International Realty Corp. (NYSE:PHR) stockholders have approved the company's proposed liquidation plan.At the special stockholders meeting held on Oct. 10, about 80 percent of the company's 7.3 million common shares outstanding...
Burnham Pacific Postpones Annual Meeting
October 11, 2000 SAN DIEGO – Burnham Pacific Properties Inc. (NYSE:BPP) has postponed its annual shareholders' meeting, which was previously scheduled for Oct. 18, until the SEC completes its review of the company's preliminary proxy materials.The documents were...
Merrill Initiates Mission West at Buy, $18 Goal
October 11, 2000 (NewsTraders.com) – Mission West Properties (AMEX:MSW) was initiated Wednesday with an all out "buy" rating by Merrill Lynch analyst Eric Hemel, who set a 12-month price target of $18 on shares of the owner and...
Minnesota Headquarters of Buffet Inc. Sold
October 11, 2000 EAGAN, Minn. – W.P. Carey & Co. LLC (NYSE:WPC) has acquired the headquarters building of Buffets Inc., an operator of buffet-style restaurants, for about $21 million, on behalf of Corporate Property Associates 14 Inc. Corporate...
GMAC Names Dunbar to Servicing Financial Post
October 11, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has appointed James A. Dunbar as vice president of financial statements analysis and property inspections.He will have day-to-day general management responsibilities for the two departments.Prior to joining the company,...
Wells REIT Completes Build-to-Suit Class-A Office Building in Va.
October 10, 2000 ATLANTA – Wells Real Estate Investment Trust has completed construction on a $11.4 million, or $114.77/sf, build-to-suit project in Richmond, Va.The REIT has leased the 100,000-square-foot, four-story building to Alstom Power Inc., a power generation...
Pan Pacific, Western Properties Set Date to Vote on Merger
October 10, 2000 SAN DIEGO – Pan Pacific Retail Properties Inc. (NYSE:PNP) and Western Properties Trust (AMEX:WIR) have scheduled Nov. 9 as the date of their respective special meetings for shareholders to vote on a proposed merger.The record...
The St. Joe Co. Completes Spin-Off of Florida East Coast Industries
October 10, 2000 JACKSONVILLE, Fla. – The St. Joe Co. (NYSE:JOE) has completed its spin-off of its 54 percent equity interest in Florida East Coast Industries Inc. (NYSE:FLA) to its shareholders. Under the recapitalization and spin off, St....
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.
