RECENT NEWS
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....
Rothschild Realty Invests in Parkway Properties
October 10, 2000 JACKSON, Miss. – Five Arrows Realty Securities III LLC has agreed to buy up to $75 million of preferred stock in Parkway Properties Inc. (NYSE:PKY).Five Arrows, a fund managed by Rothschild Realty Inc., could buy...
Cushman & Wakefield Marketing PaineWebber Building
Correction (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. Equitable was responding to Oct. 10...
Interstate Nixes Shaner Offer, Sides With Lehman
October 10, 2000 PITTSBURGH – Interstate Hotels Corp. (Nasdaq:IHCO) has rejected an unsolicited acquisition offer from Shaner Hotel Group and instead will form a joint venture with a group led by Lehman Brothers.As part of that deal, Lehman...
Host Marriott Issues $250 Mln of Senior Notes
October 10, 2000 BETHESDA, Md. – Host Marriott Corp. (NYSE:HMT) has closed a $250 million senior notes offering of its limited partnership unit, Host Marriott LP.The notes, which carry a 9.25 percent coupon rate, mature Oct. 1, 2007.The...
WRIT Acquires Mixed-Use Building in Alexandria, Va., for $17 Mln
October 10, 2000 Washington REIT (NYSE:WRE) has acquired an office/retail complex at 510-526 King St. in historic Old Town Alexandria, Va., for $17 million, or about $150/sf, through a tax deferred exchange.Courthouse Square is a five-story building that...
Forest City Appoints O’Brien to Executive VP
October 10, 2000 CLEVELAND – Forest City Enterprises Inc. (NYSE:FCEA) has named Robert G. O'Brien executive vice president of finance and investment. O'Brien was most recently president of Forest City Finance Corp. and Forest City Commercial Group.In his...
EPR Denies BRT Realty’s Request for Board Meeting Appearance
October 10, 2000 (NewsTraders.com) – Entertainment Properties Trust Trust (NYSE:EPR), the movie-theater focused REIT, denied a request by BRT Realty Trust (NYSE:BRT) to present its proposals at Entertainment Properties' Oct. 6 board meeting.NewsTraders reported on Sept. 27 that...
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