RECENT NEWS
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...
National Health Investors to Skip Dividends, Extends Credit Lines
October 10, 2000 MURFREESBORO, Tenn. – National Health Investors Inc. (NYSE:NHI) said it will not pay dividends for the third and fourth quarters until it pays off $38 million of subordinated debt.The announcement was made at the same...
CarrAmerica Hires Vice President/Director of Development for San Francisco Area
October 10, 2000 WASHINGTON – CarrAmerica Development Inc., an affiliate of CarrAmerica Realty Corp. (NYSE: CRE), has named Jefford S. Nelson as vice president/director of Development for the San Francisco Bay area.Previously, Nelson served as vice president for...
N.J. Investor Buys Apartment Portfolio for $280 Mln
October 10, 2000 NEW YORK – Ruben Schron, a N.J.-based investor, has purchased a portfolio of 20 apartment complexes in New Jersey, New York and Pennsylvania for $280 million from an investment group led by an affiliate of...
Michael Duffy Named National Director of Investment Sales for Trammell Crow
October 10, 2000 DALLAS – Trammell Crow Co. (NYSE:TCC) has named Michael S. Duffy as senior managing director/national director of investment sales. Duffy will be responsible for the company's investment sales platform and will manage more than 60...
Zell Honored for REIT Industry Leadership
October 10, 2000 WASHINGTON – The National Association of Real Estate Investment Trusts has presented its REIT Industry Leadership Award to Samuel Zell, the founder of Equity Group Investments Inc.Zell is chairman of the board for the Equity...
Partnership Buys Clarion Hotel in Texas
October 10, 2000 RICHARDSON, Texas – Radisson-Olympus Capital Partners has acquired a 296-room Clarion Hotel for an undisclosed amount.The purchase marks the partnership's first acquisition since forming this summer.Radisson-Olympus plans to renovate the hotel, which will be renamed...
Southeast Regional Digest (10/10/00): Development firm to construct 65-acre mixed use project in N.C
October 10, 2000 Commercial, residential project planned for I-77Business Journal of Charlotte, October 10CHARLOTTE, N.C. – Union Development Corp. plans to build a 65-acre mixed-use project near Interstate 77 in Rock Hill, N.C. adjacent to the Antrim business...
CB Moves Into Nebraska With Affiliation
October 10, 2000 LOS ANGELES – CB Richard Ellis (NYSE:CBG) has expanded its presence in Nebraska by affiliating with Mega Corp., one of the state's largest real estate service providers.Mega, which is run by Bennett Ginsberg, is now...
Southeast Regional Digest (10/6/00): Office rates increasing in Tampa Bay, Fla. area
October 6, 2000 Office rents catch fire in bay areaSt. Petersburg Times, October 6ST. PETERSBURG, Fla. – Rental rates for Tampa Bay area office space increased 13.6 percent in the first six months of this year, the fifth...
Investor in Malan Realty Gets Seat on REIT’s Board
October 6, 2000 (NewsTraders.com) – Investor Peter Kross, in the past a shareholder activist of Malan Realty Investors (NYSE:MAL), has sought and received representation for an affiliate on the company's board of the directors. In an amended Schedule...
Canada Regional Digest (10/6/00): Ottawa has lowest vacancy rate in Canada
October 6, 2000 Office vacancy rate lowest in CanadaThe Ottawa Citizen, October 6OTTAWA – Ottawa's downtown vacancy rate was only 0.9 percent at the end of September, according to CB Richard Ellis. The Class-A vacancy rate for the...
Loan on Canadian Complex Detailed
October 6, 2000 TORONTO – The C$115 million (US$77.2 million) mortgage that Merrill Lynch recently securitized carries a coupon of 7.373 percent.The bonds were priced at 156 basis points above Canadian government securities. The 22-year loan, which was...
American Land Lease’s Chief Accountant Quits
October 6, 2000 CLEARWATER, Fla. – David Becker has resigned as chief financial officer of American Land Lease (NYSE:ANL) to pursue other opportunities.President Bruce Moore will undertake the duties of CFO.American Land Lease, which resulted from the merger...
Fortress to Buy Rest of Impac Commercial for $41.4 Mln
October 6, 2000 NEW YORK – Fortress Investment Corp. has agreed to buy the remainder of Impac Commercial Holdings Inc. (AMEX:ICH) for $7.55/share or $41.4 million.Impac has about 8 million shares of common stock on a fully diluted...
Morgan Stanley to Finance Chicago Development via Bond Market
October 6, 2000 A venture between John Buck Co. and Morgan Stanley Dean Witter is expected to tap the commercial mortgage-backed securities market in order to finance a hotel/retail complex along North Michigan Avenue in Chicago. The Chicago...
Prime Group Completes $65.1 Mln of Sales
October 6, 2000 CHICAGO – Prime Group Realty Trust (NYSE:PGE) has sold 33 N. Dearborn St. and a stake in 122 S. Michigan Ave., jointly valued at $65.1 million.The sales – 33 N. Dearborn was sold to Vornado...
Developers Nix Plan for Hollywood Shopping Center
October 6, 2000 HOLLYWOOD, Calif. – Developers Steve Ullman and Larry Worchell have abandoned plans to build the $20 million HollywoodOrange retail center project due to the pending bankruptcy of its anchor tenant – Frederick's of Hollywood."Financing for...
Pacific Gulf Shareholders to Vote on Liquidation
October 6, 2000 NEWPORT BEACH, Calif. – Pacific Gulf Properties Inc. (NYSE:PAG) will hold a shareholders' meeting Nov. 9 to vote on the REIT's proposed liquidation.Pacific Gulf agreed in June to sell its industrial properties for $929 million...
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