RECENT NEWS
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...
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...
Fitch Upgrades BCF LLC 1997-C1
October 6, 2000 NEW YORK – Fitch has upgraded four classes of BCF LLC's 1997-C1 and affirmed the other classes that it rates in the series.The $7.3 million class B is lifted to triple-A from double-A-plus, the $9.6...
Five Big Names Vie for Midtown Manhattan Trophy
October 6, 2000 Commercial Real Estate Direct StaffAt least five investor groups have turned in offers for the Seagram Building in Midtown Manhattan that Teachers Insurance investment is looking to sell.The five bidders are believed to include groups...
CB Richard Ellis Raises $324 Mln of Equity for Fund
October 6, 2000 LOS ANGELES – CB Richard Ellis Investors has finished raising $324 million for its Strategic Partners LP investment fund.Capital for the fund was raised from 16 U.S. and international investors, including 10 that are new...
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...
PRICE TALK: $1.07 Bln PNC Mortgage Acceptance Corp., 2000-C2
October 5, 2000 PNC Mortgage Acceptance Corp., Series 2000-C2ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePriceGuidance(BP)BenchMarkA-1200.623.75AaaAAA5.729-301-mo. Libor A-2620.0523.75AaaAAA9.439-401-mo. LiborB43.0519.75Aa2AA9.954-551-mo. LiborC48.415.25A2A9.968-691-mo. LiborD13.4514A3A-1078-791-mo. LiborE13.3412.75Baa1BBB+10220-22510-yr Treas.F18.811Baa2BBB10230-23510-yr Treas.G16.149.5Baa3BBB-10265 area10-yr Treas.H18.87.75Ba1BB+10490 area10-yr Treas.J29.65Ba2BB10NA--K8.074.25Ba3BB-10.2NA--L8.073.5B1B+12.4NA--M10.762.5B2B14.3NA--N5.42B3B-14.6NA--O21.5NANRNR15.1----X*1,076NAAaaAAA9.03NA--* Interest only, notional amount.
Summit Properties Sells Three Communities for $55.3 Mln
October 5, 2000 CHARLOTTE, N.C. – Summit Properties Inc. (NYSE:SMT) has sold three apartment communities, two in Cincinnati and one in Indianapolis, for about $55.3 million.The properties, totaling 873 units, were Summit Blue Ash and Summit Park, in...
Vencor Reorg Plan Gets Thumbs Down From Landlord
October 5, 2000 NEW YORK – Ventas Inc. (NYSE: VTR) has objected to the reorganization plan filed by its main tenant, hospital and nursing home operator Vencor Inc. (OTCBB:VCRIQ).Vencor, the country's largest provider of long-term health care, had...
Bedford Quits KC, Sells Properties for $31.3 Mln
October 5, 2000 KANSAS CITY, Kan. – Bedford Property Investors Inc. (NYSE:BED) has recovered $31.3 million from the sale of nine Kansas City properties totaling 463,000 square feet.The REIT no longer owns any properties in Kansas City. It...
Madison Marquette Buys Calif. Mall
October 5, 2000 MANHATTAN BEACH, Calif. – Madison Marquette has completed its $90 million purchase of the Manhattan Village mall in Manhattan Beach from AMB Institutional Realty Advisors Inc. and Macerich Co. (NYSE:MAC).Madison Marquette, which is based in...
Safeco Leases First Phase of Seattle Office Project
October 5, 2000By Brad Berton, Commercial Real Estate Direct Contributing EditorSEATTLE – Safeco has leased the entire 129,351-square-foot first phase of the two-building Roosevelt Commons project planned for north of the central business district.Financial details of the 12-year...
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.
