RECENT NEWS
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...
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...
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...
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...
Southeast Regional Digest (10/5/00): Florida office buildings on the block for $29 Mln
October 5, 2000 Developer seeks $29 Mln for Boca Raton, Plantation propertiesDaily Business Review, October 5BOCA RATION, Fla. – Real estate developer Bruce Rendina plans sell about $29 million in assets in Boca Raton and Plantation. Reese Stigliano,...
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...
Spieker Buys West Coast Offices for $159 Mln
October 5, 2000 Spieker Properties Inc. (NYSE:SPK) has purchased Lincoln Center in Portland, Ore., and Drakes Landing in Marin County, Calif., for $159 million.The purchase is being funded with proceeds of the recent sale of industrial properties.Lincoln Center...
Canada Digest (10/5/00): Toronto’s office space shortage could spark rent increases
October 5, 2000Top office space in short supplyToronto Star, October 5TORONTO – An acute shortage of office space in prime downtown Toronto locations means rents will likely go up by a minimum 20 percent. The office vacancy rate...
FelCor Sees 3rd-Qtr FFO at $1.12/shr, Tops Analyst Expectations
October 5, 2000 IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) said it expects third quarter funds from operations to exceed analyst estimates by more than 8 percent.The company said it expects FFO to be $1.12/share. That compares...
AMLI Sells Atlanta Apartments for $39.2 Mln
October 5, 2000 ATLANTA – AMLI Residential (NYSE:AML) has sold the AMLI at Pleasant Hill apartment community in Atlanta for about $39.2 million.AMLI received about $10.4 million of net proceeds from the sale, which will be used to...
W.P. Carey Buys Albuquerque, N.M., Warehouse
October 5, 2000ALBUQUERQUE, N.M. – W.P. Carey & Co. LLC (NYSE:WPC) has acquired a 74,000-square-foot office and light industrial facility from TransCore Holdings Inc. for about $6.1 million, on behalf of its affiliate Corporate Property Associates 14 Inc.The...
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...
Spieker Leases Space at San Francisco Peninsula Property
October 4, 2000 SAN FRANCISCO – Sun Microsystems Inc. has signed a 10-year lease for 39,500 square feet at Skyway Landing, a development owned and operated by Spieker Properties Inc. (NYSE:SPK).Sun Microsystems will move into its new space...
Southeast Regional Digest (10/4/00): AutoNation completes sale of Fort Lauderdale, Fla., plaza
October 4, 2000 AutoNation sells second Ft. Lauderdale buildingDaily Business Review, October 4FORT LAUDERDALE, Fla. – AutoNation Inc. has completed the sale of the 166,000-square-foot ANC Plaza in downtown Fort Lauderdale at 200 S. Andrews Ave. The building,...
Southeast Regional Digest (10/4/00): AutoNation completes sale of Fort Lauderdale, Fla., plaza
October 4, 2000 AutoNation sells second Ft. Lauderdale buildingDaily Business Review, October 4FORT LAUDERDALE, Fla. – AutoNation Inc. has completed the sale of the 166,000-square-foot ANC Plaza in downtown Fort Lauderdale at 200 S. Andrews Ave. The building,...
GMAC Provides $52 Mln Loan for Nevada Retail Center
October 4, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has provided a $51.5 million interim loan for The Fashion Outlet of Las Vegas, an outlet center in the Las Vegas suburb of Primm.The borrower is a joint venture...
Boston Properties Sells Maryland Buildings for $24 Mln
October 4, 2000 GAITHERSBURG, Md. – Boston Properties (NYSE:BXP) has sold two office/lab buildings to MGP Real Estate LLC for $24 million, or roughly $100/sf.The two buildings, 910 and 930 Clopper Road off Interstate 270 in Gaithersburg, Md.,...
Cambridge Becomes a Wholly Owned Subsidiary of Ivanhoe
October 4, 2000 TORONTO – Ivanhoe, the real estate arm of the Caisse de Depot et Placement du Quebec, has completed its acquisition of the remaining common shares of Cambridge Shopping Centres Ltd. (TSE:CBG.TO).Cambridge is now a wholly...
Anton, Solarz Named Principals at Eastern Consolidated Properties
October 4, 2000 NEW YORK –Eastern Consolidated Properties Inc. has named Eric Anton and Ronald Solarz principals. They join Eastern's team of eight principals: Chairman Peter Hauspurg, Vice Chairman Brian Ezratty, President Daun Paris, Jeff Troy, Ronda Rogovin,...
Crown Northcorp Closes Offices, Lets Staff Go
October 4, 2000 COLUMBUS, Ohio – Crown Northcorp (OTC:ASET.OB), which recently lost its biggest client, has decided to trim its staff substantially, close offices and accept the resignation of many of its senior managers.The measures are the result...
CDC Mortgage Sells Note on NY Offices to Northwestern Mutual, NY Life
October 4, 2000 NEW YORK – CDC Mortgage Capital has sold a $181.3 million mortgage on 1177 Avenue of the Americas in Midtown Manhattan to Northwestern Mutual Life and New York Life.CDC Mortgage had acquired the loan last...
Duke-Weeks Sells $499 Mln of Properties to Venture
October 4, 2000 INDIANAPOLIS – Duke-Weeks Realty Corp. (NYSE:DRE) has sold $469 million of industrial properties and $30 million of undeveloped land to a joint venture it formed with J.P. Morgan Investment Management Inc. and General Motors Asset...
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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.
