RECENT NEWS
Fitch Places Crown NorthCorp Servicer Ratings on Rating Watch Negative
October 3, 2000 NEW YORK – Fitch has placed Crown NorthCorp's master servicer rating of CMS3, primary servicer rating of CPS2 and special servicer rating of CSS2 on rating watch negative.This decision follows disclosure of financial weaknesses that...
George Lippe Retires as CEO of Trammell Crow
October 3, 2000 DALLAS – George L. Lippe, president and chief executive of Trammell Crow Co. (NYSE:TCC), has retired.Robert E. Sulentic, the firm's chief financial officer who has been with the company since 1984, will replace Lippe.During Lippe's...
Ned Spieker Elected Chair of REIT Association Board
October 3, 2000 The National Association of Real Estate Investment Trusts has elected Warren E. "Ned" Spieker Jr. as chair of its board of governors.Spieker is the chairman of the board of Spieker Properties Inc., a REIT he...
Home Properties Pays $14.7 Mln for Apartments
October 3, 2000 ROCHESTER, N.Y. – Home Properties (NYSE:HME) has purchased two apartment communities in Michigan and one in New York, totaling 363 units, for about $14.7 million.The properties are the 182-unit Hampton Court Apartments, in Westland, Mich.,...
Radiant Makes $6 Mln Deposit Toward First Union Buy
October 3, 2000 NEW YORK – First Union Real Estate Equity and Mortgage Investments (NYSE:FUR) said Radiant Investors LLC has deposited another $6 million toward its $205 million acquisition of properties from First Union.Thus far, Radiant, which was...
Equity Office Gets $24 Mln from Office Sale
October 3, 2000 CHICAGO – Equity Office Properties Trust (NYSE:EOP) has sold the Westwood Business Centre in Westwood, Mass., for $24 million, or $145/sf.The 165,000-square-foot property sits at 690 Canton St. in Westwood. Equity Office took title to...
EQK Realty Investors Sells Last Asset, Reorganizes
October 3, 2000 Prudential Insurance Co. of America has closed on its $30 million purchase of the Harrisburg East Mall in Dauphin County, Pa.The insurer placed the successful bid on the mall at the Sept. 21 bankruptcy auction...
Medical Mutual Completes $75 Mln Sale-Leaseback With Bentley Forbes
October 3, 2000 Bentley Forbes Group LLC has completed the $75 million purchase of three properties in the Cleveland area and leased them back to their seller, Medical Mutual of Ohio.The cornerstone of the three-property portfolio is the...
SIOR Studies Effects of Internet on Brokers
October 3, 2000 WASHINGTON – The SIOR Educational Foundation is sponsoring a study that will look into the effect that online services will have on the commercial real estate brokerage business and the broker-client relationship.The foundation, a unit...
Cabot Industrial and GE Capital Form $250 Mln Joint Venture
October 3, 2000 BOSTON – Cabot Industrial Trust (NYSE:CTR) has formed a joint venture funded mostly by GE Capital Real Estate to acquire and develop up to $250 million of industrial properties throughout the country.GE Capital has committed...
Dynex Relents, Agrees to Sale
October 3, 2000 SAN DIEGO – Dynex Capital Inc. (NYSE:DX), a specialty finance company, has relented and agreed to be acquired by California Investment Fund LLC for $90 million in cash.California Investment is run by brothers Michael and...
Reckson Sells Stake in 8 Properties for $136 Mln
October 3, 2000 MELVILLE, N.Y. – Reckson Associates Realty Corp. (NYSE:RA) has sold a 49 percent interest in eight New York-area properties to an unidentified pension fund for about $136 million.The 1.5 million-square-foot portfolio consists of 51 JFK...
Praedium, Birtcher Pay $41 Mln for Southern Calif. Offices
October 2, 2000 Special to Commercial Real Estate DirectA team led by Praedium Funds has paid $41 million, or $102/sf, for the Brookhollow Office Park in Santa Ana, Calif.Praedium, based in New York, and Birtcher Real Estate Group,...
Southeast Regional Digest (10/2/00): Affiliate buys Atlanta apartments for $114 Mln
October 2, 2000 Industry news: Apartment complex sells.Atlanta Business Chronicle, October 2ATLANTA – An affiliate of Flagship Properties Corp. has bought the Westwood apartments from Satellite Boulevard LLC for $114 million. The 288-unit, 25-year-old complex on Norcross-Tucker Road...
Irvine, Calif., Office Property Trades for $157/sf
October 2, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorPS Business Parks Inc. (Amex:PSB) has acquired a fully leased 160,500-sf office complex in Irvine, Calif., for about $25.2 million, or $157/sf.PS Business Parks, which is based...
RREEF Funds Buys Phoenix-Area Office/Flex Properties
October 2, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorPNOENIX – An investment fund run by RREEF Funds has purchased phases I and II of the Tempe Commerce Park flex-office development in suburban Phoenix from First...
GMAC Provides $57 Mln Construction Debt for Vermont Property
October 2, 2000 BURLINGTON, Vt. – GMAC Commercial Mortgage, based in Horsham, Pa., has provided $56.7 million of construction financing for a shopping center in Burlington that is being developed by Starwood/Ceruzzi.The 505,000-square-foot Maple Tree Place Center sits...
Amstar Seeks $60 Million Buyer for California Offices
October 2, 2000 Special to Commercial Real Estate DirectAmstar Ltd. is looking to sell the Unocal building in Costa Mesa, Calif., and the price it's looking for has raised eyebrows among local real estate players.The Denver company hopes...
Lexington Buys Florida Offices for $41.7 Mln
October 2, 2000 NEW YORK – A venture led by Lexington Corporate Properties Trust (NYSE:LXP) has purchased two Class-A office buildings in Lake Mary, Fla., for $41.7 million.The venture is believed to involve the New York Common Retirement...
S&P Puts BBB Rating on Unit Buying Urban Shopping
October 2, 2000 NEW YORK – Standard & Poor's has assigned its triple-B corporate credit rating to Head Acquisition LP, the Rodamco North America NV unit that has been formed to acquire Urban Shopping Centers Inc.A preliminary triple-B-minus...
First Industrial to Sell Long Island Portfolio
October 2, 2000 First Industrial Realty Trust Inc. (NYSE:FR) has agreed to sell the majority of its portfolio in Long Island, N.Y., one of the eight markets the REIT had identified as an exit market.Though no details of...
A.G. Edwards Downs Pacific Gulf to Maintain from Buy
October 2, 2000 (NewsTraders.com) – A.G. Edwards & Sons analyst Art Havener lowered his investment recommendation on Pacific Gulf Properties (NYSE:PAG) today to "maintain" from "buy."The analyst said the rating change is based solely on valuation, as the...
CarrAmerica Hires Managing Director for Southern California
October 2, 2000 CarrAmerica Realty Corp. (NYSE:CRE) has hired Malcolm O'Donnell as senior vice president and managing director for the Southern California region.O'Donnell will be responsible for the REIT's Los Angeles/Orange County and San Diego office portfolios, which...
GE Capital Ups Crown American’s Credit Facility
October 2, 2000 GE Capital Real Estate has extended and modified Crown American Realty Trust's (NYSE:CWN) existing secured revolving credit facility to $175 million from $150 million. The interest rate on the loan was reduced to 225 basis...
Ramco-Gershenson Renews $110 Mln Secured Revolving Credit Facility
October 2, 2000 Fleet National Bank has renewed Ramco-Gershenson Properties Trust's (NYSE:RPT) secured $110 million revolving credit facility.Other participating banks include Bank One Michigan, SouthTrust Bank, Bankers Trust Co., Michigan National Bank and Key Bank.The renewed three-year revolver...
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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.
