RECENT NEWS
Fitch Assigns BBB Rating to Cabot Industrial Med.-Term Notes
October 4, 2000 NEW YORK – Fitch has assigned its triple-B rating to Cabot Industrial Properties LP's recently established $200 million medium-term note program.The triple-B rating is also assigned to Cabot's $40 million, 8.2 percent senior notes due...
Key Completes Newport Mortgage Buy, Sets Management Team
October 4, 2000 CLEVELAND – KeyCorp (NYSE:KEY) has completed its purchase of Newport Mortgage Co., a Dallas lender that specializes in originating multifamily mortgages through various government agency programs.Newport has been integrated into Key Commercial Mortgage, the commercial...
S&P Assigns Strong Ranking to Lennar Partners
October 4, 2000 NEW YORK – Standard & Poor's has assigned its 'strong' special servicer ranking to Lennar Partners Inc., a unit of LNR Property Corp. (NYSE:LNR).The rating agency said it believes that the company would be able...
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,...
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...
Southeast Regional Digest (10/3/00): Charlotte to renegotiate land sale for convention center projec
October 3, 2000 City will work to assist LCORCharlotte Observer, October 3CHARLOTTE, N.C. – The city council has agreed to renegotiate the sale of city owned land with LCOR to build its $315 million renovation for the old...
United Investors Sells Shopping Center
October 3, 2000 HOUSTON – United Investors Realty Trust (Nasdaq:UIRT) has completed the sale of the University Park Shopping Center in College Station, Texas.The REIT received 337,400 of its shares, as well as 43,555 convertible securities, that were...
Mortgage Banks See Dip in Origination Volumes, MBA Survey Finds
October 3, 2000 WASHINGTON, D.C. – Mortgage banks originated $11.2 billion of loans in the first quarter, down 5 percent from last year's first quarter, according to a new quarterly survey by the Mortgage Bankers AssociationThe loans originated...
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...
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...
Kennedy-Wilson Buys 3 Tokyo Area Office Buildings for $30 Mln
October 2, 2000 LOS ANGELES – Kennedy-Wilson Inc. (Nasdaq:KWIC) has purchased three Tokyo area office buildings for about $30 million. The company bought the Sunshine II Building, The Kyowa Nishi Kanda Building and The Intelligent Plaza Akebonobashi Building...
Post Properties Expects 3rd-Qtr FFO to Be Lower than Consensus
October 2, 2000 ATLANTA – Post Properties Inc. (NYSE:PPS) expects that its fully diluted funds from operations per share for the third quarter will be about $0.94, lower than current analysts' expectations of $1.01. The REIT also predicts...
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,...
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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.
