RECENT NEWS
CalPERS Pays $105 Mln for Chicago’s Ontario Place
October 4, 2000 The California Public Employees Retirement System has purchased Ontario Place, a mixed-use high-rise in Chicago, in a deal valued at $105 million.The Chicago Tribune is reporting that CalPERS purchased the 50-story property, which contains 470...
IBM Facility in North Carolina Sold
October 4, 2000 CHARLOTTE, N.C. – IBM has sold a 1.9 million-square-foot office, warehouse and manufacturing facility in Charlotte to the Meridian Group.Although a purchase price was not disclosed, Meridian, which is based in Bethesda, Md., is believed...
RFS Hotel Investors Sells Atlanta Hotel for $21 Mln
October 4, 2000 ATLANTA – RFS Hotel Investors Inc. (NYSE:RFS) has sold the 280-room Hawthorn Suites Atlanta Northwest to Schaedle Worthington Hyde Properties LP for $20.75 million or $74,100/unit.The Memphis, Tenn., REIT plans to use proceeds from the...
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...
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...
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...
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...
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...
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...
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...
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...
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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.
