RECENT NEWS
N.J. Investor Buys Apartment Portfolio for $280 Mln
October 10, 2000 NEW YORK – Ruben Schron, a N.J.-based investor, has purchased a portfolio of 20 apartment complexes in New Jersey, New York and Pennsylvania for $280 million from an investment group led by an affiliate of...
Michael Duffy Named National Director of Investment Sales for Trammell Crow
October 10, 2000 DALLAS – Trammell Crow Co. (NYSE:TCC) has named Michael S. Duffy as senior managing director/national director of investment sales. Duffy will be responsible for the company's investment sales platform and will manage more than 60...
Zell Honored for REIT Industry Leadership
October 10, 2000 WASHINGTON – The National Association of Real Estate Investment Trusts has presented its REIT Industry Leadership Award to Samuel Zell, the founder of Equity Group Investments Inc.Zell is chairman of the board for the Equity...
Partnership Buys Clarion Hotel in Texas
October 10, 2000 RICHARDSON, Texas – Radisson-Olympus Capital Partners has acquired a 296-room Clarion Hotel for an undisclosed amount.The purchase marks the partnership's first acquisition since forming this summer.Radisson-Olympus plans to renovate the hotel, which will be renamed...
Southeast Regional Digest (10/10/00): Development firm to construct 65-acre mixed use project in N.C
October 10, 2000 Commercial, residential project planned for I-77Business Journal of Charlotte, October 10CHARLOTTE, N.C. – Union Development Corp. plans to build a 65-acre mixed-use project near Interstate 77 in Rock Hill, N.C. adjacent to the Antrim business...
CB Moves Into Nebraska With Affiliation
October 10, 2000 LOS ANGELES – CB Richard Ellis (NYSE:CBG) has expanded its presence in Nebraska by affiliating with Mega Corp., one of the state's largest real estate service providers.Mega, which is run by Bennett Ginsberg, is now...
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...
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...
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...
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...
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...
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...
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...
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