RECENT NEWS
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...
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,...
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...
SL Green Buys One Park for $233.9 Mln from Lehman/Argent
September 29, 2000 NEW YORK – SL Green Realty Corp. (NYSE:SLG) has agreed to buy 1 Park Ave. in Midtown Manhattan in a deal valued at $233.9 million.The REIT is buying the fee interest and certain mortgage interests...
Strategic Hotel Said to Be Buying Rihga Royal in Manhattan
September 29, 2000 The Rihga Royal Hotel in Midtown Manhattan appears to be close to being sold.As earlier reported, the hotel's owner, Royal Hotels of Osaka, Japan, had fielded about six offers ranging from $170 million to $220...
Southeast Regional Digest (9/29/00): Developer to build second office tower in Atlanta suburb
September 29, 2000 Central Perimeter market boomingAtlanta Journal-Constitution, September 29ATLANTA – Developer Hines will build a second 18-story office tower at the Perimeter Summit development, an 83-acre mixed-use project at I-285 and Ashford Dunwoody Road in Perimeter, Ga....
JDN Looking for New Head of Development Group
September 29, 2000 W. Fred Williams has resigned as president of JDN Realty Corp.'s (NYSE:JDN) 52-member development and construction group.Williams held the position since March, when he was hired by the REIT to oversee JDN Development Co. Inc.While...
Boston Properties Names Douglas Linde CFO
September 29, 2000 BOSTON – Boston Properties Inc. (NYSE:BXP) has named Douglas T. Linde its chief financial officer succeeding David G. Gaw, who will leave the company Oct. 31.Linde was previously the company's senior vice president for financial...
Merrill Upgrades Federal Realty to I-T Accumulate from Neutral
September 29, 2000 (NewsTraders.com) – Federal Realty Investment Trust's (NYSE:FRT) intermediate-term rating from Merrill Lynch was taken up a floor today to "accumulate" from "neutral," as analyst Eric Hemel suggested that the REIT is about to "turn the...
Lerner Starts Office Buildings at Dulles Town Center in Virginia
September 29, 2000 DULLES, Va. – Lerner Enterprises has begun construction on a 185,000-square-foot office building at the corporate office park in Dulles Town Center. The building, which sits on a 12.5-acre site at Atlantic and Dulles Center...
Strong Five-Year Outlook for Apartment Investing
September 29, 2000 NEW YORK – Apartment investments have outperformed all other less volatile, major real estate property types during the past fifteen years and that strong performance will continue, according to a recent study."Many institutional investors have...
Fitch Downgrades Three Classes of GMAC’s 1998-C1
September 29, 2000 NEW YORK – Fitch has downgraded three classes of GMAC Commercial Mortgage Securities Inc., 1998-C1, and affirmed all the other classes it rates in the issue.The $14.4 million class J is lowered to single-B from...
Brandywine Realty Trust Announces Closing of $68 Million MetLife Loan
September 29, 2000 NEWTOWN SQUARE, Pa. – Metropolitan Life Insurance Co. has provided $68 million of fixed-rate financing to Brandywine Realty Trust (NYSE:BDN).The 11-year loan, which is secured by seven properties, has an interest rate of 8.05 percent.The...
LTC Properties’ Credit Situation Threatens Upcoming Dividend
September 29, 2000 OXNARD, Calif. – LTC Properties Inc. (NYSE:LTC), which was facing a maturing credit facility, has been granted a 30-day extension to negotiate a replacement credit line from its nine-bank syndicate of lenders.The extension expires Oct....
Brandywine Realty Sells Offices for $50 Mln
September 29, 2000 NEWTOWN SQUARE, Pa. – De Lage Landen Financial Services Inc. has acquired 1111 Old Eagle School Road in King of Prussia, Pa., from Brandywine Realty Trust (NYSE:BDN) for $50 million, or $242/sf.The 207,000-square-foot building will...
FelCor Sells Embassy Suites Hotel
September 28, 2000 IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) has sold its 215-unit Embassy Suites Los Angeles International Airport-North hotel, for about $24 million to Sunstone Hotel Investors Inc.As a result of the sale, FelCor will...
Southeast Regional Digest (9/28/00): CB Richard Ellis affiliate buys Atlanta office building for $79
September 28, 2000 Buckhead Plaza sold for $79.5 millionAtlanta Journal-Constitution, September 28ATLANTA – Strategic Partners, an entity of CB Richard Ellis Investors, has acquired One Buckhead Plaza for $79.5 million from Overseas Partners Capital. The 20-story tower, at...
About
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.
