RECENT NEWS
Correction: S&P Gives Heritage BB+ Corporate Rating
September 27, 2000 Standard & Poor's assigned a double-B-plus rating to Heritage Property Investment Trust. The rating agency had misidentified the firm when it issued the rating on Sept. 18. Commercial Real Estate Direct ran the story on...
Mack-Cali, SJP Joint Venture Buys Site in Parsippany, N.J., for $16 Mln
September 27, 2000 A joint venture of Mack-Cali Realty Corp. (NYSE:CLI) and SJP Properties has paid about $16 million for a 47-acre development site at Morris Corporate Center in Parsippany, N.J.The land, which was purchased from BASF Corp.,...
Stiles to Build a 411,000-SF Office Building; Bank of America Leases 75,000 SF
September 27, 2000FORT LAUDERDALE, Fla. – Stiles Corp. will begin construction in December on a planned 411,000-square-foot, multitenant office building, called Las Olas City Centre.Fronting on the 400 block of Las Olas Boulevard, the tower's 71,000-sf ground floor...
Beacon Capital’s Boston-Area Office Complex Could Fetch $200 Mln
September 27, 2000 The Cambridge, Mass., office development that Beacon Capital Partners is looking to sell could fetch more than $200 million, according to a report in this morning's Boston Herald.Beacon Capital, an opportunity investment fund headed by...
GMAC Arranges $16 Mln in Financing for Atlanta Townhouse Development
September 27, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has arranged $16 million in permanent financing for the 450 Piedmont complex, a 254-unit townhouse development in Atlanta.The fixed rate, 25-year self-amortizing financing was arranged through Freddie Mac.GMACCM vice...
Salomon Smith Barney Provides $25.7 Mln Financing for Oklahoma Office Park
September 27, 2000 TULSA, Okla. – Salomon Smith Barney has provided $25.7 million of variable-rate financing for the Techridge Office Park, which is owned by a joint venture between Kennedy-Wilson Properties and ING Realty Partners.L.J. Melody & Co....
BRT Offers $20 Mln Investment in Entertainment Properties
September 27, 2000 (NewsTraders.com) – BRT Realty Trust (NYSE:BRT), in its continuing efforts to increase its stake in Entertainment Properties Trust (NYSE:EPR), on Wednesday said it wants to purchase 1.3 million shares for $19.5 million from the theater...
S&P Raises, Affirms Nomura Asset Securities Corp., 1995-MDIII
September 27, 2000 NEW YORK – Standard & Poor's has raised its ratings on five classes of Nomura Asset Securities Corp.'s 1995-MDIII, while affirming the ratings on five of the deal's other classes.About 38 percent of the unpaid...
Midland Loan Launches Updated Web-Based CMBS Investor Reporting System
September 27, 2000 KANSAS CITY, Mo. – Midland Loan Services Inc. has put collateral and loan information on more than 50 commercial mortgage-backed securities issues on a new Web site.CMBS Investor Insight replaces Midland's Loan Portfolio Analysis System.CMBS...
Consolidated to Review Aspen’s Unsolicited Offer
September 27, 2000 WINNIPEG, Manitoba –Consolidated Properties Ltd. (TSE:COP) has retained Trilon Securities Corp. as financial adviser to review strategic alternatives for the company.The company's decision to hire a financial adviser comes less than two weeks after an...
CoStar Group Names Lawrence J. Dressel as Chief Operating Officer
September 27, 2000 BETHESDA, Md. – CoStar Group Inc. (Nasdaq:CSGP) has named Lawrence J. Dressel as chief operating officer.Dressel will be responsible for the management of operations, product development, sales, marketing and customer service.Previously, Dressel was the chief...
Jones Lang LaSalle Hotels Opens in Spain
September 27, 2000 Jones Lang LaSalle Hotels, positioning itself to take advantage of a strengthening market in Spain and Portugal, has opened up shop in Madrid.The office will be run by Cor? Mart?n, who had been with the...
Summit Properties Closes on $225 Mln Unsecured Credit Facility
September 27, 2000 A syndication of eight banks is providing Summit Properties Inc. (NYSE:SMT) with a three-year unsecured revolving credit line totaling $225 million. First Union is administrative agent and sole lead arranger of the facility with Wachovia...
Vornado Completes Purchase of Chicago’s 33 N. Dearborn
September 27, 2000 CHICAGO – Vornado Realty Trust (NYSE:VNO) has completed its purchase of 33 North Dearborn in downtown Chicago from Prime Group Realty Trust.According to early news reports in August, Prime Group was selling the 24-story office...
Insignia Jumps on Project Octane
September 26, 2000 Insignia Financial Group Inc. (NYSE: IFS) has joined the three powerhouse brokerage firms that launched Project Octane, an online transaction services platform slated to launch in the first quarter of 2001.Insignia joins CB Richard Ellis...
Opus West Seen Offering Irvine, Calif., Office Building
September 26, 2000 Special to Commercial Real Estate DirectIRVINE, Calif. - Opus West Corp. plans to begin marketing its new 12-story Opus Center Irvine office building in Irvine, Calif., according to sources familiar with the company.One of Orange...
Boston Properties Ups Line of Credit by $105 Mln
September 26, 2000 BOSTON – Fleet National Bank has led a syndicate of 14 banks that has raised Boston Properties Inc.'s (NYSE: BXP) unsecured line of credit to $605 million from $500 million.The REIT will use the increased...
Mack-Cali Ups Dividend to $0.61/share
September 26, 2000 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has increased its quarterly common-stock dividend to 61 cents/share from 58 cents/share payable Oct. 23 to holders of record Oct. 4.The increased dividend comes on the heels of...
SL Green, Morgan Stanley Venture Sell 90 Broad, Buy 180 Madison
September 26, 2000A joint venture between Morgan Stanley Real Estate Fund III and SL Green Realty Corp (NYSE:SLG) have agreed to sell 90 Broad Street for $60 million, or $176/sf, to Rockrose Development Corp.The 341,000-square-foot building was purchased...
Southeast Regional Digest (9/26/00): Proposed development brings lawsuit in Palm Beach, Fla.
September 26, 2000 Residents face lawsuit over developmentDaily Business Review, September 25PALM BEACH, Fla. – Catalfumo Construction and Development and its development chief have filed suit against two homeowners alleging they are blocking development, interfering with lease deals...
Wexford Bancgroup Provides $18.5 Mln of Financing for New Orleans Retail Center
September 26, 2000 CHICAGO – Wexford Bancgroup has provided $18.5 million of fixed-rate financing for The Shops at Canal Place, a retail property in New Orleans' French Quarter.The 10-year mortgage carries a rate of 8.05 percent and amortizes...
PaineWebber Lifts Five Hospitality Stocks; Starwood Hiked to Buy
September 26, 2000 (NewsTraders.com) – Displaying a positive stance on hospitality stocks, PaineWebber analyst Keith Mills upgraded five of the issues he covers, including Starwood Hotels (NYSE: HOT), which he promoted to "buy" from "attractive" with the comment...
James Leonetti Joins CB Richard Ellis as CFO
September 26, 2000 LOS ANGELES – James H. Leonetti has joined CB Richard Ellis as chief financial officer.Leonetti was previously chief financial officer of Long Beach Mortgage Co., a specialty finance company that originated $3 billion of financing...
Fitch Upgrades JP Morgan’s Servicer Rating
September 26, 2000 NEW YORK – Fitch has upgraded J.P. Morgan Mortgage Capital Inc.'s primary servicer rating to 'CPS2' from 'CPS3' and has issued a master servicer rating of 'CMS3'.The future status of J.P. Morgan's servicing operations is...
British Land Upgraded to Stable
September 26, 2000 LONDON – Fitch has upgraded British Land's senior unsecured triple-B-plus and short-term F2 ratings from rating watch evolving to a stable ratings outlook.The original rating watch action followed British Land's conditional agreement this summer to...
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