RECENT NEWS
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,...
GMAC Provides $52 Mln Loan for Nevada Retail Center
October 4, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has provided a $51.5 million interim loan for The Fashion Outlet of Las Vegas, an outlet center in the Las Vegas suburb of Primm.The borrower is a joint venture...
Boston Properties Sells Maryland Buildings for $24 Mln
October 4, 2000 GAITHERSBURG, Md. – Boston Properties (NYSE:BXP) has sold two office/lab buildings to MGP Real Estate LLC for $24 million, or roughly $100/sf.The two buildings, 910 and 930 Clopper Road off Interstate 270 in Gaithersburg, Md.,...
Cambridge Becomes a Wholly Owned Subsidiary of Ivanhoe
October 4, 2000 TORONTO – Ivanhoe, the real estate arm of the Caisse de Depot et Placement du Quebec, has completed its acquisition of the remaining common shares of Cambridge Shopping Centres Ltd. (TSE:CBG.TO).Cambridge is now a wholly...
Anton, Solarz Named Principals at Eastern Consolidated Properties
October 4, 2000 NEW YORK –Eastern Consolidated Properties Inc. has named Eric Anton and Ronald Solarz principals. They join Eastern's team of eight principals: Chairman Peter Hauspurg, Vice Chairman Brian Ezratty, President Daun Paris, Jeff Troy, Ronda Rogovin,...
Crown Northcorp Closes Offices, Lets Staff Go
October 4, 2000 COLUMBUS, Ohio – Crown Northcorp (OTC:ASET.OB), which recently lost its biggest client, has decided to trim its staff substantially, close offices and accept the resignation of many of its senior managers.The measures are the result...
CDC Mortgage Sells Note on NY Offices to Northwestern Mutual, NY Life
October 4, 2000 NEW YORK – CDC Mortgage Capital has sold a $181.3 million mortgage on 1177 Avenue of the Americas in Midtown Manhattan to Northwestern Mutual Life and New York Life.CDC Mortgage had acquired the loan last...
Duke-Weeks Sells $499 Mln of Properties to Venture
October 4, 2000 INDIANAPOLIS – Duke-Weeks Realty Corp. (NYSE:DRE) has sold $469 million of industrial properties and $30 million of undeveloped land to a joint venture it formed with J.P. Morgan Investment Management Inc. and General Motors Asset...
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...
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...
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...
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...
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...
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...
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...
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.,...
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...
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...
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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.
