RECENT NEWS
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...
Vencor Reorg Plan Gets Thumbs Down From Landlord
October 5, 2000 NEW YORK – Ventas Inc. (NYSE: VTR) has objected to the reorganization plan filed by its main tenant, hospital and nursing home operator Vencor Inc. (OTCBB:VCRIQ).Vencor, the country's largest provider of long-term health care, had...
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...
FelCor Sees 3rd-Qtr FFO at $1.12/shr, Tops Analyst Expectations
October 5, 2000 IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) said it expects third quarter funds from operations to exceed analyst estimates by more than 8 percent.The company said it expects FFO to be $1.12/share. That compares...
AMLI Sells Atlanta Apartments for $39.2 Mln
October 5, 2000 ATLANTA – AMLI Residential (NYSE:AML) has sold the AMLI at Pleasant Hill apartment community in Atlanta for about $39.2 million.AMLI received about $10.4 million of net proceeds from the sale, which will be used to...
W.P. Carey Buys Albuquerque, N.M., Warehouse
October 5, 2000ALBUQUERQUE, N.M. – W.P. Carey & Co. LLC (NYSE:WPC) has acquired a 74,000-square-foot office and light industrial facility from TransCore Holdings Inc. for about $6.1 million, on behalf of its affiliate Corporate Property Associates 14 Inc.The...
PRICE TALK: $1.07 Bln PNC Mortgage Acceptance Corp., 2000-C2
October 5, 2000 PNC Mortgage Acceptance Corp., Series 2000-C2ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePriceGuidance(BP)BenchMarkA-1200.623.75AaaAAA5.729-301-mo. Libor A-2620.0523.75AaaAAA9.439-401-mo. LiborB43.0519.75Aa2AA9.954-551-mo. LiborC48.415.25A2A9.968-691-mo. LiborD13.4514A3A-1078-791-mo. LiborE13.3412.75Baa1BBB+10220-22510-yr Treas.F18.811Baa2BBB10230-23510-yr Treas.G16.149.5Baa3BBB-10265 area10-yr Treas.H18.87.75Ba1BB+10490 area10-yr Treas.J29.65Ba2BB10NA--K8.074.25Ba3BB-10.2NA--L8.073.5B1B+12.4NA--M10.762.5B2B14.3NA--N5.42B3B-14.6NA--O21.5NANRNR15.1----X*1,076NAAaaAAA9.03NA--* Interest only, notional amount.
Summit Properties Sells Three Communities for $55.3 Mln
October 5, 2000 CHARLOTTE, N.C. – Summit Properties Inc. (NYSE:SMT) has sold three apartment communities, two in Cincinnati and one in Indianapolis, for about $55.3 million.The properties, totaling 873 units, were Summit Blue Ash and Summit Park, in...
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...
Spieker Leases Space at San Francisco Peninsula Property
October 4, 2000 SAN FRANCISCO – Sun Microsystems Inc. has signed a 10-year lease for 39,500 square feet at Skyway Landing, a development owned and operated by Spieker Properties Inc. (NYSE:SPK).Sun Microsystems will move into its new space...
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,...
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.,...
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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.
