RECENT NEWS
First Union Real Estate Signs Agreement of Sale With Radiant
September 14, 2000 NEW YORK – First Union Real Estate Investments (NYSE:FUR) has executed a definitive agreement to sell a batch of its real estate to Radian Investors LLC for $200 million.It is still negotiating a separate $5...
ARCap Circles B-piece of Upcoming J.P. Morgan Conduit
September 14, 2000 Commercial Real Estate DirectARCap Investors LLC, a joint venture between REMICap of Dallas and Apollo Real Estate, has circled the junior tranches of the soon-to-be-launched J.P. Morgan Commercial Mortgage Finance Corp. 2000-C10 deal.Full marketing on...
Canada Regional Digest (9/14/00): O&Y to begin construction on Toronto office tower
September 14, 2000 O&Y Properties to begin building in downtown in NovemberCanada News Wire, September 14TORONTO – O&Y Properties Corp. has leased 150,000 square feet, with potential for expansion to 175,000 sf, to Maritime Life Assurance Co. in...
Hotel-Motel Boosts Stake In Buckhead America To 12.8%
September 13, 2000 (NewsTraders.com) -- Hotel-Motel Management Corp. boosted its ownership stake in Buckhead America Corp. (Nasdaq:BUCK) to 12.8% through recent open market purchases, according to a regulatory filing.During the past 60 days, Hotel-Motel bought 13,730 shares, on...
AmeriVest Buys Denver Office Buildings, Sells Self-Storage Properties
September 13, 2000 DENVER – AmeriVest Properties Inc. (AMEX:AMV) has acquired three office buildings in Denver for $9.6 million, or about $68/sf.The buildings, totaling 140,670 square feet, are located at 1777, 1780 and 1805 South Bellaire St. and...
Equity One Buys Florida Retail Center
September 13, 2000 NORTH MIAMI BEACH, Fla. – Equity One Inc (NYSE:EQY) has acquired the Mariners Crossing Shopping Center in Spring Hill, Fla. for $5.5 million.The 85,507-square-foot shopping center is anchored by a 48,315 sf Kash `n Karry....
Lowe Enterprises Buys Austin Office Building
September 13, 2000 LOS ANGELES – Lowe Enterprises Investment Management Inc. has acquired Stonebridge Plaza I in Austin, Texas, on behalf of a pension fund client for an undisclosed amount. The nine-story, 193,200-square-foot office building, at 9606 North...
Heritage Extends Offer To Buy Bradley
September 13, 2000 NORTHBROOK, Ill. – Boston-based Heritage Property Investment Trust is extending until Sept. 14 at 5 pm EST its offer to buy all outstanding units of limited partnership interest in Bradley Real Estate Inc. for $22.00...
Federal Realty Signs 16 Tenants for Pentagon Row
September 13, 2000 ROCKVILLE, Md. – Cost Plus World Market has signed a lease for 16,000 square feet at Federal Realty Investment Trust's (NYSE: FRT) mixed-use development Pentagon Row in Arlington Va. The home furnishings retailer is among...
Chastain Capital Finally Dissolves
September 13, 2000 ATLANTA – Chastain Capital Corp. (OTC:CHAS) has completed the sale of its final asset, the Lakeside Plazaretail center, for $3.2 million. The sale allows the company to set its final liquidating distribution, of 53 cents/share....
Parkway Properties Splits CFO Duties, Hires Marshal Loeb
September 13, 2000 JACKSON, Miss. – Parkway Properties (NYSE:PKY) has named Marshall Loeb chief financial officer, effective Nov. 1. The REIT has effectively divided the chief financial officer functions in two. Sarah P. Clark, who is relinquishing her...
$771 Mln Banc of America Conduit To Price Thursday
September 13, 2000 Commercial Real Estate DirectFinal pricing on a $771 million commercial mortgage-backed securities deal from Banc of America is expected tomorrow, sources said.Initial price talk on the deal, Banc of America Commercial Mortgage Inc., 2000-1, was...
GMAC, Newman Provide $47.9 Mln Financing for Air Force Housing
September 13, 2000 GMAC Commercial Mortgage and an affiliate, Newman & Associates, structured and funded $47.9 million of construction and permanent financing that will be used to construct and rehabilitate military housing at Robins Air Force Base in...
Post Properties Quits Mississippi
September 13, 2000 ATLANTA – Post Properties, Inc. (NYSE:PPS) has sold the Post Mark, Post Pointe, and Post Trace communities in Ridgeland, Miss to Tulsa, Okla.-based Case Ventures for $44.6 million.Post acquired the residential communities, totaling 983 units,...
CenterPoint Raises $54 Mln from Property Sales
September 13, 2000 OAK BROOK, Ill. – CenterPoint Properties Trust (NYSE:CNT) has sold four properties and two land parcels for $54.1 million, bringing year to date sales to $127.7 million.The four properties total 670,153 square feet and the...
Principal Mutual Sells Miami Retail Center for $7.6 Mln
September 13, 2000 MIAMI – Principal Mutual Life has sold the Universal Plaza retail center in Lauderhill to Woolbright Development for $7.63 million.Woolbright, a Boca Raton, Fla., company, will completely redevelop the property, building a 185,000-square-foot Super Target...
Aimco Places $200 Mln of Preferred With GE, Security Capital
September 13, 2000 DENVER – Apartment Investment and Management Co. (NYSE:AIV) has raised $200 million through the sale of convertible preferred stock to two investors.GE Capital Real Estate and GE Equity bought $100 million of Class-N convertible preferred,...
J.P. Morgan, N.Y. Teachers Pay $250 Mln for Stake in Edens & Avant
September 13, 2000 NEW YORK – J.P. Morgan Investment Management and the New York State Teachers' Retirement System have paid $250 million for a sizable stake in Edens & Avant, a Columbia, S.C., shopping center developer. The $125...
Chase, J.P. Morgan Combination Forms Lending Behemoth
September 13, 2000 Chase Manhattan Corp. has agreed to acquire J.P. Morgan & Co. in a stock deal valued at about $36 billion, marking another step in consolidation of the mortgage lending industry by way of merging investment...
Southeast Regional Digest (9/13/00): Prison Realty dropping REIT status
September 13, 2000 Prison Realty gets restructuring approvalTennessean, September 13NASHVILLE, Tenn. – Prison Realty Trust has won approval for a restructuring that includes a merger with sister company Corrections Corp. of America. In addition, a federal judge has...
San Diego Firm Offers $90 Mln for Dynex
September 13, 2000An investment group led by Michael and Richard Kelly, principals of a San Diego mortgage-trading firm, have offered to buy Dynex Capital Inc. (NYSE:DX) in a $90 million deal.California Investment Fund, the group that the Kellys...
FINAL PRICING: $897.9 Mln COMM 2000-C1 (Deutsche Bank, J.P. Morgan)
September 12, 2000 Go To Initial Price Talk Table.COMM 2000-C1ClassAmount($mln)Sub. Level(%)RatingFitchRatingS&PAvg.LifeSpread(BP)BnchMarkA-1148.523AAAAAA5.6+301-mo. LiborA-2542.923AAAAAA9.1+391-mo. LiborB38.218.75AAAA9.7+541-mo. LiborC39.314.375AA9.7+681-mo. LiborD13.512.875A-A-9.7+781-mo. LiborE25.810BBBBBB9.7+245Treas.F*11.28.75BBB-NR9.7+270Treas.X**897.9--AAAAAA----Treas.* Privately placed.** Notional amount, interest only.
Schottenstein Named Co-Chair of Burnham, REIT Taps DDR Unit for Services
September 12, 2000SAN DIEGO, CALIF. – Jay L. Schottenstein has been named co-chairman of Burnham Pacific Properties Inc.'s (NYSE:BPP) board.In addition, the REIT, which has adopted a plan of liquidation, has hired an affiliate of Developers Diversified Realty...
Canada Regional Digest (9/12/00): Vacancy rate dips in Calgary
September 12, 2000 Good office space getting harder to find in CalgaryFinancial Post, September 12CALGARY, Alberta – Vacancy rates in downtown Calgary have dropped to about 8.6 percent from the midyear rate of 9.9 percent, according to a...
Steven Swerdlow Named Head of CB’s Eastern Division
September 12, 2000 LOS ANGELES – Steven A. Swerdlow has been named executive managing director of CB Richard Ellis' eastern division. In his new post, Swerdlow, who has been with CB since 1990, reports to Brett White, chairman...
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.
