RECENT NEWS
W.P. Carey Group Buys Minnesota Build-to-Suit Facility
September 6, 2000 W.P. Carey Group has closed on its purchase of a $21.6 million build-to-suit office and manufacturing facility that M. A. Mortenson Co. is constructing in Rochester, Minn.W.P. Carey Group closed on the site on behalf...
Burris Equities Receives a $64 Mln Construction Loan for 48 Wall St. in NYC
September 6, 2000 PRINCETON, N.J. – Swig Burris Equities LLC has received a $64 million construction loan from Summit Bank, a subsidiary of Summit Bancorp (NYSE:SUB), for a complete building renovation of 48 Wall St. in New York...
Assisted Living Concepts Settles Class Action Suit for $30 Mln
September 6, 2000 PORTLAND, Ore. – Assisted Living Concepts Inc. (AMEX: ALF) must pay $10 million toward the $30 million settlement of the securities class action lawsuit filed against it after it was forced to suspend trading for...
Merrill Initiates Orient-Express at Buy; $32 Price Target
September 6, 2000 (NewsTraders.com) – Orient-Express Hotels (NYSE:OEH) passed its initial review from Merrill Lynch this morning, gaining a "buy" rating for both the intermediate and long-terms.Analyst David Anders set a price target of $32 for Orient-Express stock,...
Meditrust Completes an Additional $500 Mln of Asset Sales
September 6, 2000 DALLAS – The Meditrust Companies (NYSE: MT) has completed $959 million of transactions through its Five Point Plans of reorganization, announced in January.Most recently, the company generated $500 million with the repayment of mortgages related...
Burnham Pacific Adopts Liquidation Plan; Will Sell 15 Properties for $355 Mln
September 6, 2000 SAN DIEGO – The board of directors of Burnham Pacific Properties Inc. (NYSE: BPP) has approved plans for liquidation and dissolution. The company has also signed an agreement for the sale of 15 properties to...
Health Care Property Investors Finances Portfolio With $83 Mln of Secured Debt
September 6, 2000 NEWPORT BEACH, Calif. – Health Care Property Investors Inc. (NYSE: HCP), an equity health care REIT, has completed a secured debt transaction of $83 million on a portfolio of 12 medical office buildings and physician...
Mission Orchard Statutory Trust Acquires Pacific Gateway Properties
September 6, 2000 Mission Orchard Statutory Trust has acquired Pacific Gateway Properties Inc. (AMEX:PGP) for an initial price of $12.60 a shareUnder the terms of the agreement, which was drawn up in June, another potential cash payment may...
CDC Mortgage Hires 4, David Walker Rejoins Firm
September 5, 2000 NEW YORK – CDC Mortgage Capital has hired four professionals, further bolstering its commercial mortgage origination and securitization unit.The firm, a unit of Caisse des D?p?ts et Consignations, has hired David Walker, who will once...
Fannie Mae Financing Arranged for Michigan Apartments
September 5, 2000 Eichler Fayne & Associates has provided $9.5 million of Fannie Mae financing for Hunters West Apartments, a 426-unit apartment complex in Westland, Mich., a suburb of Detroit.The financing carries a fixed rate of 7.85 percent...
Mid-America Fixes Rate on Additional $25 Mln
September 5, 2000 MEMPHIS, Tenn. – Mid-America Apartment Communities Inc. (NYSE:MAA) has again fixed the rate on some of its floating-rate debt.Mid-America swapped $25 million of its Fannie Mae floating rate debt that is currently priced at 67...
Burnham Pacific Trims Staff, Cuts Costs
September 5, 2000 SAN DIEGO – Burnham Pacific Properties Inc. (NYSE:BPP) will eliminate 46 positions by closing its Portland, Ore., Seattle and Sacramento, Calif., offices and substantially reducing the size of its San Francisco and San Diego offices...
Prentiss Properties Pays $63.3 Mln for Oakland Offices
September 5, 2000 DALLAS – Prentiss Properties Trust (NYSE:PP) has paid $63.3 million for the Lake Merritt Tower office building and an adjoining development site in Oakland, Calif.The properties were purchased from a fund managed by CB Richard...
Cushman & Wakefield Buys Japan Realty Firm
September 5, 2000 NEW YORK – Cushman & Wakefield Inc. has acquired Japan Property Advisors K.K. of Tokyo, giving it an entr?e into the Japanese real estate brokerage market.Japan Property specializes in helping multinationals buy, sell, lease and...
Southeast Regional Digest (9/05/00): US Airways seeks to sublease 160,000 square feet in North Carol
September 5, 2000 US Airways seeks to sublease space in Winston The Business Journal of the Greater Triad Area, September 5 WINSTON-SALEM, N.C. – US Airways is seeking to sub-lease its space in two office buildings, which totals...
Alan Lefkowitz Joins Kushner Cos. as CFO
September 5, 2000 Alan Lefkowitz has joined Kushner Cos. of Florham Park, N.J., as chief financial officer.Most recently, Lefkowitz was with Credit Suisse First Boston where he was helping the firm dispose of assets that were accumulated by...
Melvin Mark Expands Leases at Portland Building
September 5, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorMelvin Mark Properties, one of Oregon's top commercial real estate development and service firms, has renewed and expanded two major leases totaling 115,000 square feet at 111...
Washington REIT Files $125 Mln MTN
September 5, 2000 Washington REIT (NYSE:WRE) has filed to sell up to $125 million of medium-term notes through an underwriting syndicate led by Merrill Lynch. According to a prospectus filed with the SEC, other members of the underwriting...
Atlanta Apartment Complex Sold for $53.7 Mln
September 5, 2000ATLANTA – Windsor Realty Fund I LP has completed the sale of Windsor at River Heights apartment complex in Atlanta to Group One Investments for $53.7 million, or $85,000/unit.The sale is part of an effort by...
Bradley Shareholders Okay Heritage Merger
September 1, 2000 As expected, shareholders of Bradley Real Estate Inc. (NYSE:BTR) have approved the REIT's merger with Heritage Property Investment Trust.Under the $1.2 billion deal , Heritage will pay $22/share for each of Bradley's 21.1 million shares...
CB Richard Ellis Aligns with Internet Service Provider
September 1, 2000 CB Richard Ellis has formed a strategic alliance with an Internet and data services provider to deliver Internet services to tenants in more than 2,000 commercial office buildings that the real estate firm manages nationwide.The...
H&R REIT Completes Buy of Royop Properties for $27 Mln
September 1, 2000 TORONTO – H&R Real Estate Investment Trust (TSE:HR_u.YO) has completed the purchase of Royop Properties Corp. (TSE:RYP.TO).Under terms of the deal, which valued Royop's common shares at 39.8 million Canada dollars (US$27 million), each Royop...
Investor Berlin Has 6% Horizon Group Properties Stake
September 1, 2000 (NewsTraders.com) – Investor Thomas Berlin has taken a 6 percent stake in Horizon Group Inc. (Nasdaq:HGPI), according to a Schedule 13D filed with the SEC.Berlin owns 171,100 common shares of the REIT, and reported that...
Boeing Signs $15 Mln Lease in Long Beach, Calif.
September 1, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorThe Boeing Co. has leased 165,000 square feet of office space at 4801 Airport Plaza Drive in the suburban airport district of Long Beach, Calif.The five-year transaction...
CareMatrix, Chancellor Sell Properties for $90 Mln
September 1, 2000 NEEDHAM, Mass. – CareMatrix Corp. (Nasdaq:CMDCE) and affiliates of Chancellor Senior Housing Group Inc. have completed the sale of seven healthcare properties in Florida and New Jersey for $90 million.The two sellers agreed in May...
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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.
