RECENT NEWS
Lexington Corporate Venture Pays $42 Mln for Texas Offices
September 7, 2000 A joint venture led by Lexington Corporate Properties Trust (NYSE: LXP) has acquired a single-tenant office building in Irving, Texas, for $41.9 million, or about $169/sf.The REIT and an institutional investor that the REIT didn't...
Gazit Group to Sell Piece of Centrefund Realty
September 7, 2000TORONTO – The Gazit Group has agreed to sell 2.5 million shares of Centrefund Realty Corp. (TSE:CFO.TO) to an Israeli publicly traded real estate investment company for 13.25 Canada dollars/share (US$8.93/share), in a deal that would...
Court Sides With United Investors, Allows Property Sale
September 7, 2000 HOUSTON – United Investors Realty Trust (Nasdaq:UIRT) will sell its University Park Shopping Center in College Station in exchange for 337,400 of its shares, as well as 43,555 convertible securities, held by the Gidel Group."As...
CarrAmerica Unit to Build Complex in Denver for Janus
September 7, 2000 WASHINGTON – An affiliate of CarrAmerica Realty Corp. (NYSE: CRE) will build Janus Capital Corp.'s 35-acre, 800,000-sf operations facility at the former Lowry Air Force Base in Denver, Colo.The facility will be part of a...
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...
Bedford Property Investors Sells Washington Office Center for $20.5 Mln
September 6, 2000 LAFAYETTE, Calif. – Bedford Property Investors Inc. (NYSE:BED) has sold the four-story Kenyon Center office building, in Bellevue, Wash., to an undisclosed buyer for $20.5 million, or $228/sf.The sale of the 89,899-square-foot, structure resulted in...
Kramont Realty Signs Lease at Pa. shopping center
September 6, 2000PLYMOUTH MEETING, Pa. – Oskar Huber Inc. has signed a 10-year, 51,000-square-foot lease with Kramont Realty Trust (NYSE: KRT) at the Valley Fair Shopping Center, in Devon, Pa.The home furnishing company's lease is valued at about...
Keystone Property Trust Completes 600,000-SF Lease in NJ
September 6, 2000WEST CONSHOHOCKEN, Pa. – GATX Logistics Inc. has signed a long-term lease agreement, with Keystone Property Trust (Amex:KTR) for a distribution facility in Hamilton Township, NJ.GATX will occupy the building in January 2001. The company, which...
Dutch Firm buys Sherlock Holmes Hotel in London
September 6, 2000 A Dutch purchasing company has agreed to buy the long-term lease rights to the Sherlock Holmes Hotel on Baker Street in London for about $14.5 million.Under terms of the 125-year deal, the Dutch firm, controlled...
Prison Realty Files Prospectus Addressing Merger, Lawsuits
September 6, 2000 Prison Realty Trust (NYSE:PZN) has filed a Form 424B3 prospectus with the SEC addressing the shareholders of Corrections Corp. of America in connection with their consideration of a merger.The filing is a supplement to CCA's...
Southeast Regional Digest (9/06/00): Offer to buy 60 acres in Florida nixed
September 6, 2000 Weston's demands thwart Codina-Cleveland Clinic deal Daily Business Review, September 6WESTON, Fla. – Codina Group of Coral Gables offer to buy 60 acres of vacant land from the Cleveland Clinic for $17 million has been...
Weingarten Realty Promotes Drew Alexander
September 6, 2000 HOUSTON – The Board of Trust Managers of Weingarten Realty Investors (NYSE: WRI) has promoted Andrew "Drew" M. Alexander to the position of chief executive officer, effective Jan. 1, 2001. In addition to serving as...
Spieker Properties San Francisco Project Under Way
September 6, 2000 MENLO PARK, Calif. – Spieker Properties Inc. (NYSE: SPK) has begun construction on The Towers at Shores Center, a two building, 340,000-square-foot office development located in Redwood Shores on the San Francisco Peninsula. The development,...
Offer for Brookdale Living Communities Extended Until 5 p.m. EST Today
September 6, 2000NEW YORK – Fortress Brookdale Acquisition LLC is extending its tender offer to purchase shares of Brookdale Living Communities until 5 p.m. today to permit the filing of additional information regarding affiliates of Fortress, which could...
Canada Regional Digest (9/06/00): Two-tower office project planned for downtown Ottawa
September 6, 2000 O&Y plans $90 Mln office project Ottawa Citizen, September 6OTTAWA – O&Y Properties Corp. has received planning approval for a 90 million Canada dollars (US$61 million), two-tower office project that would add a combined 500,000...
Regency Realty Issues $150 Mln of 10-Year Senior Unsecured Notes
September 6, 2000 JACKSONVILLE, Fla. – Regency Centers L.P., an affiliate of Regency Realty (NYSE: REG), has completed the sale of $150 million of 10-year senior unsecured notes. The 8.45 percent notes are due Sept. 1, 2010, and...
PRICE TALK: $897.9 Mln COMM 2000-C1 (Deutsche, J.P. Morgan, Chase)
September 6, 2000 Go To Fitch's Presale Report.Go To S&P's Presale Report.COMM 2000-C1ClassAmount($mln)Sub. Level(%)RatingFitchRatingS&PAvg.LifeSpread(BP)BnchMarkA-1148.523AAAAAA5.6+29-301-mo. LiborA-2542.923AAAAAA9.1+39 area1-mo. LiborB38.218.75AAAA9.7+54 area1-mo. LiborC39.314.375AA9.7+68 area1-mo. LiborD13.512.875A-A-9.7+78 area1-mo. LiborE25.810BBBBBB9.7+245 areaTreas.F*11.28.75BBB-NR9.7+270 areaTreas.X**897.9--AAAAAA----Treas.* Privately placed.** Notional amount, interest only.
Lexington Corporate Properties Trust Extends Tampa, Fla., Leases
September 6, 2000 NEW YORK – Time Inc. has extended its lease agreement for about 10 years on two Tampa, Fla., properties owned by Lexington Corporate Properties Trust (NYSE:LXP).The properties include a 229,605-square-foot industrial facility and a 132,981-sf...
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,...
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