RECENT NEWS
Sagamore Equities Acquires Landmark Santa Monica Clock Tower Building
August 14, 2000 Sagamore Equities LLC has acquired the landmark Santa Monica Clock Tower for $14.6 million, or about $209/sf, from AMCAL Partners of Los Angeles.The investment firm paid cash for 225 Santa Monica Blvd., a building that...
Basic Capital Management Names Branigan as Executive VP, CFO to Replace Holland
August 14, 2000 DALLAS – Basic Capital Management Inc. has appointed Mark W. Branigan as executive vice president and chief financial officer. Branigan replaces Thomas A. Holland, who resigned the position effective Aug. 9. Holland resigned to focus...
USC Following National Trend for Urban Real Estate Expansion
August 14, 2000 LOS ANGELES – The University of Southern California this month purchased for $26 million the 240-room Radisson Hotel adjacent to its campus in a move that allows it to expand campus space while helping the...
GMACCM Provides $33 Mln Financing for Rhode Island Building
August 14, 2000 HORSHAM, Pa. – Pitney Bowes Real Estate has received $32.7 million of fixed-rate permanent financing from GMAC Commercial Mortgage for the Rhode Island headquarters of FM Global.The FM Global Headquarters building is a three story,...
Lend Lease, Cogswell Pay $157 Mln for New York Offices
August 14, 2000NEW YORK – A venture between Lend Lease Real Estate Investments Inc. and Cogswell Realty of New York is paying $156.6 million, or $157/sf, for 60 Broad St. in downtown Manhattan. The 1 million-square-foot office building...
President of Banyan Strategic Realty Trust Suspended
August 14, 2000 CHICAGO – Banyan Strategic Realty Trust (Nasdaq:BSRTS) today suspended Leonard G. Levine, its president and chief executive officer, and placed him on leave as president. Banyan issued the news Monday morning in a statement.The company...
Joseph Williams Joins Sonnenblick-Goldman as Principal
August 14, 2000 NEW YORK – Joseph L. Williams III, a senior vice president at CB Richard Ellis' investment properties' group, has joined Sonnenblick-Goldman Co. as managing director and principal.In his new post, Williams is responsible for helping...
L.J. Melody Arranges $20 Mln Construction Financing for N.C. Retirement Center
August 14, 2000 RALEIGH, N.C. – L.J. Melody & Co. has arranged $20 million of construction financing for the Magnolia Glen Retirement Community in Raleigh.Branch Bank & Trust provided the financing for the 152,000-square-foot community through Bill Hawthorne...
Michael Kaline Named President of Malan Realty
August 14, 2000 BINGHAM FARMS, Mich. – Michael K. Kaline has been named president of Malan Realty Investors Inc. (NYSE:MAL)Kaline replaces Anthony S. Gramer, who was let go as president and chief executive last month. Kaline had been...
Southeast Regional Digest (8/14/00): Miramar plans $130 Mln Town Center
August 14, 2000 Miramar plans $130 million project to create city center South Florida Business Journal, August 14 MIRAMAR, Fla. – The city of Miramar plans to build a $130 million Town Center municipal/residential/educational/office and retail complex, on...
Prime Group to Sell Chicago’s 33 N. Dearborn, 122 S. Michigan
August 11, 2000 Prime Group Realty Trust has agreed to sell two office towers in downtown Chicago in order to bolster its balance sheet, according to this morning's issue of The Chicago Sun-Times.Sources told the newspaper that the...
Goldman Group in Talks to Buy Wellsford/Whitehall Assets
August 11, 2000 (NewsTraders.com) – A group including global investment banking and securities giant Goldman Sachs Group (NYSE:GS) has begun talks with Wellsford Real Properties (AMEX:WRP) concerning a possible deal that could result in the sale or transfer...
Fitch Upgrades $187 Mln CSFB 1997-SPICE Notes
August 11, 2000 NEW YORK – Fitch recently upgraded most of the classes in Credit Suisse First Boston Mortgage Securities Corp.'s $187 million 1997-SPICE following its annual review of the transaction, which closed in December 1997.The upgrades were...
First Union Downgrades AvalonBay to Buy from Strong Buy
August 11, 2000 First Union Downgrades AvalonBay to Buy from Strong Buy(NewsTraders.com) – In a move based solely on price, First Union Securities today downgraded shares of AvalonBay Communities (NYSE:AVB) to "buy" from "strong buy," stating in a...
RFS Hotel Completes $52.2 Mln Long-Term Loan; Concludes Amendment to $140 Mln Credit Line
August 11, 2000 MEMPHIS, Tenn. – Bank of America NA is providing RFS Hotel Investors Inc. (NYSE:RFS) with a new $52.2 million long-term secured loan.The financing, secured by eight of the company's hotel properties, carries a fixed interest...
CS First Boston Initiates Cendant Corp. at Buy, $20 Target
August 11, 2000 (NewsTraders.com) – Credit Suisse First Boston analyst Henry Diamond initiated coverage of Cendant Corp. (NYSE:CD) with a "buy" rating and a $20 price target today, stating that the "CUC debacle" that plagued the company is...
Post Properties to Build Community in Midtown Atlanta
August 11, 2000 ATLANTA – Post Properties Inc. (NYSE: PPS) will develop Post Biltmore, a new community adjacent to Atlanta's historic Biltmore Hotel, as part of its long-term strategy to build mixed-use neighborhoods in growing cities around the...
Equity Office’s O.P. Files $2 Bln Debt Shelf
August 11, 2000 (NewsTraders.com) – EOP Operating LP, the operating partnership of Equity Office Properties Trust (NYSE:EOP), filed Friday with the SEC to register $2 billion of debt securities and related warrants for future sale.The operating partnership intends...
Beverly Hills Shopping Center to Go for $1,008/sf
August 11, 2000London-based Strategic Real Estate Advisors is representing an unidentified European trust that is buying an upscale Beverly Hills shopping center for a whopping $1,008/sf, The Los Angeles Times reported this morning.Kowa Real Estate Investment Co. and...
Captec Net Lease Realty Shareholders Re-Elect Board; Goldstein Unsuccessful in Bid for Control of RE
August 11, 2000 ANN ARBOR, Mich. – The entire board of directors at Captec Net Lease Realty Inc. (Nasdaq:CRRR) was re-elected at the company's annual shareholders' meeting on Wednesday.All nine incumbent members of the Captec board beat out...
Commercial Assets, Asset Investors Corp. Complete Merger
August 11, 2000 The merger of Commercial Assets Inc. (AMEX:CAX) with and into Asset Investors Corp. (NYSE:AIC) closed today.The resulting company is now called American Land Lease Inc. It will begin trading on the New York Stock Exchange...
Fitch Upgrades Two Classes in J.P. Morgan’s 1997-SPTL-C1
August 11, 2000 NEW YORK – Fitch recently upgraded the $12.2 million class C and $10.2 million class D in J.P. Morgan Commercial Mortgage Finance Corp.'s series 1997-SPTL-C1 to double-A from double-A-minus and to single-A-minus from triple-B-plus, respectively.The...
Group Gets Affordable Housing Funding in Upscale Locale
August 11, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorApartment Renovation Group has secured $60 million in tax-exempt bond financing, allowing for development of a 468-unit apartment community slated for one of the nation's least-affordable housing...
Southeast Regional Digest (08/11/00): CB Richard Ellis to buy Atlanta office plaza
August 11, 2000 Overseas Partners selling One Buckhead Plaza towerAtlanta Journal-Constitution, August 11ATLANTA – CB Richard Ellis has agreed to buy the 20-story One Buckhead Plaza at Peachtree and West Paces Ferry roads on behalf of an institutional...
TheAskingPrice.com Forms Marketing Alliance With Berwind
August 11, 2000TheAskingPrice.com, an Internet services provider for commercial property sales, has struck a marketing alliance with Berwind Property Group, a privately held real estate company based in Philadelphia. Under the terms of the agreement, Berwind will market...
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