RECENT NEWS
Prime Retail Expects to Complete Lehman Financing Next Quarter
August 15, 2000 BALTIMORE – Prime Retail Inc. (NYSE:PRT) said it expects to close a $20 million first mortgage on its Prime Outlets of Puerto Rico in early September. The loan is the first phase of a two-pronged...
Prime Group Hires Adviser; Considers Merger, Sale of Assets
August 15, 2000 CHICAGO – Prime Group Realty Trust (NYSE:PGE) said it has hired a financial adviser to help it study all of its strategic alternatives.The name of the adviser was not immediately available. But Prime Group, which...
Southwest May Seek To Oust United Investors Board
August 15, 2000 (NewsTraders.com) – A unit of Southwest Securities Group (NYSE:SWS), holder of a 5.9 percent stake in United Investors Realty Trust (Nasdaq:UIRT) is considering calling for a special meeting of shareholders of United Investors to unseat...
CNL Hospitality Pays $43 Mln for 2 Wyndham Hotels in Sale-Leaseback
August 15, 2000 ORLANDO, Fla. – CNL Hospitality Corp. has paid $43 million for two suburban hotels from Wyndham International Inc., which will lease the two properties back under long-term agreements.The two full service hotels, located in Massachusetts...
LoopNet Sets Regional Sales Force, Hires Seven Sales Execs
August 15, 2000 SAN FRANCISCO – In a move to develop closer ties to local commercial real estate players, LoopNet Inc. has set up seven regional offices and hired a crew of seasoned sales executives to head them...
Wells Fargo Makes $82.5 Mln Construction Loan on Washington-Area Complex
August 14, 2000 RESTON, Va. – Wells Fargo has provided an $82.5 million construction loan with a three-year term to Intertech Corp. and Atlantic Realty Cos. to construct Plaza America Towers Three and Four in Reston.Construction started last...
Schottenstein, Ashner Join Forces in Proxy Fight for Burnham Pacific
August 14, 2000 COLUMBUS, Ohio – Jay Schottenstein and Michael L. Ashner have joined forces to nominate a slate of directors for election at the annual meeting of Burnham Pacific Properties Inc. (NYSE:BPP) scheduled for Oct. 18.The two...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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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.
