RECENT NEWS
Team Buys 49 Acres in Inland Empire
July 17, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorArrow Development Inc. of Irvine, Calif., has hooked up with fiber-optic cable installer HCI Inc.to buy 49 acres in Norco, within Southern California's booming Inland Empire.Arrow will...
Philips International Closes on Sale of Seven Properties to Kimco
July 17, 2000NEW YORK – Philips International Realty Corp. (NYSE:PHR) has completed the sale of seven New York area shopping centers to the Kimco Income REIT for a total purchase price of $67.3 million.The REIT, which last April...
Equity Residential Buying Grove Property In $461 Mln Deal
July 17, 2000CHICAGO – Equity Residential Properties Trust (NYSE:EQR) has agreed to buy Grove Property Trust (Amex:GVE) in a deal valued at $461 million.The acquisition will balloon Equity Residential's presence in New England, where it currently owns 19...
Spieker to Market Industrial Portfolio, Hires Secured Capital
July 17, 2000 Spieker Properties Inc. has hired Secured Capital Corp to market a portfolio of West coast industrial properties. According to the Business Journal of Portland, (Ore.), the portfolio could fetch up to $450 million and includes...
Brian Campbell Joins Colliers Seeley, To Expand LA Office
July 17, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorBrian T. Campbell, who once headed Cushman Realty Corp.'s international operations, has joined Colliers Seeley as senior vice president.Campbell will help expand Colliers Seeley's downtown Los Angeles...
Lodgian Says It Offered Hotels to Yung
July 17, 2000 Lodgian Inc. (NYSE:LOD) said it had offered Casuarina Cayman Holdings Ltd., a firm led by William J. Yung, the chance to make an offer on 10 hotels that it has agreed to sell.The Atlanta hotel...
PaineWebber Upgrades Host Marriott, ‘Rebuilding Credibility’
July 17, 2000 (NewsTraders.com) -- Host Marriott Corp. (NYSE:HMT), a Bethesda, Md.-based real estate investment trust, was upgraded to "attractive" from "neutral" by PaineWebber analyst Keith Mills, who believes Host Marriott is "gradually rebuilding credibility that it lost...
Web Company Outfits Retail REIT With Custom Sites
July 14, 2000NORTH MIAMI BEACH, Fla. – MyShoppingCenter.com has agreed to build Web sites for Equity One Inc. (NYSE:EQY) that would give tenants at the shopping center REIT's properties the ability to market their goods online.Currently, tenants at...
Southeast Regional Digest (7/14/00): Contact lens maker to break ground for building in Jacksonville
July 14, 2000Contact lens maker to break ground for building in Jacksonville, Fla.The Jacksonville Times-Union, July 14 JACKSONVILLE, Fla. – Vistakon Inc., the Jacksonville-based contact-lens division of Johnson & Johnson Vision Care, plans to break ground in January...
AMB Nixes Preferred Stock Offering
July 14, 2000 AMB Property Corp. has decided to cancel a registration for the proposed sale of up to $86.3 million of preferred stock.In a Request for Withdrawal filed today with the SEC, the REIT said it is...
GMAC Provides $30.8 Mln of FHA Financing for Apartment Complex
July 14, 2000 GMAC Commercial Mortgage has provided $30.8 million of FHA-insured financing to a partnership for its construction of a 363-unit apartment complex in suburban Chicago.The complex, Northgage Apartments, will be constructed on a 16-acre parcel in...
Alexandria RE Equities Pays $18 Mln for Maryland Complex
July 14, 2000 Alexandria Real Estate Equities Inc. (NYSE:ARE) recently paid $18 million for an office and laboratory complex in Gaithersburg, Md.The $110/sf purchase from Maryland-based Richtree Corp. included the assumption of debt. The acquisitino was detailed in...
Developers Diversified Takes Full Ownership of Retail Portfolio
July 14, 2000 CLEVELAND – Developers Diversified Realty (NYSE:DDR) has acquired the remaining interest in a portfolio of shopping centers that it has owned since July 1998.The Cleveland REIT two years ago bought nine shopping centers, nine development...
American Community Comes Under Fire From Shareholder Group
July 14, 2000 (NewsTraders.com) – Chap-Cap Partners, led by Robert Chapman, today requested that American Community Properties Trust . (AMEX:APO) grant Chap-Cap two seats on the REIT's board of trustees. The group sounded off to the company's management,...
Office Complex Near Portland, Ore., Offered For Sale
July 14, 2000 Lincoln Center, a 730,000-square-foot office complex near Portland, is being offered for sale. The property, which contains six office buildings, two restaurants and a retail area, is being shopped by Eastdil Realty and Norris, Beggs...
Gotham Increases Imperial Parking Stake to 12.6%
July 14, 2000 (NewsTraders.com) – A group including New York-based investment firm Gotham Partners LP raised its stake in Canadian parking services company Imperial Parking Corp. (NYSE:IPK) to 12.6 percent from 9.6 percent.The group bought 82,128 common shares...
Westfield Corp. Exec Joins Developers Diversified
July 14, 2000 Developers Diversified Realty (NYSE:DDR) has hired Rod Chisessi as director of development – western states.Chisessi will open an office in Long Beach, Calif. and will oversee the shopping center REIT's development projects in the West,...
Casuarina Group Questions Lodgian Sale of 10 Hotels For $132 Mln
July 14, 2000 (NewsTraders.com) – A shareholder group including Casuarina Cayman Holdings and Edgecliff Holdings LLC is unhappy with Lodgian's (NYSE:LOD) pending sale of 10 hotels for $132 million.In a letter, dated July 13, sent to Robert Cole,...
FleetBoston Syndicate Renews, Ups SL Greens Credit Line to $250 Mln
July 13, 2000NEW YORK – A lending syndicate led by FleetBoston has refinanced and increased a credit line to SL Green Realty Corp. (NYSE:SLG) to $250 million from $140 million.The line can be further increased to $300 million.The...
AvalonBay Prices $150 Mln of Medium-Term Notes
July 13, 2000 ALEXANDRIA, Va. – AvalonBay Communities Inc. (NYSE:AVB) has priced a $150 million offering of medium-term notes.The eight-year notes were priced to yield 8.263 percent. They pay interest semi-annually and mature on July 15, 2008. They...
Crown American Sells Pa. Retail Property for $5 Mln
July 13, 2000 JOHNSTOWN, Pa. – Crown American Realty Trust (NYSE:CWN) sold its only non-enclosed shopping center for $5 million.The property, Greater Lewistown Plaza in Lewistown, Pa., contains 171,000 square feet. Tenants include a small JCPenney store and...
Southeast Regional Digest (7/13/00): Amazon space in Lexington, Ky., sitting unused
July 13, 2000Amazon space in Lexington, Ky., sitting unused The Lexington Herald-Leader, July 13 LEXINGTON, Ky. – The 600,000-square-foot Lexington warehouse that Amazon.com transformed into a high-tech distribution center stands vacant. The future of the distribution center at...
Investor Offers Fire Sale Prices for Shares at 3 Troubled REITs
July 13, 2000Mackenzie Patterson Inc., a California real estate investment manager, is taking aim at three small REITs whose stock prices plummeted after two executives were charged in a stock scam.The company, which is based in Moraga, Calif.,...
Brokerage Firms Invest in SiteStuff
July 13, 2000 An alliance of three large real estate companies has invested a combined $30 million in SiteStuff , an online buying site for property owners and managers. The investment was made through Octane, which was formed...
Archon to Close New York, Atlanta Offices, Centralizes in Dallas, LA
July 13, 2000 DALLAS – Archon Financial, the conduit lending unit of Goldman Sachs & Co., is closing its New York and Atlanta offices and centralizing its operations in its Dallas headquarters and Los Angeles.The closures will result...
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.
