RECENT NEWS
Barry McGowan Named Head of eProperty’s Advisory Board
July 12, 2000 LOS ANGELES – Barry J. McGowan, head of strategic development for Lend Lease Real Estate Investments Inc., has joined eProperty.com as head of its advisory board. The online real estate firm, which was formed by...
Teachers Weighs Sale of Note on 900 N. Michigan Ave.
July 12, 2000 Teachers Insurance is considering offering for sale the $345 million mortgage on 900 N. Michigan Avenue, a large mixed-use property in Chicago.Teachers has hired Cushman Realty Corp. to analyze the mortgage and collateral property, according...
Merrill Ups BRE Properties To Long-Term Buy, Sets $34.50 Goal
July 12, 2000 (NewsTraders.com) – BRE Properties Inc. (NYSE:BRE) is moving on up in the eyes of Merrill Lynch analyst Eric Hemel, who upgraded BRE to a "buy" for the long-term from "accumulate."The San Francisco-based REIT owns, develops,...
Equity Office Pays $29 Mln for Washington Offices
July 12, 2000 CHICAGO – Equity Office Properties Trust (NYSE:EOP) has purchased Two Lafayette Centre in Washington, D.C., for $29 million, or $222/sf.The 130,700-square-foot office building was purchased from an affiliate of The St. Paul Cos. The 10-story...
BRE Sells Apartments to DRA Venture For $280 Mln
July 12, 2000 SAN FRANCISCO – BRE Properties Inc. (NYSE:BRE) is cashing out of a portfolio of apartment properties by selling a substantial stake in them to DRA Advisors Inc.BRE is effectively forming a venture that will own...
BRE Properties Hires Edward Lange As CFO, Names Carlson COO
July 12, 2000 SAN FRANCISCO – BRE Properties Inc. (NYSE:BRE) has hired Edward F. Lange Jr. away from Ohio-based Health Care REIT Inc. (NYSE:HCN) to serve as the company's chief financial officer.Lange is filling the CFO position that...
Chelsea GCA Venture to Open First Outlet Center in Japan
July 11, 2000 ROSELAND, N.J. – A joint venture involving Chelsea GCA Realty Inc. (NYSE:CCG) will open its first outlet center in Japan later this week. The property, Gotemba Premium Outlets contains 220,000 square feet that has been...
Hospitality Properties Shifts Leases on 24 Hotels, Re-names Portfolio
July 11, 2000 NEWTON, Mass. – Hospitality Properties Trust (NYSE:HPT) is transferring the lease of 24 of its hotels to Prime Hospitality Corp. (NYSE:PDQ) from ShoLodge Inc. (Nasdaq:LODG).All 24 hotels, now branded as Sumner Suites, will be rebranded...
Senior Care Industries to Acquire 15,000-Acre Site in Tennessee
July 11, 2000 LAS VEGAS – Senior Care Industries Inc. has signed a binding letter of intent to acquire a 15,000-acre site in Tennessee, where the company will develop an integrated age-restricted master planned community.In addition to the...
Nevada Firm Buys Three Memphis Properties; Gets $18 Mln Loan
July 11, 2000 Canon-Pan Am Investors, based in Nevada, has paid Farnsworth Investment Co. $24 million for three properties in Memphis, Tenn.Canon-Pan Am has secured a $17.9 million loan from Allstate Insurance Co. to finance the purchase of...
Weingarten Realty Files For $200 Mln In Debt
July 11, 2000 Weingarten Realty Investors (NYSE:WRI) has filed a prospectus with the SEC to raise $200 million of senior unsecured debt. Previously, Houston-based Weingarten formed a venture with Dana Commercial Credit Corp. (NYSE:DCC) to buy $200 million...
Southeast Regional Digest (7/11/00): New owners to renovate Tampa’s SouthTrust Plaza
July 11, 2000 New owners to renovate Tampa's SouthTrust Plaza The Tampa Tribune, July 11 TAMPA, Fla. – An unidentified California-based pension fund last week bought the SouthTrust Plaza at 201 E. Kennedy Blvd. in downtown for an...
Carl Berquist Named Director of Arthur Andersen
July 11, 2000 WASHINGTON – Carl Berquist has been named worldwide director of Arthur Andersen Real Estate and Hospitality Services Group.Berquist, a partner in the firm's Washington D.C. practice, replaces Gary Lenz, who has joined Peregrine Systems.
Dutch Pension Fund Takes 5.9 Percent Interest in General Growth
July 10, 2000 Stichting Pensioenfonds ABP, a Dutch public employee pension fund, has acquired 3 million common shares of General Growth Properties (NYSE:GGP), giving it a 5.9 percent stake in the Chicago REIT.In a Schedule 13D that was...
Warren Lyons Named President, COO of LoopNet
July 10, 2000 SAN FRANCISCO – LoopNet Inc. has named Warren Lyons president and chief operating officer, a newly created position.In his new post, Lyons, who formerly was chairman and president of AVCO Financial Services, will oversee all...
Southeast Regional Digest (7/10/00): Construction on $125 Mln Miramar Center to begin this summer
July 10, 2000 $125 million Miramar Center construction setSouth Florida Business Journal, July 10 MIRAMAR, Fla. – Jones Lange LaSalle plans to begin construction this summer on the Miramar Center, which could ultimately contain 1.3 million square feet...
Prentiss Quits Dallas, Northern Calif., Industrial Markets, Eyes Exit From Washington
July 10, 2000 DALLAS – Prentiss Properties Trust (NYSE:PP) has exited the Dallas and Northern California industrial markets and plans to do the same in Washington D.C.The REIT, which is being acquired by Mack-Cali Corp. (NYSE: CLI) in...
Roberts Realty Sells Atlanta Apartments For $14.6 Mln
July 10, 2000Roberts Realty Investors (AMEX:RPI) has finally completed the sale of an Atlanta-area apartment that it first brought to market last summer.The small REIT recovered $14.6 million for the Ivey Brook apartment complex in the Peachtree Corners...
Jones Lang LaSalle Buys BCFN, Expands Canadian Presence
July 10, 2000 CHICAGO – Jones Lang LaSalle Inc. (NYSE:JLL) has acquired Montreal-based BCFN Corporate Real Estate Consultants Inc. Terms of the acquisition were not disclosed.BCFN will become part of the Canadian subsidiary of Jones Lang LaSalle and...
AEW Takes 10% Stake in Bedford Property Investors
July 10, 2000 A group of partnerships affiliated with AEW Capital Management has taken a 10.1 percent stake in Bedford Property Investors Inc. (NYSE:BED).The group bought 1.9 million shares from June 15 to June 30 at prices ranging...
Developer Buys Jacksonville Apartments for $17.5 Mln
July 10, 2000 An investment group run by Florida developer Pat Sessions has purchased the Ocean Links Apartments in Jacksonville, Fla., for about $17.5 million.The group, Ocean Links of Ponte Vedra LLC, financed its purchase with a $16.5...
Glimcher Sells Properties for $26.3 Mln
July 10, 2000 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) has sold eight community shopping centers to Gator Investments for $26.25 million.The properties comprise five single-asset stores and three community centers.Glimcher used the proceeds to pay down debt.Gator...
GMAC Provides $10.2 Mln of Financing for Pennsylvania Properties
July 10, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has arranged $10.2 million of financing for two Pennsylvania properties.National Life of Vermont received $6.4 million of financing for the Dutton Mill office/warehouse complex on Turner Way in Aston,...
First Industrial Renews $300 Mln Credit Facility
July 10, 2000 CHICAGO – First Industrial Realty Trust Inc. (NYSE:FR) has renewed its $300 million unsecured credit facility, which was scheduled to mature April 30, 2001. The new facility matures June 30, 2003.Bank One, Union Bank of...
A.G. Edwards Drops FelCor, MeriStar To Accum. From Buy
July 7, 2000 (NewsTraders.com) -- FelCor Lodging Trust Inc. (NYSE:FCH) and MeriStar Hospitality Corp. (NYSE:MHX) both came down a peg in the eyes of A.G. Edwards analyst Manuel Pyles, who lowered his rating for both companies to "accumulate"...
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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.
