RECENT NEWS
Grubb & Ellis to Manage IBM Center in St. Louis
June 29, 2000 NORTHBROOK, Ill. – A unit of Grubb & Ellis Co. (NYSE:GBE), has been hired as facilities manager for IBM's 1 million-square-foot e-commerce call center in St. Louis.The unit, Grubb & Ellis Management Services Inc., now...
Duke-Weeks to Start Construction of Offices In Jacksonville, Fla.
June 29, 2000 By Paul Gereffi, Commercial Real Estate Direct CorrespondentJACKSONVILLE, Fla. – Duke-Weeks Realty Corp. (NYSE:DRE) is planning to develop 200,000 square feet of office space in Southpoint, an office complex in Jacksonville.The $20 million project, Gemini...
Four Have Ambitious Plans for European Real Estate Portal
June 29, 2000 CHICAGO – CB Richard Ellis, Jones Lang LaSalle, DTZ and Reed Business Information have teamed up to develop a European commercial real estate portal, which is code named Project Pathway.The portal's focus will be on...
Jack Spound Joins AEW
June 29, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorJonathan "Jack" Spound, a veteran Southern California real estate executive, has joined AEW Capital Management as director of AEW Partners in Los Angeles.Spound previously was with JER...
Captec Eyes Possible Sale, Hires Pru Securities as Adviser
June 29, 2000 ANN ARBOR, Mich. – Captec Net Lease Realty (Nasdaq:CRRR) has retained Prudential Securities Inc. to explore ways to increase shareholder value, including a sale or merger of the company.The move follows the company's announcement last...
FINAL PRICING: $785.3 Mln COMM 2000-FL 2
June 29, 2000 Go To Initial Price Guidance.The following table shows final pricing for the top eight tranches of a 32-tranche floating-rate deal – a variant of the "A-B" structure, in this case an "A-B-C" structure (see figure...
Shareholders Okay Merger of Carey Diversified With WP Carey
June 29, 2000 NEW YORK – Shareholders of Carey Diversified LLC (NYSE:CDC) have approved the company's proposed merger with W.P. Carey & Co.The resulting company, W.P. Carey & Co. LLC will be listed on the New York Stock...
Southeast Regional Digest (6/29/00): Charlotte mall makes space for four specialty shops
June 29, 2000 Union County mall to get a makeoverThe Charlotte Observer, June 29CHARLOTTE, N.C. – The Monroe Mall on U.S. 74 is expanding its space to make room for four new specialty stores and an expansion of...
Fleet to Make $178.5 Mln Construction Loan for Yahoo HQ
June 28, 2000 FleetBoston Financial will provide $178.5 million of construction financing to Higgins Development Partners, which is developing a headquarters campus in Sunnyvale, Calif., for Yahoo Inc. FleetBoston's 30-month construction loan is expected to be repaid when...
LaSalle Raises $200 Mln for Second Value-Added Fund
June 28, 2000 CHICAGO – LaSalle Investment Management Inc. has raised $200 million for Income and Growth Fund II, which will pursue "value-added" real estate opportunities.The fund has a $400 million acquisition capacity. It has already purchased, or...
S&P Downgrades Outlook on Mack-Cali to Negative
June 28, 2000NEW YORK – Standard & Poor's has revised its outlook on Mack-Cali Realty Corp. (NYSE:CLI) and its operating partnership to negative from stable. The rating's change comes in light of Mack-Cali's intention to acquire unrated Prentiss...
Mack-Cali to Buy Prentiss In $2.3 Bln Deal
June 28, 2000Mack-Cali Corp. (NYSE:CLI) has agreed to buy Prentiss Properties Trust (NYSE: PP) in a $2.3 billion transaction. Mack-Cali, which is based in Cranford, N.J., would pay $975.8 million in stock and assume $1.3 billion of Dallas-based...
A.G. Edwards Cuts Prentiss Properties to Reduce From Buy
June 28, 2000(NewsTraders.com) – A.G. Edwards & Sons has downgraded Prentiss Properties (NYSE:PP) to "reduce" from "buy" in light of the company's agreement today to be acquired by Mack-Cali Realty Corp. (NYSE:CLI).Under the terms of the $2.3 billion...
Liquidation of First Lend Lease Opportunity Fund Completed
June 28, 2000 NEW YORK – One of the first opportunity funds to be formed has completed its liquidation and its returns have been impressive.Lend Lease Real Estate Investments' Value Enhancement Fund I sold its last property, the...
Industrial Users Stampede To California’s Inland Empire
June 28, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorIndustrial users so far this year have committed to lease more than 7.5 million square feet of space that is being developed within Southern California's booming "Inland...
GMAC Says It Will Provide $1.3 Bln Financing for NY Project
June 28, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has confirmed that it will provide $1.3 billion of construction financing for the redevelopment of Columbus Circle.The financing – GMAC says it is the largest ever single construction loan...
Jerry Rose Named Vice Chairman of Jones Lang LaSalle
June 28, 2000 CHICAGO – Jones Lang LaSalle has named M.G. (Jerry) Rose vice chairman of the firm. Rose, who started LaSalle Properties' tenant representation division in 1978, most recently served as chief executive of the JLL's Global...
Southeast Regional Digest (6/28/00): Turner Broadcasting to spend $1.2 Bln on construction projects
June 28, 2000 Turner Broadcasting plans $1.2 billion growth spurtThe Atlanta Journal-Constitution, June 28ATLANTA – Turner Broadcasting System will spend $1.2 billion on construction projects downtown and midtown during the next five years. The plans call for adding...
Developers Diversified Ups Size of Credit Facility to $550 Mln
June 28, 2000CLEVELAND – A lending syndicate led by Bank One has increased the size of Developers Diversified Realty's (NYSE:DDR) unsecured credit facility to $550 million from $375 million.The facility, which now matures on May 31, 2003, carries...
AIMCO to Buy Oxford Realty Financial in $301 Mln Deal
June 28, 2000 Apartment Investment and Management Co. (NYSE:AIV) has agreed to buy the remaining stock of Oxford Realty Financial Group Inc. for $301 million.Under the deal, Aimco will pay $241 million in cash and $60 million in...
Reggie Leese Leaves Citizens, Joins State Street Research
June 28, 2000 By Orest Mandzy, Commercial Real Estate Direct Managing EditorReggie Leese, portfolio manager for commercial mortgage-backed securities at Citizens Financial Group, has joined State Street Research of Boston.Leese fills the post vacated last March when Steve...
Trucker Buys Four Industrial Properties Near Los Angeles
June 28, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorWatkins & Shepard Trucking has paid $11.6 million for four industrial buildings with 238,100 square feet in Santa Fe Springs, Calif.The Missoula, Mont., trucking company plans to...
St. Joe Buys Tampa Office Property
June 28, 2000 TAMPA, Fla. – The St. Joe Co. (NYSE:JOE) has completed its purchase of a 125,000-square-foot office building in Tampa's Hidden River Corporate Park.Terms of the purchase from SPP Investment Management of Greenwich, Conn., were not...
Sale of NY’s World Trade Center Advances
June 28, 2000 The Port Authority of New York and New Jersey has begun soliciting firms that might be interested in leasing the World Trade Center. The New York Times is reporting that about 30 large real estate...
CalPERS Venture Completes $223 Mln Buy of Genstar
June 28, 2000 SAN DIEGO – A venture among California Public Employees' Retirement System, Newland Communities and Institutional Housing Partners have completed its $223 million purchase of Genstar Land Co. from a unit of British American Tobacco PLC.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.
