RECENT NEWS
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...
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...
Canada Regional Digest (6/27/00): Community opposes new Loblaw’s store on Richmond Road
June 27, 2000 Loblaw's big-box store draws debateThe Globe and Mail, June 27OTTAWA – A proposed 97,000-square-foot Loblaw's store on the site of an abandoned paper factory is the focus of a community dispute and headed to the...
Fitch Upgrades Prudential Securities 1995-C1
June 27, 2000 NEW YORK – Fitch has upgraded the $6.3 million class B of Prudential Securities Secured Financing Corp. 1995-C1 to triple-A from double-A-plus.The $7.4 million class C and $4.2 million class D are upgraded to double-A-minus...
Shareholder Sues Over Pending Sale of Assets by First Union Real Estate
June 27, 2000 NEW YORK – A shareholder of First Union Real Estate Investments (NYSE:FUR) has launched a class-action suit against the REIT, saying its planned sale of assets is unfair to shareholders and represents a breach by...
Union Bank Names Kennedy-Wilson Facilities Manager for Two Properties
June 27, 2000 LOS ANGELES – Union Bank of California has hired Kennedy-Wilson Inc. (Nasdaq:KWIC) as facilities manager for two of its properties.Kennedy-Wilson will manage the Mercury Court Complex, a 125,000-square-foot service center, and a 100,000-sf data center...
CapitalEngine.com Raises $8 Mln of Venture Financing
June 27, 2000 NEW YORK – CapitalEngine.com has raised $8 million of venture capital financing from Sigma Partners, a Menlo Park, Calif., early-stage venture capital firm.CapitalEngine.com, which was formed by Greenwich Group International, is an online real estate...
Southeast Regional Digest (6/27/00): Childress Klein builds spec building in LakePointe
June 27, 2000Charlotte building boom still going strongThe Charlotte Observer, June 27CHARLOTTE, N.C. – Childress Klein Properties is launching its third building in LakePointe Corporate Center. The four-story, 115,000-square-foot structure will be started in August and finished in...
Arden Realty Looks for New CFO
June 27, 2000 LOS ANGELES – Diana Laing is leaving Arden Realty Inc. (NYSE:ARI) after three years at the REIT to join an Internet company.Liang has resigned her position as executive vice president and chief financial officer in...
MGI Sale of 2 Remaining Properties Falls Through
June 27, 2000 BOSTON – MGI Properties' (NYSE:MGI) proposed sale of two Tampa, Fla., properties has fallen through. The two properties were among the last in MGI's portfolio. The REIT adopted a plan of liquidation two years ago...
Correctional Properties Trust to Buy New Correctional Institution
June 27, 2000 PALM BEACH GARDENS, Fla. – Correctional Properties Trust (NYSE:CPV) has tentatively agreed to buy the Rivers Correctional Institution, a 1,200-bed facility that Wackenhut Corrections Corp. is developing in Winton, N.C.Construction of the low-security prison is...
Schottenstein and Westbrook Request Burnham Court Records Be Unsealed
June 26, 2000 SAN DIEGO – Shareholders of Burnham Pacific Properties (NYSE: BPP) have requested that the company publicly agree to unseal court records regarding a 1999 class action lawsuit against Burnham's directors and senior management.This request comes...
GMAC Arranges $130 Mln Financing for General Growth
June 26, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has arranged a $130-million credit facility for General Growth Properties Inc. (NYSE: GGP).The interest-only bridge loan secures the REIT's national headquarters in Chicago as well as five retail...
CapitalThinking Partners With Myers Internet Services
June 26, 2000 NEW ORLEANS – Myers Internet Services – a division of BestRate.com Inc., an Internet Web design, hosting and marketing firm in the mortgage industry – has entered into a partnership with CapitalThinking, the new online...
Prudential Mortgage Capital Completes Acquisition of WMF Group
June 26, 2000 NEWARK, N.J. – Prudential Mortgage Capital Co. LLC has completed its merger with The WMF Group Ltd. (Nasdaq: WMFG).Prudential, the commercial mortgage lending arm of The Prudential Insurance Co. of America, had acquired about 96...
American Realty, National Realty Postpone Merger
June 26, 2000 American Realty Trust Inc. (NYSE:ARB) has delayed its expected merger with National Realty L.P. (AMEX:NLP), sources say.Both firms are based in Dallas. American Realty owns commercial properties, mortgage loans and stock in other real estate-related...
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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.
