RECENT NEWS
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...
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...
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...
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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.
