RECENT NEWS
Burnham Plans to Oppose Schottenstein’s Attempt to Reschedule Annual Meeting
June 15, 2000 SAN DIEGO, Calif. – Burnham Pacific Properties Inc. (NYSE:BPP) says that it will oppose any efforts by the Schottenstein Group to reschedule the REIT's annual meeting, currently slated to be held on Oct. 18.In response...
Crescent R/E’s New President Bought 50,000 Shares May 31
June 15, 2000 (NewsTraders.com) -- Crescent Real Estate Equities Co.'s (NYSE:CEI) new president and chief operating officer, Dennis Alberts, purchased 50,000 shares of the diversified real estate investment trust in late May, according to a regulatory document released...
Mack-Cali Buys NJ Offices for $42.2 Mln
June 15, 2000 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) has paid the California Public Employees' Retirement System $42.2 million, or $165.60/sf, for a Northern New Jersey office building.The REIT bought CalPERS' Gatehall IV office building, a 254,800-square-foot...
Gentra Finds New Tenants For Old Eaton’s Space
June 15, 2000 TORONTO – Gentra Inc. (TSE: GTA) has leased more than 300,000 square feet of retail space that Eaton's vacated last fall in three of its shopping centers.Bramalea City Centre in Brampton, Ontario; Londonderry Mall in...
Bernstein Cos. Launches $100 Million Investment Fund
June 15, 2000 WASHINGTON – Bernstein Cos. has raised a $100 million opportunistic fund that buy and develop office and residential properties.The Washington real estate firm's Consortium Two fund has already invested in a 261,000-square-foot office building at...
FINAL PRICING: 1.5 Bln-pound ($US2.2 Bln) Punch Funding II Ltd. (U.K.)
June 15, 2000Go To Fitch Presale Report.Punch Funding II Ltd. (U.K.)ClassAmount(Mln Pounds; $mln U.S.)RatingFitchRatingS&PLoan typePriced(BP)BnchMarkA1350; 524.8AAAAAAFloating+353-mo. LiborA2300; 449.8AAAAAAFixed+180Brit. Treas.M450; 674.7AAFloating+1103-mo. LiborN1165; 247.4BBBBBBFloating+2653-mo. LiborN2150; 224.9BBBBBBFixed+400Brit. Treas.O69; 103.5BBBBFloating+5753-mo. Libor
Lend Lease Said to Be Buying Its First B-piece
June 15, 2000By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterWord has it that Lend Lease Real Estate Investments has circled its first non-investment grade commercial mortgage-backed securities. The pension-fund adviser is said to have agreed to...
Schottenstein To Nominate Own Slate To Burnham Board
June 14, 2000 (NewsTraders.com) -- Stating its belief that Burnham Pacific's (NYSE:BPP) management "bears responsibility for a dramatic loss in shareholder value," a group led by Schottenstein Stores Chairman and CEO Jay Schottenstein said it plans to nominate...
Canada Regional Digest (6/14/00): Northwood Mall getting multimillion-dollar makeover
June 14, 2000 Northwood Mall getting multimillion-dollar makeoverThe Edmonton Journal, June 14EDMUNTON, Alberta – Centrefund Corporation is planning to renovate its Northwood Mall. Remodeling plans include the expansion of Zellers by 23,500 square feet, a new 55,000-sf Canada...
Wells REIT Buys Phoenix-Area Office Building for $101/SF
June 14, 2000 ATLANTA – Wells Real Estate Investment Trust has bought a newly constructed, single-tenant office building in Tempe, Ariz., for $13.3 million, or about $101/sf, from Ryan Cos. US.The 130,000-square-foot, two-story building is fully leased to...
EquityCity Names 5 More to Advisory Board
June 14, 2000 DENVER – EquityCity has named five additional members to its advisory board, making it read like a who's who of the real estate industry.Its latest additions are: Gary Garrabrant, chief investment officer of Equity International...
Two Danish Developers Sentenced for Fraud
June 14, 2000 Associated PressCOPENHAGEN, Denmark – Two Danish real estate developers on Wednesday were sentenced to at least five years in jail in a 3.7 billion kroner ($474 million) fraud and forgery case that has been dubbed...
Cabot Industrial Plans Spec Warehouses in Southern California
June 14, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorCabot Industrial Properties LP plans a 645,000-sf speculative industrial development on property it purchased in Rancho Cucamonga – within Southern California's "Inland Empire" distribution market.The Boston company,...
Southeast Regional Digest (6/14/00): StarPort developing $143 Mln Westin in N.C.
June 14, 2000 Convention Center hotel deal completeThe Charlotte Observer, June 14CHARLOTTE, N.C. – StarPort will begin developing a $143 million, 700-room Westin on Stonewall Street across from the Charlotte Convention Center. The hotel will be completed in...
Starwood Capital Moves Into Senior Housing
June 14, 2000 GREENWICH, Conn. – Starwood Capital Group is making a substantial investment in the senior housing sector. The firm, through its Starwood Opportunity Fund V LP is making a $50 million investment in Senior Resource Group,...
Ameri-First Realty Buys 5 Hotels in Texas
June 13, 2000 DALLAS – Ameri-First Realty Group, a real estate unit formed by Ameri-First Financial Group three months ago, has agreed to buy five Homegate Studios and Suites in Texas from Amerand Corp., a Texas-based hotel operator....
Southeast Regional Digest (6/13/00): TrizecHahn revises plans for N.C. office park
June 13, 2000 A metamorphosis for business parkThe Charlotte Observer, June 13CHARLOTTE, N.C. – TrizecHahn Office Properties is revising its development plan for Perimeter Woods office park with Class-A buildings. The new plan includes at least two eight-story...
Chase Hires Away 3 CDO Execs
June 13, 2000 NEW YORK – Chase Manhattan Corp. (NYSE: CMB) has made three senior hires in its collateralized debt obligation group.Eileen Murphy, formerly of Moody's Investors Service, joined Chase as a managing director of the CDO group....
Goldman Upgrades Equity Office, Lowers Spieker Properties
June 13, 2000 (NewsTraders.com) – Equity Office Properties (NYSE:EOP) was upgraded to the "recommended list" investment category with a new $35 price target today by Goldman Sachs, according to a market source.Goldman, which previously rated the Chicago-based REIT...
Prison Realty Gets Waiver of Default Under Credit Facility
June 13, 2000 NASHVILLE, Tenn. – Prison Realty Trust (NYSE:PZN) has received a waiver of defaults under its $1 billion senior secured credit facility.A group of lenders led by an affiliate of Lehman Brothers has also amended the...
Canada Regional Digest (6/13/00): Call-Net to sell Toronto property for C$85.4 million
June 13, 2000 Call-Net to sell Toronto property for C$85.4 millionThe Financial Post, June 13 TORONTO – Call-Net Enterprises Inc. will sell its Toronto office park development for 85.4 million Canada dollars (US$58 million) to Bentall Corp. and...
CalSTRS Names CalPERS’ Mike DiRe Director of Real Estate
June 13, 2000 SACRAMENTO, Calif. – The California State Teachers' Retirement System has named Mike DiRe as director of real estate. DiRe is currently portfolio manager at California Public Employees' Retirement System, where he is responsible for the...
$195 Mln Bank of America Tower Securitization Hits Market
June 13, 2000 As expected, Goldman Sachs and Chase Manhattan Bank have launched a $195 million commercial mortgage-backed securities deal that will finance the Bank of America tower in Seattle.The issue, Columbia Center Trust, is comprised of five...
London Office Portfolio Trades
June 13, 2000 Prudential Assurance, the largest life insurer in the United Kingdom, has paid 248 million pounds ($375 million) for a portfolio of four office buildings in the City of London.The portfolio was purchased from Wates City...
WP Carey Buys Buildings for $29.1 Mln, Leases Them to Applied Power
June 13, 2000 NEW YORK – W.P. Carey & Co. has paid $29.1 million for five industrial properties owned by Applied Power Inc., which will lease them under a 17-year bond-type net lease.The properties are in Robbinsville, N.J.,...
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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.
