RECENT NEWS
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...
Chicago Investor Takes 50 Percent Stake in Self-Storage Firm
June 15, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorMansur & Co. has acquired a 50 percent stake in United Stor-All Centers LLC, a Blue Bell, Pa.,-based developer and operator of self-storage facilities.United Stor-All plans to...
Lend Lease Launches $600 Mln Fund to Invest in Troubled Asian Loans
June 15, 2000 NEW YORK – Lend Lease Real Estate Investments is putting together a $600 million investment fund that will acquire distressed loans in foreign markets, primarily Asia.The pension-fund adviser is planning to invest up to $50...
Forest City Sells Tucson Retail Center for $24 Mln
June 15, 2000 CLEVELAND – Forest City Enterprises Inc. (NYSE:FCEA) has recovered $24 million from the sale of Tucson Place, a 276,000-square-foot retail center in Tucson, Ariz.Forest City had developed the property in 1989. Its anchors include Wal-Mart,...
FINAL PRICING: “Triple Crown” PNC Mortgage Acceptance Corp., 2000- C1
June 15, 2000 PNC Mortgage Acceptance Corp., 2000-C1ClassAmount ($mln)Sub. Level (%)Rating Moody'sRating FitchAvg. LifePrice Talk (bp)BenchmarkA-1150.923.5AaaAAA5.7+331-mo LiborA-2463.123.5AaaAAA9.1+421-mo LiborB34.119.25Aa2AA9.7+591-mo LiborC34.115.00A2A9.7+751-mo LiborD10.013.75A3A-9.7+831-mo LiborE26.110.50Baa2BBB9.8+25010-yr TreasF12.09.0Baa3--9.8+27510-yr TreasX802.5NA----+400--10-yr Treas
Post Apartment Sells $150 Mln of Medium-Term Notes
June 15, 2000ATLANTA – Post Apartment Homes LP (NYSE:PPS) has sold $150 million of 8.125 percent unsecured notes under its medium-term note program.The bonds were rated triple-B-plus by Standard & Poor's and Baa1 by Moody's. Merrill Lynch, Bear...
Canada Regional Digest (6/15/00): Ottawa developer to build office tower
June 15, 2000 Developer to build $60 Mln office towerThe Ottawa Citizen, June 15OTTAWA – Sakto Corp., an Ottawa developer, plans to build a 60 million Canada dollar (US$40.7 million), 16-story office tower and complex bordering the Queensway....
Chelsea GCA Files for $900 Mln of Debt, Equity
June 15, 2000 ROSELAND, N.J. – Chelsea GCA Realty Inc. (NYSE:CCG) has filed a shelf registration for up to $600 million of debt that would be issued by its operating partnership, Chelsea GCA Realty Partnership LP.In addition, the...
Miami Land Nears Sale, Large Apartment Complex Planned
June 15, 2000 By Paul Gereffi, Commercial Real Estate Direct CorrespondentMIAMI – With the sale of a 4.2-acre parcel just north of the Omni International Mall/Wyndam Hotel area close to completion, there's talk that the site will be...
Southeast Regional Digest (6/15/00): Atlanta’s office market on the rise
June 15, 2000 Office market could outpace last year'sThe Atlanta Journal-Constitution, June 15ATLANTA – Atlanta's office market may top last year's level of 4.8 million square feet of net absorption. The metro area absorbed 2.3 million sf of...
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...
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,...
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...
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.,...
Fortress Ups Offer for Capstead Shares to $9 From $8
June 13, 2000 NEW YORK – Fortress Investment Fund LLC has increased its offer for Capstead Mortgage Corp. (NYSE:CMO) common stock to $9/share from $8/share.As previously reported, Fortress had offered to buy up to 5 million shares of...
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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.
