RECENT NEWS
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.,...
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...
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...
Merrill Lifts Crescent RE to I-T ‘Accumulate’ From ‘Neutral’
June 12, 2000 (NewsTraders.com) – Following a conversation with Crescent Real Estate Equities Co. (NYSE:CEI) management team that highlighted several pieces of incremental information that should positively impact the REIT's funds from operations, Merrill Lynch analyst Eric Hemel...
Kennedy-Wilson Bolsters West Coast Sales Staff
June 12, 2000 LOS ANGELES – Clifford Smith, vice president of commercial loan and disposition at ING Barings Bank, has joined Kennedy-Wilson Inc. (Nasdaq:KWIC) as senior vice president of its west-coast investment sales group.Smith will be charged with...
PRICE TALK: $886.2 Mln DLJ Conduit
June 12, 2000 Go To S&P Presale Report.Go To Fitch Presale Report.DLJ Commercial Mortgage Corp., Series 2000-CF1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePricetalk(BP)BnchMarkA-1A96.125.25AAAAAA5+30 area1-mo. LiborA-1B566.425.25AAAAAA10+41 area1-mo. LiborA-244.320.25AAAA10+55 area1-mo. LiborA-337.716AA10+70 area1-mo. LiborB-13111BBBBBB10+240 areaTreas.B-211.19.75BBB-BBB-10+275 areaTreas.S*886.2--AAAAAA--+350**Treas.* Notional amount and interest-only** At 100 percent CPR.Classes B-3 through...
Roberts Realty Investors Chairman/CEO Bought 35,722 Shares
June 12, 2000 (NewsTraders.com) – Charles Roberts, the chairman, chief executive and president of Roberts Realty Investors (AMEX:RPI), purchased 35,722 common shares of the REIT in May.From May 2 through May 22, Roberts purchased shares of the Atlanta-based...
Southeast Regional Digest (6/12/00): Investors plan $155 million hotel complex
June 12, 2000 Investors plan $155 million hotel complexOrlando Business Journal, June 12 ORLANDO, Fla. – A group of investors, lead by Homi Gazdar, plan to build a 1.2 million-square-foot hotel complex near the Orange County Convention Center....
Investors plan $155 Mln hotel complex
June 12, 2000A group of investors, lead by Homi Gazdar, plan to build a $155 million, 1.2 million-square-foot hotel complex near the Orange County (Fla.) Convention Center, the Orlando Business Journal reported today.Commercial Real Estate Direct has summaries...
Grove Property Trust Buys Three Apartment Complexes for $33.5 Mln
June 12, 2000 HARTFORD – Grove Property Trust (AMEX:GVE) has purchased three Massachusetts apartment communities and their respective management rights from Roberts-Amherst Associates for about $33.5 million.The Hartford-based REIT paid $12 million in cash for the 912 units...
Rathke’s Law of Very Tall Buildings Goes Global
June 12, 2000 By Gwynne Dyer, Jakarta PostLONDON – Long bull markets tend to collapse just as a new contender for the world's tallest building is nearing completion, according to Rathke's Law of Very Tall Buildings. The theory...
Host Funding Files $100 Mln Stock Offering
June 12, 2000 Host Funding Inc. (AMEX:HFD), a Dallas-based motel REIT, has registered a stock offering of up to $50 million in common stock and $50 in preferred.The offering, detailed in a Form S-1 registration statement filed with...
Ethan Penner Named to Board of Internet Investment Bank
June 12, 2000 SAN FRANCISCO – OffRoad Capital has named Ethan Penner to its board of directors. Offroad is an Internet-based marketplace where private companies can raise equity from accredited investors. Penner is perhaps best known for the...
Host Funding Files $100 Mln Stock Offering
June 12, 2000 Host Funding Inc. (AMEX:HFD), a Dallas-based motel REIT, has registered a stock offering of up to $50 million in common stock and $50 in preferred.The offering, detailed in a Form S-1 registration statement filed with...
Cushman & Wakefield Develops Plan, Key Appointments in Offing
June 12, 2000 Cushman & Wakefield has drawn up a long-term strategic plan that it says will result in "several key appointments" in the coming months.Among those appointments is believed to be Tom Falus, president of the firm's...
First Union Real Estate Invests in Office Suite Company
June 12, 2000 NEW YORK – First Union Real Estate Investments (NYSE:FUR) has made a $10 million investment in convertible preferred shares of HQ Global Workplaces, which was formed by the combination of HQ Global Workplaces and Vantas.HQ...
Tom Falus Steps Aside as President of C&W’s New York Region, Bruce Mosler to be Named President of B
June 12, 2000Tom Falus, president of Cushman & Wakefield's New York regional operation, is moving over to a unit that handles the giant brokerage firm's Internet activities.Falus is not being replaced, according to Crain's New York. Instead, Bruce...
First Spec Building in Philly in 8 Years Nearly Full
June 12, 2000 PHILADELPHIA – The first speculative office building to go up in Philadelphia in eight years is now 90 percent leased.The 140,000-square-foot building at 3701 Market Street is one of five that University City Science Center,...
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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.
