RECENT NEWS
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,...
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...
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...
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...
$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...
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....
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....
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...
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,...
FINAL PRICING: SASCO $990.2 Mln Floater
June 12, 2000 SASCO Floating-Rate Commercial Mortgage Trust 2000-C2ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sPriced(BP)BnchMarkA443.155.25AAAAaa+23LiborB32.252AA+Aaa+30LiborC54.546.5AAAa2+38LiborD24.844AA-Aa2+45LiborE27.241.25A+Aa3+57LiborF42.137AA2+75LiborG29.734A-A3+90LiborH24.831.5BBB+Baa1+150LiborJ34.728BBBBaa2+160LiborK32.224.75BBB-Baa3+215Libor
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...
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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.
