RECENT NEWS
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...
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...
$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.,...
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...
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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.
