RECENT NEWS
Southeast Regional Digest (6/7/00): Boca Raton close to $45 Mln land deal
June 7, 2000 City close to $45 Mln land dealThe Boca Raton News, June 7 BOCA RATON, Fla. – City officials are close to purchasing 315 acres of undeveloped land in the former Blue Lake Corporate Center, from...
Group Offers Georgia Warehouse Net Leased to Cargill
June 7, 2000 A Georgia investment group has put a net-leased industrial property in Newnan, Ga., up for sale.The 110,000-square-foot building sits on a 12.3-acre lot and is leased for the next 20 years to Cargill, which carries...
CMSA Elects Annemarie DiCola President
June 7, 2000 NEW YORK – Annemarie G. DiCola, vice president and general counsel of Trepp LLC, will be named president of the Commercial Mortgage Securities Association at the group's annual convention tomorrow.DiCola has been an active member...
Long Beach, Calif., Shopping Center Sells for $12.8 Mln
June 7, 2000 LOS ANGELES – Barclays Realty & Management has paid $12.8 million for the Long Beach Promenade, a 79,100-square-foot neighborhood shopping center in East Long Beach, Calif.The property was purchased from Rubin Pachulski Properties of Los...
Thomas Berkenkamp Joins Credit Lyonnais’ Real Estate Unit
June 7, 2000 NEW YORK – Thomas A. Berkenkamp, a former executive vice president of Emmes Capital LLC, has joined Credit Lyonnais Americas as a director in its real estate finance group.Berkenkamp will be responsible for syndicating large...
Redevelopment of Philadelphia Building Into Hotel Begins
June 7, 2000 PHILADELPHIA – Granite Penn Square LLC has begun construction of a $50 million Residence Inn by Marriott at One East Penn Square – marking the final stage of renovations of the Penn Square buildings surrounding...
ProLogis Leases 300,000 sf Warehouse in Louisville, Ky.
June 6, 2000 LOUISVILLE, Ky. – Exel PLC has agreed to lease a 300,000-square-foot distribution facility at the Riverport Distribution Center III.Riverport is being developed by ProLogis (NYSE:PLD).The 5-year lease marks the twelfth lease between Exel and ProLogis....
Duke-Weeks 1st-Qtr FFO $0.59/shr vs $0.51/shr
June 6, 2000 1st-Qtr 001st-Qtr 99FFO $89.6 mln$53.1 mln FFO/shr (diluted) $0.59 $0.51 Net Income $48.9 mln $27.4 mln Net/shr$0.39 $0.32 Revenue$188.8 mln $114.3 mln Shares outst.152.8 mln 103.2 mln
Olympus Forms Venture With Carlson Hotels
June 6, 2000 SCOTTSDALE, Ariz. – Olympus Hospitality Group and Carlson Hotels Worldwide have formed an alliance, Radisson-Olympus Capital Partners, that will buy hotels and convert them to Radisson or Regent brands.In addition, the two have formed Park...
Mack-Cali to Sell New Jersey Offices for $82.7 Million
June 6, 2000 CRANFORD, N.J – Mack-Cali Realty Corporation (NYSE:CLI) has agreed to sell Kemble Plaza II, a 475,100-square-foot office building in Morris Township, N.J., for $82.7 million, or $174/sf.The property is part of Kemble Plaza, a two-building...
Associated Commercial Provides $7.6 Mln Loan for Minnesota Hotel
June 6, 2000ST. PAUL, Minn. – The owner of the Holiday Inn RiverCentre has secured a $7.6 million construction loan through Associated Commercial Mortgage of Wisconsin.The owner, 175 Fort LLC, plans to launch a renovation project this week...
GMAC Provides $102.5 Mln Financing for 6 NJ Apartment Complexes
June 6, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has provided a total of $102.5 million of permanent financing to partnerships that are believed to be led by New York investor Ruben Schron.The financing package is comprised...
Nomura Exec Joins Siemens Real Estate as President and CEO
June 6, 2000 NEW YORK – Robert Mawhirt, former managing director at Nomura Securities International Inc., has been hired by Siemens Real Estate Inc. as president and chief executive officer.While at Nomura, Mawhirt was responsible for all corporate...
FINAL PRICING: $729.4 Mln Salomon Bros. Conduit
June 6, 2000 Salomon Brothers Mortgage Securities VII Inc., Series 2000-C1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePriced(BP)BnchMarkA-1133.725.5AaaAAA5.7+130.5 (L+30)Treas.A-2409.725.5AaaAAA9.14+159.1 (L+42)Treas.B36.520.5Aa2AA9.5+173.9Treas.C3116.25A2A9.5+189Treas.D10.914.75A3A-9.5+199Treas.E9.113.5Baa1BBB+9.5+240Treas.F14.611.5Baa2BBB9.6+250Treas.G10.910Baa3BBB-9.6+285Treas.X729.4N/AAaaAAAN/A+345*Treas.* Interest-only strip, at 100 percent constant prepayment rate. Go To S&P's Presale Report.Go To Moody's Presale Report.
Cushman & Wakefield Names Donnelly Exec VP
June 6, 2000 Robert J. Donnelly has been named executive vice president of Cushman & Wakefield of New Jersey Inc., making him only the third executive at the firm to hold the title.Donnelly, a 21-year veteran of the...
Southeast Regional Digest (6/6/00): DeKalb mall draws big box neighbor
June 6, 2000 DeKalb mall draws big box neighborThe Atlanta Journal-Constitution, June 6DEKALB, Ga. – North American Properties plans to build a 486,000-square-foot retail center on 47 acres on Turner Hill Road. Stonecrest Marketplace, with up to 10...
BPMT Forms Another Investment Venture With AMLI
June 6, 2000 CHICAGO – BPMT (Stichting Bedrijfspensioenfonds voor de Metaal en Technische Bedrijfstakken), a leading European pension fund, has formed a venture with AMLI Residential (NYSE:AMLI) that aims to buy $260 million of apartment properties. The venture...
W.P. Carey Appoints New Executive Director
June 6, 2000 NEW YORK – Private real estate investment banking firm W. P. Carey & Co. has named W. Sean Sovak as executive director. In a statement, the firm said that, as a member of W. P....
Bridger Commercial Funding Closes $300 Mln in Loans
June 6, 2000 SAN FRANCISCO – Bridger Commercial Funding, a lending partner to U.S. commercial banks via the Internet, has funded $300 million in new fixed-rate loans, most under its STAR Loan program, a fixed-rate commercial mortgage offered...
Japanese Bank Maps Out Loan Forgiveness
June 6, 2000Associated PressTOKYO (Kyodo) – The government-backed Deposit Insurance Corp. (DIC) has mapped out four conditions for accepting requests from debtors to forgive claims on loans after the transfer of the former Long-Term Credit Bank of Japan...
Winter Properties Plans Revitalization of Atlanta Area
June 6, 2000 ATLANTA – Winter Properties Inc. plans to construct a 150,000-square-foot office building above an 817-space parking deck as part of a plan to revitalize about five city blocks in the Means Streets area of downtown...
Japan In the 21st Century: A New Sun Rising? Commentary by Michael Linsk
June 5, 2000 The following is reprinted from the Spring 2000 edition of Global Real Estate Now, a publication of PricewaterhouseCoopers.As we enter into the 21st Century, the Japanese economy is suffering from an unprecedented economic downturn that...
Prime Property Sells Washington Offices to Blackstone for $58 Mln
June 5, 2000 Prime Property Fund has sold 1525 Wilson Boulevard in Arlington, Va., to Blackstone Real Estate Advisors for $58 million, or nearly $194/sf.The 299,400-square-foot property was built in 1987 and is 94 percent leased to, among...
Solly Conduit Triple-A’s Price
June 5, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterThe current $729.4 million commercial mortgage-backed securities deal from Salomon Smith Barney and Greenwich Capital is expected to price sometime today.Traders this morning say that the...
Cohen & Steers Raises $25 Mln of Equity for Internet Fund
June 5, 2000 NEW YORK – Cohen & Steers Capital Management Inc. said it has closed Internet Realty Partners LP to new investors.The venture capital fund, which raised $25 million of equity, will make investments in real estate-related...
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