RECENT NEWS
Southeast Regional Digest (5/30/00): Talcot to sell Cornerstone Tower
May 30, 2000 Talcot to sell Cornerstone TowerSouth Florida Business Journal, May 30 PLANTATION, Fla. – Talcot Realty has hired Cushman & Wakefield to find a buyer for the eight-story Cornerstone tower and its accompanying acreage. Talcott is...
PRICE TALK: $729.4 Mln Salomon Bros. Conduit
May 30, 2000Go To S&P's Presale Report.Go To Moody's Presale Report.Salomon Brothers Mortgage Securities VII Inc., Series 2000-C1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePriceTalk(BP)BnchMarkA-1133.725.5AaaAAA5.7+28-301-mo. LiborA-2409.725.5AaaAAA9.14+40-421-mo. LiborB36.520.5Aa2AA9.5+55-581-mo. LiborC3116.25A2A9.5+67-701-mo. LiborD10.914.75A3A-9.5+77-801-mo. LiborE9.113.5Baa1BBB+9.5+240 areaTreas.F14.611.5Baa2BBB9.6+250 areaTreas.G10.910Baa3BBB-9.6+290 areaTreas.X729.4N/AAaaAAAN/A+350* areaTreas.
Dissident Yung Group Increases Lodgian Stake To 14.9%
May 30, 2000 (NewsTraders.com) -- An investment group led by Edgecliff Holdings President William Yung is gearing up for its next move in its ongoing proxy battle with Lodgian (LOD), having revealed that it has increased its stake...
Mack-Cali Buys Westchester Complex for $42.7 Mln
May 30, 2000 CRANFORD, NJ – Mack-Cali Corp. (NYSE:CLI) has paid $42.7 million, or $125.22/sf, for Taxter Corporate Park in Elmsford, N.Y.The complex is comprised of two buildings, 555 Taxter Road and 565 Taxter Road, which combined have...
Invesco, Advance Form Venture, Plan $500 Mln of Buys
May 30, 2000 The Advance Group Inc., a Bedminster, N.J., investment firm, has raised $200 million of equity from Invesco Realty Advisors that it expects to leverage into $500 million of acquisitions.The two firms have formed a joint...
Goldman Sachs Upgrades Starwood Hotels
May 30, 2000 (NewsTraders.com) – Goldman Sachs has upgraded Starwood Hotels & Resorts Worldwide (NYSE: HOT) today to "market outperformer" from "market perform," according to a market source.Shares of the White Plains, N.Y.-based lodging company have climbed in...
Freddie Mac Writes First Credit Line, Provides Smith $300 Mln
May 30, 2000 ARLINGTON, Va. – Freddie Mac has provided Charles E. Smith Residential Realty Inc. (NYSE:SRW) a $300 million secured line of credit – the first time it has ever extended a revolving credit line.The 10-year facility...
Southeast Regional Digest (5/26/00): Industrial park location a boon to firms dependent on airport
May 26, 2000 Industry news: Industrial park location a boon to firms dependent on airportThe Charlotte Observer, May 26CHARLOTTE, N.C. – Childress Klein Properties plans to develop a 23-acre industrial park totaling 280,000 square feet next to the...
Cornerstone Pays $135 Mln for Minneapolis Offices
May 26, 2000 NEW YORK – Cornerstone Properties Inc. (NYSE:CPP) has paid $135 million, or $145/sf, for the U.S. Bancorp Center in Minneapolis.The 30-story property was purchased from Ryan Cos. U.S. Inc., which developed it. In April 1998,...
Canada Regional Digest (5/26/00): Caisse real-estate arm to buy rest of Cambridge Cambridge Shopping
May 26, 2000 Caisse real-estate arm to buy rest of Cambridge Cambridge Shopping CentresThe Montreal Gazette, May 26MONTREAL – Ivanhoe Inc., the real-estate arm of the Caisse de Depot et Placement du Quebec, offered yesterday to buy all...
Mazzei, Schechner Shift Out of Commercial Real Estate
May 26, 2000 Mike Mazzei of Lehman Brothers and Sheridan "Shecky" Schechner of Goldman Sachs are moving out of the commercial mortgage business.According to Commercial Mortgage Alert, an industry newsletter, Mazzei, who was co-head of Lehman's real estate...
Developer to Buy Washington’s MCI Headquarters
May 26, 2000 Associated PressWASHINGTON – Eastbanc Inc., a Washington developer, is said to have agreed to purchase the 192,000-square-foot MCI headquarters building at 1801 Pennsylvania Ave.People familiar with Eastbanc's plan say it will purcahse two old buildings...
Firm Eyes Former Brewery in Upstate NY
May 26, 2000 Associated PressFULTON, N.Y. – Coolidge Properties of Little Falls, N.Y., plans to buy the former Miller brewery in a Syracuse, N.Y., suburb from the Miller Brewing Co. According to Coolidge officials, the sale could close...
Grubb & Ellis Gets Presence in Wichita
May 26, 2000 NORTHBROOK, Ill. – The Martens Cos., a Wichita, Kan., commercial brokerage firm, has formed an affiliation with Grubb & Ellis Co. (NYSE: GBE)The affiliation gives Grubb & Ellis an instant presence in the Wichita market...
Horizon Group Kills Sale of Outlet Centers
May 26, 2000 CHICAGO – Horizon Properties, Inc. (Nasdaq: HGPI) has terminated its agreement to sell seven shopping centers to Triple Net LLC.As previously reported, Triple Net, a Santa Ana, Calif., property manager, had agreed to pay $93.5...
General Growth Raises $170.6 Mln From Preferred Issue
May 26, 2000 CHICAGO – General Growth Properties (NYSE:GGP) has raised $170.6 million by privately placing $175 million of preferred stock from its operating partnership with an institutional investor.The 8.95 percent cumulative redeemable preferred units can be called...
GMAC Funds Purchase, Revamp of Long Island Offices
May 25, 2000 GMAC Commercial Mortgage Corp. has provided a total of $31.7 million of equity and acquisition financing to a venture between Parr Organization and Pitcairn Properties Inc. for its purchase of 201 Old Country Road in...
Fitch IBCA Gives ‘BBB’ Rating to Home Properties
May 25, 2000 NEW YORK – Fitch IBCA has assigned an initial corporate credit rating of triple-B to Home Properties of New York Inc. (NYSE: HME). Fitch also gave a triple-B rating to Home's $125 million of convertible...
Southeast Regional Digest: Hollywood approves apartment complex for downtown
May 25, 2000 Hollywood approves apartment complex for downtownThe Sun-Sentinel, May 25HOLLYWOOD, Fla. – JPI Florida developers will build a 232-unit luxury apartment complex near Van Buren Street at Young Circle. The monthly rent for each of the...
CalPERS Exec Joins AMB Property Management Team
May 25, 2000 SAN FRANCISCO – Guy F. Jaquier is leaving his position as senior investment officer for real estate at the California Public Employees' Retirement System to join AMB Property Corp. (NYSE:AMB) as executive vice president and...
Cousins Signs Leases at San Francisco Building
May 25, 2000Cousins Properties Inc. (NYSE:CUZ) has leased an additional 100,586 square feet of space at One Second Street, a San Francisco office building it is developing with Myers Bay Area Co. LLCThe 374,000-sf office tower's occupancy now...
Bofa, Bank One Lead $300 Mln Credit Line for Prentiss
May 25, 2000 DALLAS – A lending syndicate led by Bank of America has renewed a $300 million unsecured line of credit to Prentiss Properties Trust (NYSE:PP).The three-year facility's initial interest rate is pegged to Libor plus 137.5...
Mack-Cali Fills Harborside, Signs Other Leases
May 25, 2000Mack-Cali Realty Corp (NYSE:CLI) has leased an additional 66,177 square-feet at Harborside Financial Center in Jersey City, N.J. to DLJdirect.With the additional space, DLJ occupies 270,177 sf at Harborside, which is now 100 percent leased. Though,...
Cushman & Wakefield’s N.J. Office Promotes David Bernhaut, Others
May 24, 2000 Cushman & Wakefield of New Jersey Inc. has promoted several executives, starting with David W. Bernhaut, who was named executive director of the unit's financial services group.Bernhaut, who was promoted from senior director, most recently...
Southeast Regional Digest: Office park pitches quicker commute
May 24, 2000 Office park pitches quicker commuteThe Charlotte Observer, May 24CHARLOTTE, N.C – Beacon Partners is completing its first 100,000-square-foot building and preparing to start a second 130,000-sf building at the 80-acre Harris Corners Corporate Park. One...
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