RECENT NEWS
Triple Crown’ CMBS Deal in Play; DLJ Term Sheet Out
June 1, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterAs reported earlier this week, the long-awaited $802.5 million commercial mortgage-backed securities deal from Midland Loan Services, CIBC World Markets and Residential Funding Corp., is about...
Canada Regional Digest (6/1/00): Developer tips hand of ORC board
June 1, 2000 Developer tips hand of ORC boardThe Globe and Mail, June 1TORONTO – Joseph Chetti is getting ready to close another deal, with the Ontario Realty Crop., for a large vacant lot on the northeast corner...
MuniMae Arranges $18 Mln of Tax-Free Mortgages
June 1, 2000 BALTIMORE – Municipal Mortgage & Equity LLC (NYSE:MMA) has arranged $18 million of tax-exempt mortgage revenue bonds to finance the purchase of three Texas apartment communities.MuniMae's Midland Cos. unit structured $13 million in financing for...
Kodak sells Rochester, N.Y., Manufacturing Complex
June 1, 2000 Associated PressROCHESTER, N.Y. – Cohen Asset Management Inc. has contracted to buy Eastman Kodak Co.'s giant Elmgrove industrial hub, the Rochester Democrat and Chronicle reported today.Kodak said the sale price for the 770-acre, 17-building plant...
CBL & Associates Sells Five Shopping Centers for $13.1 Mln
June 1, 2000 CHATTANOOGA, Tenn. – CBL & Associates Properties Inc. (NYSE:CBL) sold a Home Quarters Warehouse store and four shopping centers for a combined $13.1 million.CBL sold the 134,920-square-foot Home Quarters Warehouse in South Portland, Maine, to...
Military Bases May Get Millions in Federal Aid For Housing, Renovation
June 1, 2000 From wire service reportsA House of Representatives spending bill includes $800 million in military infrastructure aid that was not included in President Clinton's annual budget address.Much of that money would go toward military housing and...
Duke-Weeks Leases Space to Energizer, Starts Work on $88 Mln of Developments
June 1, 2000 INDIANAPOLIS, Ind. – Duke-Weeks Realty Corporation (NYSE: DRE) has pre-leased to Energizer Holdings Inc. an entire 125,000-square-foot building and 34 percent of a 126,000 sf facility at its Maryville Centre Office Park in St. Louis,...
More Firms Get Elevator News
June 1, 2000 NEW YORK – Eight additional real estate companies, representing more than 150 million square feet of office space in the United States, have signed agreements to have Elevator News Network install its news and information...
Jack Shaffer Leaves Sonnenblick, Forms Investment Firm
June 1, 2000 Jack Shaffer, a former Sonnenblick-Goldman executive, has formed a real estate investment company that plans to raise an opportunistic fund.Few details could be learned about the fund and Shaffer's firm, except that it has already...
CalPERS Venture Buys Land Developer for $223 Mln
June 1, 2000 SAN DIEGO – A venture led by the California Public Employees' Retirement System has agreed to pay $223 million for Genstar Land Co., a unit of British American Tobacco PLC that owns 27 development projects...
Southeast Regional Digest (5/31/00): Coral Gables gets a whopper of a blow
May 31, 2000 Coral Gables gets a whopper of a blowThe Wall Street Journal, May 31CORAL GABLES, Fla. – Just after receiving city approval for a new headquarters here, Burger King pulled out of a deal to take...
Boeing Offers Land in Bellevue, Wash.
May 31, 2000 BELLEVUE, Wash. – Boeing is planning to offer 28 acres of land in the Bellevue Business Park at Southeast Eastgate Way and 160th Avenue SE as part of its ongoing effort to sell real estate...
Tom Senkbeil Leaves Duke-Weeks, Named President of Carter & Assoc.
May 31, 2000 INDIANAPOLIS – Tom Senkbeil, executive vice president and chief investment officer of Duke-Weeks Realty Corp. (NYSE:DRE) has resigned to take on the post of president and chief operating officer of Carter & Associates, an Atlanta...
S&P Upgrades 3 Classes from 1995 Credit Suisse First Boston CMBS Deal
May 31, 2000 NEW YORK – Standard & Poor's has raised the ratings of three classes of CS First Boston Mortgage Securities Corp., 1995-WF1. The action stems from the higher credit support that resulted from loan payoffs.The rating...
BRT Takes 9.2 Percent Stake in Entertainment Properties, Seeks Bigger Piece
May 31, 2000 BRT Realty Trust (NYSE:BRT) and its affiliates have accumulated a 9.2 percent interest in Entertainment Properties Trust (NYSE:EPR.)In a Schedule 13D filing with the SEC, BRT said it and several senior executives had purchased 1.4...
First Union Real Estate’s Preferred Rating Withdrawn
May 31, 2000 NEW YORK – Duff & Phelps Credit Rating Co. has withdrawn its single-B-plus rating for First Union Real Estate Investments' (NYSE:FUR) $33.7 million convertible preferred stock.The rating was withdrawn because the REIT is not expected...
Petroleum Realty Provides $19.2 Mln of Debt for Gas Stations
May 31, 2000 MIAMI – Petroleum Realty Investment Partners LP has provided $19.2 million of financing to USA Grocers, a Boca Raton, Fla., company that purchased six gas station/convenience stores in the Boca Raton area.The properties were purchased...
Developers Diversified Places $105 Mln of Preferred
May 31, 2000 CLEVELAND – Developers Diversified Realty Corp. (NYSE:DDR) has placed $105 million of perpetual preferred shares issued by its operating partnership with an institutional investor.The preferred pays a 9 percent coupon. It is callable after five...
Redbricks.com Picks Up Costs Involved in Securing Loans
May 31, 2000 BETHESDA, Md. – Redbricks.com is offering free appraisal, engineering and environmental reports to those visitors to its site who actually close a mortgage.The promotion is part of an effort by the seven-month-old lending site to...
Canada Regional Digest (5/31/00): Marconi joins Kanata building boom
May 31, 2000 Marconi joins Kanata building boomThe Ottawa Citizen, May 31 OTTAWA – Marconi Plc., a British telecommunication gear company, plans to build a three-building, 160,000-square-foot complex in Kanata. The firm's decision follows the announcement by Nokia...
Goldman Sachs Upgrades Starwood Hotels
May 30, 2000 (NewsTraders.com) -- Starwood Hotels & Resorts Worldwide (NYSE:HOT) was upgraded today to "market outperformer" from "market perform" by Goldman Sachs, according to a market source.Shares of the White Plains, N.Y.-based lodging company closed Friday higher...
Regency Realty Completes $70 Mln Offering
May 30, 2000JACKSONVILLE, Fla. – Regency Realty Corp.'s (NYSE:REG) operating partnership has privately placed $70 million of preferred stock with an institutional investor.The equity was raised through the sale of 700,000 Preferred Series E Units in Regency Centers...
Prime Retail’s CFO, Robert Mulreaney, Resigns
May 30, 2000 BALTIMORE – Robert P. Mulreaney has resigned as executive vice president, chief financial officer and treasurer of Prime Retail Inc. (NYSE:PRT) Prime, in an announcement of Mulreaney's resignation, said he planned to pursue "other personal...
AmeriVest Buys Denver Comcast Building for $6 Mln, Secures Tenant
May 30, 2000 DENVER – AmeriVest Properties Inc. (AMEX:AMV) has acquired an office building at 9085 E. Mineral Circle in Panorama Office Park from Comcast Corp. for $5.9 million, or about $95 per square foot.Comcast will continue to...
Ocwen Study: Real Estate Slowdown Coming
May 30, 2000 A recently published study by Ocwen Financial Corp. (NYSE:OCN) has found that the commercial real estate market could finally be showing signs of slowing down.Ocwen, a West Palm Beach, Fla., company that specializes in buying...
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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.
