RECENT NEWS
Excel Legacy to Sell $110 Mln of Properties
April 28, 2000 SAN DIEGO, Calif. – Excel Legacy Corp. (AMEX:XLG) has identified about $110 million of properties and development projects that it plans to sell by the end of the year.The money generated from these sales will...
Spectrum Astro Buys Phoenix-area Land from Pivotal
April 28, 2000 PHOENIX – Spectrum Astro Inc. bought 80 acres in Pivotal Group's 150-acre Fortune Center for $6.6 million.The Gilbert, Ariz., property will be developed into three buildings totaling 274,000 square feet. It will serve as the...
DLJ Boosts CBL & Associates
April 28, 2000 (NewsTraders.com) -- Donaldson Lufkin & Jenrette has raised CBL & Associates Properties (NYSE:CBL) to "buy" from "market perform" with a $27 price target.The Chattanooga, Tenn.-based real estate investment trust, or REIT, posted first-quarter earnings on...
J.E. Robert Venture to Develop Massive San Diego Complex
April 28, 2000 SAN DIEGO – JER Partners, a real estate investment fund run by J.E. Robert Cos. of McLean, Va., has formed a venture with a California developer to construct a 1.4 million-square-foot mixed-use complex in San...
Prudential Upgrades AvalonBay, Ups SL Green Price Target
April 27, 2000 (NewsTraders.com) – Prudential Securities analyst Lou Taylor upgraded AvalonBay Communities (NYSE:AVB) to "strong buy" from "accumulate" today, citing reduced competition in many of the apartment REIT's markets.Taylor commented that new construction starts have declined, meaning...
Southeast Regional Digest
April 27, 2000 Big Blue to open area headquarters in BocaThe Palm Beach Post, April 27BOCA RATON, Fla. – IBM announced plans Wednesday to open a South Florida headquarters on 13 acres at the Congress Avenue exit off...
Transwestern Moving Ahead With Development in Portland
April 27, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorPORTLAND, Ore. - Transwestern Investment Co. is proceeding with construction of a flex/industrial development despite concerns about an oversupply of commercial office space in Portland's tech-heavy Sunset...
Canada Regional Digest
April 27, 2000 Brookfield sells stake in Boston office propertiesNational Post, April 27 TORONTO – Brookfield Properties Corp. has sold its 49 percent interest in two Boston landmark properties to raise US$169million. Valued at $685 million, the two...
S&P Lowers Outlook for HRPT Properties Trust’s to Negative
April 27, 2000 NEW YORK – Standard & Poor's has lowered its outlook on HRPT Properties Trust (NYSE:HRP) to negative from stable. The revision was prompted by HRPT's interest in Senior Housing Properties Trust (NYSE: SNH), an unrated...
S&P Places 1996 Nomura Securitization on Watch, Negative
April 27, 2000 NEW YORK – The weakening financial condition of Prime Retail Inc. (NYSE:PRT) has prompted Standard & Poor's to put the rating of a commercial mortgage-backed securities deal on its CreditWatch list with negative implications.The rating...
Gap Plans $130 Million Complex In Ohio
April 27, 2000 Associated PressCOLUMBUS, Ohio – The Gap Inc., the San Francisco-based specialty retailer, will build a $130 million office and distribution facility in the Groveport Commerce Center industrial park. The center, one of the largest of...
Criimi Bonds Were Sold to Orix
April 27, 2000 By Orest Mandzy, Commercial Real Estate Direct Managing EditorThe Lehman Brothers affiliate that acquired $140 million of subordinate commercial mortgage-backed securities from Criimi Mae (NYSE:CMM) has sold the bonds to Orix Real Estate Capital Markets....
Strome Group Liquidates 8.6% Stake In Wilshire Real Estate
April 27, 2000 (NewsTraders.com) -- Strome Investment Management and affiliates, which previously sought either the sale or liquidation of Wilshire Real Estate Investment (Nasdaq:WREI), appears to have dropped its activist intentions, instead opting to liquidate its 8.6% stake...
Mark Gordon Promoted to Head of Sonnenblick-Goldman’s Hotel Group
April 27, 2000 NEW YORK – Sonnenblick-Goldman Co. has promoted Mark Gordon to the post of managing director and head of its lodging and leisure group. He has also been made a principal of the investment-banking boutique.Gordon, a...
LA Department Store Takes Space in $20 Mln Lease
April 27, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorLa Curacao, a Los Angeles-area department store that caters to the Hispanic community, is opening its third store and has committed to leasing more than a third...
Finova Says it Has Quit the Conduit Business
April 26, 2000 IRVINE, Calif. – Finova Realty Capital has confirmed that it has quit the conduit business.The unit of Finova Group Inc. (NYSE:FNV) said it repositioned its product offering and would only provide bridge and mezzanine financing...
Firstar Commercial Arranges $51-Mln Loan for Minnesota Offices
April 26, 2000ST. PAUL, Minn. – Firstar Corp. (NYSE:FSR) has arranged a $51-million loan on 380 St. Peter Street, a 436,000-square-foot office building in downtown St. Paul.The loan was provided to Frauenshuh Cos., a developer and property manager...
OnSite Access to Wire Newmark Buildings
April 26, 2000 NEW YORK – OnSite Access Inc. has worked out a deal with Newmark & Co. Real Estate Inc. to provide broadband services to the 31 office buildings in the New York area that it owns...
CB, Jones Lang, Trammell Crow Form E-Commerce Venture
April 26, 2000 CB Richard Ellis (NYSE:CBG), Jones Lang LaSalle Inc. (NYSE:JLL) and Trammell Crow Co. (NYSE:TCC) have formed an alliance to develop Internet-based real estate applications.The three firms will initially focus on developing applications that would streamline...
PRICE TALK: $300 Mln 1211 Avenue of the Americas Trust
April 26, 2000 Go To Fitch IBCA Pre-Sale Report.Go To Moody's Pre-Sale Report.1211 Avenue of the Americas Trust, Series 2000-1211ClassAmount($mln)RatingMoody'sRatingFitchTalk(BP)BnchMarkA141.3AaaAAA+159-161Treas.B46.5Aa2AA+171-173Treas.C40.8A2A+181-183Treas.D43.7Baa2BBB+220-230Treas.E27.7Baa3BBB-+260-270Treas.X*300AaaAAAN/ATreas.* Interest-only strip.
Fleming Examining Future Of 161 Supermarkets
April 26, 2000 Associated PressOKLAHOMA CITY – As part of a plan to get out of the conventional supermarket business, Fleming Cos. has hired Morgan Stanley Dean Witter to help explore options, including the sale of 161 stores....
Ebay Signs Innovative Synthetic Lease for Headquarters
April 26, 2000 SAN JOSE, Calif. – Online auction company eBay Inc. has struck an unusual lease at its San Jose headquarters that gives it financial flexibility and the ability to expand when it needs to.The company struck...
Blackstone Pays $243 Mln for Westin St. Francis Hotel
April 26, 2000 An affiliate of Blackstone Real Estate Advisors has paid $243 million, or $204,000 per unit, for the Westin St. Francis hotel in San Francisco.The 1,192-unit hotel was sold by Starwood Hotels & Resorts (NYSE:HOT), which...
American Mortgage Buys Loan on Carolina Apartments
April 26, 2000 NEW YORK – American Mortgage Acceptance Co. (Amex:AMC) has acquired an FHA-insured mortgage on a Greenville, N.C., apartment community that is being developedIn addition to buying the $9 million mortgage, American Mortgage provided $1.5 million...
Southeast Regional Digest
April 26, 2000 Developer plans loft offices, condos for Old Fourth WardThe Atlanta Journal-Constitution, April 26ATLANTA – B.H.C. Property Group of Gwinnett County plans to build 446 residential condominiums, 45,000 square feet of loft office and 8,450 sf...
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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.
