RECENT NEWS
IKEA Selects Tejon Ranch for 1.8 Mln-sf Distribution Facility
May 2, 2000TEJON RANCH, Calif. – Tejon Ranch Co. (NYSE: TRC), one of the largest contiguous land owners in California, has reached an agreement with IKEA for the sale of an 80-acre site on which IKEA will build...
Fitch Puts Commercial Capital Ratings on Evolving Alert
May 2, 2000 NEW YORK – Fitch IBCA has placed all rated classes in Commercial Capital Access One's commercial mortgage bonds series 2 and 3 on "rating alert evolving."Fitch IBCA does not rate the class E, F, or...
PricewaterhouseCoopers Signs Lease at Renovated Chicago Landmark
May 2, 2000CHICAGO – PricewaterhouseCoopers-BPO Solutions LLC has signed a lease for 19,920 square feet at 175 W. Jackson as the renovation of the 1.4 million-sf structure, formerly the Insurance Exchange Building, nears completion.Although terms of the lease...
Shurgard To Public Storage: ‘No Interest In Selling’
May 2, 2000 (NewsTraders.com) -- Public Storage (NYSE:PSA), which made an overture in mid-April to acquire Shurgard Storage Centers (NYSE:SHU), appears to have received the cold shoulder from its smaller rival.In an amended Schedule 13D filing this morning,...
Boeing Unveils 200-Acre Business Complex in Kent Valley
May 2, 2000 KENT, Wash. – Boeing Realty Corporation (NYSE:BA) unveiled a 200-acre business park plan called "Pacific Gateway Business Park," located next to the Boeing Space Center.The redevelopment of surplus land project calls for more than 2...
Fitch Nears Completion of Merger With Duff
May 2, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterFitch IBCA's acquisition of Duff & Phelps is all but done, according to sources at both firms. But those sources swear there's been no official name...
Hersha Hospitality Acquires Four Hotel Properties; Forms Alliance With Seller
May 2, 2000 HARRISBURG, Pa. – Hersha Hospitality Trust (AMEX: HT) has acquired four hotel properties located in the metropolitan Atlanta market from Noble Investment Group Ltd., while simultaneously entering into sale-leaseback agreements with Noble for the four...
Balanced Care Buys Properties It Manages for Nationwide Health
May 2, 2000 MECHANICSBURG, Pa. – Balanced Care Corp. (Amex:BAL) has agreed to buy 10 special purpose entities that lease Outlook Pointe assisted living facilities from Nationwide Health Properties Inc.The properties were developed and managed by Balanced Care...
A.G. Edwards Trims Franchise Finance To Accumulate From Buy
May 2, 2000 (NewsTraders.com) -- Franchise Finance Corp. of America (NYSE:FFA) had its rating from A.G. Edwards & Sons analyst Ann Melnick scaled back to "accumulate" from "buy," based on the weaker-than-expected performance of one of the company's...
Southeast Regional Digest
May 2, 2000 Dot-coms to be sought for 10th Street buildingAtlanta Journal-Constitution, May 1ATLANTA – Griffin Co. has contracted to buy the nine-story, 161,000-square-foot Georgia Baptist Health Care System building and plans to convert it to high-tech loft...
Bank of New York Leads $140 Mln Mortgage on 120 Broadway
May 2, 2000 NEW YORK – A syndicate of 12 banks led by Bank of New York provided $140 million of first mortgage financing to a group led by Silverstein Properties Inc. for its purchase of 120 Broadway...
CareMatrix/Chancellor to Sell Facilities
May 1, 2000 NEEDHAM, Mass. – CareMatrix Corp. (Nasdaq:CMDCE) and certain affiliates of Chancellor Senior Housing Group Inc. have agreed to sell up to 14 of their assisted living facilities for about $226 million.The purchase price consists of...
Summit Properties Files to Sell $250 Mln of Med.-Term Notes
May 1, 2000 An affiliate of Summit Properties Inc. (NYSE:SMT) has filed to raise up to $250 million through the sale of medium-term notes.The REIT's operating partnership, Summit Properties Partnership LP, will sell the securities through an underwriting...
Pan Pacific Buys Calif. Shopping Center for $11.9 Mln
May 1, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorPan Pacific Retail Properties has paid $11.85 million for Weigand Plaza I, a neighborhood shopping center in Encinitas, Calif., not far from the firm's north San Diego...
Malan Wants SEC to Act on Kensington’s Accusations
May 1, 2000 By Orest Mandzy, Commercial Real Estate Direct Managing EditorMalan Realty Investors (NYSE:MAL) has lobbed another shot in the ongoing written volley with Kensington Investment Group by refuting critical statements and asking the SEC to take...
LA’s Office, Industrial Markets Tighten Outside of Downtown
May 1, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorOffice and industrial buildings in Los Angeles County saw rents climb and vacancies fall during the first quarter, according to a just-released report by Cushman & Wakefield.Overall...
FINAL PRICING: First Union-Merrill Lynch $783.09 Mln Conduit
May 1, 2000Go To Fitch IBCA Pre-Sale Report.Go To S&P Pre-Sale Report.First Union National Bank Commercial Mortgage Trust, 2000-C1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePriced (BP)BnchMarkA-19625.75AAAAAA5.6+28LiborA-2485.525.75AAAAAA10+43LiborB39.220.75AAAA10+58LiborC35.216.25AA10+70LiborD11.714.75A-A-10+80LiborE25.511.5BBBBBB10+240Treas.F-11.710BBB-BBB-10+285Treas.X*783.09N/AAAArAAA10+400*Treas.* Interest-only, at 100 percent CPR.
FINAL PRICING: $430 Mln Four Times Square Trust
May 1, 2000 Go To Moody's Pre-Sale Report.Go To S&P Pre-Sale Report.Four Times Square Trust, Series 2000-4TSClassAmount($mln)RatingS&PRatingMoody'sAvg.LifePriced (BP)BnchMarkA-147AAAAaa5.6+30LiborA-2233AAAAaa9.9+43LiborB46AAAa210+53LiborC68AA210+63LiborD36BBBBaa210PresoldLiborX*430AAArAaaN/AN/ALibor* Interest-only strip.
FelCor Raises $145 Mln of Debt from MassMutual, Teachers
May 1, 2000 IRVING, Texas – FelCor Lodging Trust Inc. (NYSE:FCH) has received a $145 million first mortgage from David L. Babson & Co. and Teachers Insurance.Babson is affiliated with MassMutual.The 10-year mortgage, which amortizes over 25 years,...
Southeast Regional Digest
May 1, 2000 Spring Hill may give way to new towerAtlanta Business Chronicle, May 1 ATLANTA – According to real estate sources, the 3.2-acre Spring Hill property at 10th and Spring streets is being marketed for sale by...
Canada Regional Digest
May 1, 2000 Brookfield sells stake in Boston office propertiesFinancial Post, May 1 TORONTO – Brookfield Properties Corp. sold a 49 percent interest in two Boston landmark properties to raise US$169 million, which will be used to repurchase...
Charlesbank Buys Stake in Detroit-Area Office Complex
May 1, 2000BOSTON – Charlesbank Capital Partners LLC has agreed to acquire the majority interest in the Galleria Officentre, a 1.1 million-square-foot office complex in Southfield, Mich. Forbes-Cohen/Nemer Associates sold its interest to the Boston-based private investment firm...
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...
First Union Provides $42 Mln of Financing for Arkansas Mall
April 28, 2000 NEW YORK – First Union National Bank has provided $42 million of mortgage financing for the Park Plaza Mall in Little Rock, Ark.The Park Plaza is a 548,000-square-foot shopping center that is fully leased and...
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