RECENT NEWS
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...
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...
Canada Regional Digest
April 26, 2000 Brookfield Properties aims to raise profile The National Post, April 26 TORONTO – Executives from Brookfield Properties Corp. assured shareholders that it will make a stronger effort to market the firm to U.S. investors in...
PRICE TALK: $430 Mln Four Times Square Trust
April 26, 2000 Go To Moody's Pre-Sale Report.Go To S&P Pre-Sale Report.Four Times Square Trust, Series 2000-4TS*ClassAmount($mln)RatingS&PRatingMoody'sAvg.LifeTalk(BP)BnchMarkA-147AAAAaa5.6+30LiborA-2233AAAAaa10+42LiborB46AAAa210+52LiborC68AA210+62LiborD36BBBBaa210PresoldLiborX**430AAArAaaN/AN/ALibor* Not verified by underwriters.** Interest-only strip.
MGI Moves Forward With Liquidation, Sells Illinois Shopping Center
April 25, 2000 MGI Properties (NYSE:MGI) has recovered $22.6 million from the sale of an Aurora, Ill., shopping center. The 362,000-square-foot shopping center was sold to M&J Wilkow Properties Inc. The sale, which was detailed in a Form...
Boddie-Noell Changes Name to BNP Residential Properties
April 25, 2000 CHARLOTTE, N.C. – Boddie-Noell Properties Inc. (Amex:BNP) has changed its name to BNP Residential Properties Inc.The REIT made the change to better reflect its business operations. When it was founded in 1987, the firm owned...
PRICE GUIDANCE: First Union-Merrill Lynch $783.09 Mln Conduit
April 25, 2000 Go To Fitch IBCA Pre-Sale Report.Go To S&P Pre-Sale Report.First Union National Bank Commercial Mortgage Trust, 2000-C1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifeGuidance(BP)BnchMarkA-19625.75AAAAAA5.6L+24-26Int. Swap*A-2485.525.75AAAAAA10L+38-40Int. SwapB39.220.75AAAA10L+50-55Int. SwapC35.216.25AA10L+62-70Int. SwapD11.714.75A-A-10L+72-75Int. SwapE25.511.5BBBBBB10+240 areaTreas.F-11.710BBB-BBB-10+285 areaTreas.X**783.09N/AAAArAAA10+400Treas.* Guidance was issued against the interpolated swap spread in classes...
Southeast Regional Digest
April 25, 2000 After years of trouble, Terremark sells Grove headquartersThe Miami Herald, April 25COCONUT GROVE, Fla.– Terremark Centre has been sold for $58.8 million. which calculates to $200 per square foot, a record price for commercial Miami...
Canada Regional Digest
April 25, 2000Scaled down convention proposal exploredThe Ottawa Citizen, April 25 OTTAWA – Planners are developing a cheaper, less controversial proposal for expanding convention facilities at the Rideau Centre, scrapping plans to bury part of Colonel By Drive...
Asset Investors, Commercial Assets Prep Shareholders for Merger
April 25, 2000 Asset Investors Corp. (NYSE:AIC) and Commercial Assets Inc. (AMEX:CAX), which have agreed to merge, have filed a joint proxy statement with the SEC.A majority of shareholders from both companies must approve the plan for Commercial...
PhatPipe to Make Landlords into Retail Middlemen
April 24, 2000 LOS ANGELES – PhatPipe.com Inc. has launched an online service that gives property owners access to a variety of discounted services.The Carlsbad, Calif., firm aggregates technology products and services such as broadband access to the...
CB Richard Ellis Buys White Plains Offices for About $75 Mln
April 24, 2000CB Richard Ellis Investors is buying One North Lexington Ave. in White Plains, N.Y., on behalf of a separate account client.The pension fund adviser did not disclose a purchase price, but the 525,000-square-foot building is believed...
Southeast Regional Digest
April 24, 2000 Triangle landlords offer creative leases to tech start-upsThe Charlotte Observer, April 24CHARLOTTE, N.C. – To bring in new technology companies, Triangle landlords are shortening lease lengths, easing up on security deposits and even considering accepting...
Southcentral Regional Digest
April 24, 2000 Texas job picture still glowsDallas Morning News, April 24 DALLAS – Texas added 45,000 jobs last month and recorded its lowest Marchunemployment rate in twenty years. The statewide unemployment rate was unchanged from March 1999....
Investor takes 6.6% Stake in Glenborough Realty Trust
April 24, 2000Joseph G. Beard, through entities he controls, has taken a 6.6 percent stake in Glenborough Realty Trust Inc. (NYSE:GLB).The Dallas investor detailed his 2 million-shares interest in the REIT in a Form SC 13D/A that was...
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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.
