RECENT NEWS
Cornerstone Buys San Francisco-Area Development, Sells Small Building
December 14, 1999 NEW YORK – Cornerstone Properties (NYSE:CPP) paid a private investment partnership $36 million for Parkside Towers, a fully entitled development project in Foster City, Calif.At the same time the REIT sold Belmont Shores, a 142,000-square-foot...
MuniMae Structures $14.6-Mln Tax-Exempt Bond Financing
December 14, 1999 BALTIMORE – Municipal Mortgage & Equity LLC (NYSE:MMA) has structured $14.2 million of tax-exempt mortgage revenue bonds for the property known as Meridian at Bridgewater, an assisted-living facility in Bridgewater, N.J.The 30-year bonds, issued by...
Wellington Properties Files 14A Proxy
December 14, 1999 Wellington Properties Trust (NYSE: RPP) has filed a Form DEF 14A (Definitive Proxy Statement) with the SEC.
AMB’s Chairman to Retire, REIT Rejiggers Executive Suite
December 14, 1999 SAN FRANCISCO – T. Robert Burke, chairman and a founder of AMB Property Corp. (NYSE:AMB) will retire at the end of the year. His retirement was one of several executive changes announced by the REIT...
Stephen B. Hansen Joins Clarion Partners as Director
December 14, 1999NEW YORK – Stephen B. Hansen, former senior vice president with Boston Financial, has joined Clarion Partners as a director responsible for portfolio management and investment activities.Clarion, a pension-fund adviser, manages some $8 billion of real...
Allied Capital Sells Maryland Office Building for $22 Mln
December 14, 1999 NORTHBROOK, Ill. – Allied Capital Corp. (NASDAQ:ALLC) has sold a 160,000-square-foot office building in Columbia, Md., for $22 million, or $138/sf.The building, which serves as Amerix Corp.'s headquarters, was purchased by Corporate Property Associates 14...
Capital Group, Capital Guardian Increase Their Stakes in Indymac
December 13, 1999 Capital Group International and Capital Guardian Trust Co. have filed a Form SC 13G with the SEC detailing their holdings in Indymac Mortgage Holdings Inc. (NYSE:NDE). Capital Group holds 7.83 million shares, or 10.2 percent,...
Equity One Sells Texas Shopping Center, Buys One in Florida
December 13, 1999 NORTH MIAMI BEACH, Fla. – Equity One Inc. (NYSE:EQY) has completed a tax-deferred exchange of a shopping center in Texas for one in Jacksonville, Fla.The REIT sold Four Corners Shopping Center in Tomball, Texas, for...
Wallace R. Weitz Takes 24% Stake in Redwood
December 13, 1999 Wallace R. Weitz & Co. has filed a Form SC 13G/A with the SEC that relates to Weitz's acquisition of 2.1 million common shares in Redwood Trust Inc. (NYSE:RWT).
PRICE TALK: First Union National Bank, Commercial Mortage Trust, Series 1999-C4
December 13, 1999First Union National Bank, Commercial Mortage Trust, Series 1999-C4ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifePricetalk(BP, Treas.)PriceTalk(BP, Libor)A-120626.25AAAAAA5.4+98-100+28-30A-1447.326.25AAAAAA9.7+118-120+37-39.B through F*144--AA to BBB-AA to BBB---Not offered--G33.26.25BB+NR**10.8----H11.15BBNR11.6----X885.8--AAArAAA9N/A**N/A* Classes B through F, rated AA to BBB-, were pre-purchased and therefore not available.** Not...
Weingarten Recovers $59 Mln from Sale of Stake in Texas Portfolio
December 13, 1999 HOUSTON – Weingarten Realty Investors (NYSE:WRI) has sold, for $59 million, an 80 percent stake in a 2 million-square-foot portfolio of industrial properties in the Houston area.The portfolio also included 131 acres of unimproved land...
Millennium Raises $307 Mln of Construction Financing
December 13, 1999 NEW YORK – Millennium Partners has secured a $307-million construction loan from a consortium of banking institutions for the development of its mixed-use development at Millennium Place in Boston. The banking institutions providing the loan...
Southeast Regional Digest
December 13, 1999 Palm Beach Gardens sale could set new recordSouth Florida Business Journal, December13PALM BEACH GARDENS, Fla. – Lost Tree Village Corp. has reportedly signed a contract to buy the year-old PGA Financial Plaza in Palm Beach...
Canada Digest
December 13, 1999 B.C. funds grab CIBC propertiesThe Globe and Mail, December 11 TORONTO – In what some observers say is the largest real estate sale in the country's history, the British Columbia government's investment arm scooped up...
Starwood Hotels to Redevelop Historic South Beach Hotel
December 13, 1999 WHITE PLAINS, N.Y. – Starwood Hotels & Resorts Worldwide (NYSE:HOT) has formed a venture with Ritz Plaza Hotel Associates, the owner of the Ritz Plaza Hotel in Miami's South Beach area, to renovate and redevelop...
New York Tops List of “Best Places to Invest” by Foreigners
December 13, 1999 WASHINGTON – New York City has been named the best place in which to invest by foreign real estate investors.For the first time ever, New York topped such U.S. cities as Washington, which came in...
CV REIT, Kranzco To Merge
December 13, 1999 CONSHOHOCKEN, Pa. – CV Reit Inc. (NYSE:CVI) and Kranzco Realty Trust (NYSE:KRT) have agreed to merge. The resulting company will be called Kramont Realty Trust.Under the agreement, each Kranzco and CV REIT share will be...
Kimco Buys Hechinger Locations for $57 Mln
December 13, 1999 NEW HYDE PARK, N.Y. – Kimco Realty Corp. (NYSE:KIM) paid $57 million for eight stores that were rented to Hechinger Stores under a master lease agreement.The REIT acquired the fee position of seven stores and...
Kilroy Plans to Buy Up to 11% of its Stock
December 13, 1999 LOS ANGELES – Kilroy Realty Corp. (NYSE:KRC) is launching a share repurchase program for up to three million of the company's common shares.The potential repurchase equals about 11 percent of the company's outstanding shares. The...
Prime Retail Raises $42.5 Mln of Debt to Refinance Shopping Center
December 10, 1999 BALTIMORE – Prime Retail Inc. (NYSE:PRT) has raised $42.5 million of debt to refinance the existing mortgage on Prime Outlets at Williamsburg, Va.The REIT received an initial funding of $32.5 million and a commitment for...
Sawyer Enterprises, Loews Hotels to Build Boston Hotel
December 10, 1999 NEW YORK – Loews Hotels has signed a letter of intent to build a 432-unit hotel in Boston with Sawyer Enterprises.The 28-story Loews Boston will be built on the corner of Tremont and Stuart streets...
Thailand Property Market Shows Improvement
December 10, 1999 By By Nina Suebsukcharoen, VertiNews.com CorrespondentBANGKOK, Thailand – Thailand's property market has finally turned the corner after being walloped by the economic downturn that swept the region in 1997.One sign of the broad-based recovery is...
Bovis Gets Lend Lease Name
December 10, 1999 NEW YORK – Bovis Lend Lease is the new name of the construction and project management company created by Lend Lease Corp.'s acquisition of the Bovis Group. Go to Previous Story in the VertiNews.com ArchiveBovis...
Morgan Stanley, Goldman, Lone Star, Deutsche Buy Korean Loans
December 10, 1999 By B.J. Lee, VertiNews.com CorrespondentSEOUL, South Korea – Korea Asset Management Corp. (KAMCO) has sold $897 million of nonperforming loans to four foreign investor groups: Morgan Stanley, Goldman Sachs, Lone Star Korea and a venture...
Turner Plans $90-Mln HQ Expansion
December 10, 1999 Associated PressATLANTA – Turner Broadcasting is planning a $90-million expansion of its entertainment headquarters in an effort to accommodate growth and lure more talent to Atlanta. Construction of two new office buildings will begin early...
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