RECENT NEWS
Southeast Regional Digest
December 14, 1999 REIT to focus on Orlando holdingsOrlando Sentinel, December 14ORLANDO, Fla. – Highwoods Properties is closing next week on the sale of 21 properties in Orlando and Tampa for $165.3 million. But the REIT is moving...
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.
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...
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...
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 $57 million for eight stores that were rented to Hechinger Stores under a master lease agreement.The REIT acquired the fee position of seven stores and...
Kilroy Plans to Buy Up to 11% of its Stock
December 13, 1999 LOS ANGELES – Kilroy Realty Corp. (NYSE:KRC) is launching a share repurchase program for up to three million of the company's common shares.The potential repurchase equals about 11 percent of the company's outstanding shares. The...
Capital Group, Capital Guardian Increase Their Stakes in Indymac
December 13, 1999 Capital Group International and Capital Guardian Trust Co. have filed a Form SC 13G with the SEC detailing their holdings in Indymac Mortgage Holdings Inc. (NYSE:NDE). Capital Group holds 7.83 million shares, or 10.2 percent,...
Equity One Sells Texas Shopping Center, Buys One in Florida
December 13, 1999 NORTH MIAMI BEACH, Fla. – Equity One Inc. (NYSE:EQY) has completed a tax-deferred exchange of a shopping center in Texas for one in Jacksonville, Fla.The REIT sold Four Corners Shopping Center in Tomball, Texas, for...
Wallace R. Weitz Takes 24% Stake in Redwood
December 13, 1999 Wallace R. Weitz & Co. has filed a Form SC 13G/A with the SEC that relates to Weitz's acquisition of 2.1 million common shares in Redwood Trust Inc. (NYSE:RWT).
PRICE TALK: First Union National Bank, Commercial Mortage Trust, Series 1999-C4
December 13, 1999First Union National Bank, Commercial Mortage Trust, Series 1999-C4ClassAmount($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...
DLJ Real Estate Takes 16% of Anthracite Capital
December 10, 1999 DLJ Real Estate Capital Partners has filed Form 13D with the SEC. The filing details its acquisition of a 16.3 percent interest in Anthracite Capital Inc. (NYSE:AHR) through the purchase of convertible preferred securities.In addition,...
Southeast Regional Digest
December 10, 1999 CNL plans offices in east OrlandoOrlando Sentinel, December 10ORLANDO, Fla. – CNL Corporate Properties Inc. will build at least half-a-million square feet of offices on 48 acres in east Orlando. Phase I of the development...
Banyan Strategic Sells Florida Office Building for $160/sf
December 10, 1999 CHICAGO – Banyan Strategic Realty Trust (NASDAQ:BSRTS) has agreed to sell the Sarasota Commerce Center in Sarasota, Fla., for $13 million, or $160/sf.The buyer is a private investor.Banyan had acquired the 81,250-square-foot building in 1994...
Mass Mutual Buys San Francisco Offices for $268/sf
December 10, 1999 NEW YORK – Massachusetts Mutual Life Insurance Co. has paid $62 million, or $268/sf, for 201 Spear Street Terrace, an 18-story office building in San Francisco.The property was purchased from Lend Lease Real Estate Investments,...
Wellsford Venture Leases NJ Building in $34.4 Mln Deal
December 10, 1999 CHATHAM, N.J. – Wellsford/Whitehall Group LLC, a venture between Wellsford Real Properties Inc. (AMEX:WRP) and Goldman Sachs' Whitehall Street Real Estate Fund, has leased an office building it owns in Northern New Jersey to Compaq...
Fortress Investment Ups Stake in Impac
December 10, 1999 Fortress Investment Corp. has hiked its stake in Impac Commercial Holdings Inc. (AMEX:ICH) with the purchase of 702,400 shares on the open market since November 17. Details are outlined in the Form SC 13D/A filed...
LaSalle Investment Raises Capital for European Investment Fund
December 10, 1999 LONDON – LaSalle Investment Management has raised 100 million euros ($100 million) for its Euro 5 Property Fund, an investment vehicle that will buy properties in the recovering real estate markets of France, Italy, Spain,...
CIBC Sells Seven Office Buildings to B.C. Pension Fund
December 10, 1999 Associated PressTORONTO (Canadian Press) – CIBC has sold its Commerce Court headquarters building and six other office buildings around the country to the British Columbia government employee pension fund. Financial details of the sale, announced...
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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.
