RECENT NEWS
Kimco Sets Class A Preferred Stock Dividend
October 15, 1999NEW HYDE PARK, N.Y. – Kimco Realty Corporation (NYSE:KIM) has declared a 48 cents per share dividend on its Class A Preferred Stock (NYSE:KIMprA) payable Nov. 15 to shareholders of record on Nov. 1.Kimco, a real...
Equity Office Sets 4th Qtr Dividend
October 15, 1999CHICAGO – Equity Office Properties Trust (NYSE:EOP) has declared a 66 cents per share fourth quarter dividend for its 5.25-percent Series B preferred shares payable Nov. 15 to shareholders of record on Nov. 1.Equity Office Properties...
Jumer’s Castle Lodge Inc. Files for Bankruptcy
October 15, 1999 PEORIA, Illinois (AP) – The Illinois-based Jumer's Castle Lodge Inc. is seeking Chapter 11 protection in U.S. Bankruptcy Court. Company officials in Peoria blame capital upgrades at its hotels and weaker than expected revenue growth...
RGI Proposes to Buy Legend Properties
October 15, 1999WOODBRIDGE, Va. – RGI Holdings Inc. has made a run at merging Virginia-based Legend Properties Inc. with its own wholly-based subsidiary based in Norway.Pursuant to the offer, RGI Holdings, which currently holds about 80 percent of...
Ark.-based Retail Chain Seeks Larger Headquarters
October 15, 1999 LITTLE ROCK (AP) – The Dillard's department store chain is in the market for expanded headquarters, but just where remains up in the air. Dillard's Inc. has asked the city to certify a $20 million...
Lyle Darnall Joins Edens & Avant as VP
October 14, 1999 COLUMBIA, S.C. – Edens & Avant, a developer of retail properties, has named Lyle E.T. Darnall vice president.Darnall was most recently senior vice president of real estate and construction for Books-A-Million Inc. In his new...
Carlyle Buys Newly Built Phoenix Office Building
October 14, 1999 NEWPORT BEACH, Calif. – Carlyle Realty paid $22 million for a newly constructed, 140,000-square-foot office building in the Gainey Center, a complex that is being developed in Scottsdale, Ariz.Carlyle bought the building from Opus West...
Sonnenblick-Goldman Arranges Financing For Vegas Condos
October 14, 1999 NEW YORK – Sonnenblick-Goldman Co., acting as the financial advisor to High Rise JV, LLC, has arranged $69 million in construction financing for what will be called Park Towers at Hughes Center in Las Vegas....
MuniMae Provides $28 Mln For Merrill Portfolio
October 14, 1999 BALTIMORE – Municipal Mortgage & Equity, LLC (NYSE: MMA), also known as MuniMae, has agreed to provide a $28 million financing package to Merrill Lynch and various affiliates of CapREIT, a private real estate investment...
Casino-related Development Opportunities Surfacing in Detroit
October 14, 1999DETROIT (AP) – Michigan's gaming laws will ensure the impact of Detroit's three casinos spreads beyond their walls, officials said at a meeting of northern U.S. and Canadian gaming industry members. Proposal E, which Michigan voters...
JP Morgan Provides $85.2 Mln Mortgage to Abbey Co.
October 14, 1999 GARDEN GROVE, Calif. – J.P. Morgan & Co. has provided an $85.2 million fixed-rate mortgage to The Abbey Co., which used proceeds to retire a revolving line of credit from JP Morgan and Wellsford Real...
Southeast Regional Digest
October 14, 1999 1999 a "banner year" for office market in BirminghamBirmingham News, October 14BIRMINGHAM, Ala. – Heading into 1999, nearly 700,000 square feet of new office space was to be built in Birmingham, with 80 percent of...
AMLI Residential Credit Facility Upped to $250 Mln
October 14, 1999 CHICAGO – AMLI Residential Properties Trust (NYSE:AML) said its bank lending group has increased its unsecured credit line by $50 million to $250 million.The line, which now matures in October 2002, has an interest rate...
Canadian Regional Digest
October 14, 1999 Premium office space grows scarceMontreal Gazette, October 14MONTREAL – Due in part to a lack of new office construction since the beginning of the decade, Montreal's downtown office vacancy rate has dropped 3 percentage points...
Focal Corporation’s $15 Mln Development Project OK’d
October 14, 1999 ANAHEIM, Calif. – Focal Corporation has received approval from the Kern County (Calif.) Planning Commission for a proposed $15 million mixed-use development project on 80 acres between Los Angeles and Kern Counties.Miracle Lake Park in...
Edens & Avant Acquires Additional Shopping Centers
October 14, 1999 COLUMBIA, S.C. – Edens & Avant, the owner, operator and developer of Necessity Retail Center shopping centers, has acquired five additional shopping centers. The purchase price was not disclosed.The centers are located in Florida, Georgia,...
ElderTrust Appoints McCreary President, CEO, Trustee
October 14, 1999 KENNETT SQUARE, Pa. – ElderTrust (NYSE: ETT), an equity healthcare real estate investment trust headquartered in the suburbs of Philadelphia, has appointed Chief Financial Officer D. Lee McCreary, Jr. to the positions of president and...
BlackAcre Capital Sells Buildings to German Fund, Wall Street Journal Reports
October 13, 1999 Deutsche Gesellschaft fur Immobilienfonds, a German mutual fund, paid BlackAcre Capital Management $148 million, or $252.50/sf, for two Wall Street buildings, according to the Wall Street Journal.BlackAcre, a New York opportunistic investor, had teamed up...
Kennedy-Wilson Buys Japanese Loan Portfolio
October 13, 1999 BEVERLY HILLS – Kennedy-Wilson Inc. (NASDAQ:KWIC) paid less than $25 million, or 10 percent of face value, for a portfolio of Japanese distressed mortgages.Kennedy-Wilson's Tokyo affiliate bought the loan portfolio from a Japanese lender that...
Liberty Property Trust Buys 14 acres in Bucks County, Pa.
October 13, 1999MALVERN, Pa. – Liberty Property Trust (NYSE:LRY) has bought 13.6 acres of land in Keystone Business Park in Bristol Township, Pa.The REIT will develop three flex office buildings totaling 125,000 square feet on the site. Andy...
Mack-Cali to Develop Denver Office Property, Leases Half
October 13, 1999 CRANFORD, N.J. – Mack-Cali Realty Corp. (NYSE:CLI) is planning to build an 183,000-square-foot office property at the Denver Tech Center.URS Greiner Woodward Clyde, a global engineering and applied science organization, has signed a 10-year lease...
Steve Hash Promoted to Head Lehman’s U.S. Equity Research Group
October 13, 1999 Steven R. Hash, one of the best-known real estate analysts in the country, has been appointed head of Lehman Brothers' U.S. Equity Research group.Hash, who has been with Lehman for six years, had been manager...
BRT Realty Trust Files 8-K
October 13, 1999 BRT Realty Trust (NYSE:BRT) has filed Form 8-K with the SEC. The filing has to do with the REIT's termination of an agreement to buy Reliance Bank of Westchester County, N.Y.
AIMCO Names Paul McAuliffe to Added Post of CFO
October 13, 1999 DENVER – Apartment Investment and Management Co. (NYSE:AIV) has added the title of chief financial officer to Paul J. McAuliffe, executive vice president of capital markets. McAuliffe is replacing Troy Butts, who is leaving the...
Pacific Gateway Taps Prudential to Find Buyer, Merger Partner
October 13, 1999 SAN FRANCISCO – Pacific Gateway Properties Inc. (AMEX:PGP) has hired Prudential Securities to help it find a buyer or a merger partner.The company owns and manages 20 office buildings, with 778,000-square-feet, in the San Francisco...
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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.
