RECENT NEWS
Southeast Regional Digest
October 18, 1999Germantown Office Park lures tenantsMemphis Business Journal, Oct. 18MEMPHIS, Tenn. – Memphis-based Eagle Systems Technology Inc., First Tennessee Bank and three medical practices have committed to a new $30 million office park development by Memphis-based Loeb...
Canada Regional Digest
October 18, 1999 Old Port warehouse to get $80-Mln faceliftMontreal Gazette, October 16MONTREAL – Montreal's Old Port area is set to undergo an $80 million transformation with the conversion of a long-vacant cold-storage warehouse into a luxury hotel-condominium...
Kennedy-Wilson & Hanover Financial Launch $200 Mln Joint Venture
October 18, 1999BEVERLY HILLS, Calif. – Kennedy-Wilson Inc. (NASDAQ:KWIC) and a unit of Marcus & Millichap of Los Angeles have formed an investment fund that will buy and reposition up to $200 million of Southern California multi-family properties.Marcus...
NAIOP, Deloitte & Touche Report: Northeast Tops in Industrial
October 18, 1999 ATLANTA – Deloitte & Touche and the National Association of Office and Industrial Properties (NAIOP) report that the Northeast region has maintained the highest rents in the nation for industrial space, according to the two...
$42 Mln in Financing for Luxury Condos at 838 Fifth
October 18, 1999By Lisa Finnegan, VertiNews.com CorrespondentNEW YORK -- 838 Associates LLC has received $42 million in financing, or more than $750 per square foot, to build luxury condominiums at the former site of the Union of American...
FelCor and Starwood Pay $52.9 Mln for Tysons Corner, Va., Sheraton
October 18, 1999IRVING, Texas – FelCor Lodging Trust Inc. (NYSE: FCH) and Starwood Hotels & Resorts (NYSE: HOT) have partnered to buy the 437-room Sheraton Premier Hotel in Tysons Corner, Va.The team paid $52.9 million for the property....
CB Richard Ellis Gets Leasing Job for Calif. Retail Property
October 18, 1999 LOS ANGELES – CB Richard Ellis (NYSE:CBG) has been named leasing and marketing agent for Harbor Center, a $55 million development project in Costa Mesa, Calif.The 330,000-square-foot property is anchored by Home Depot, Lucky, Rite...
GMAC Provides $17 Mln Mortgage for Arizona Apartment Complex
October 18, 1999 HORSHAM, Pa. – GMAC Commercial Mortgage has arranged $17 million in financing for a Scottsdale, Ariz., apartment complex.Sonoran Vista Apartments LLC received a 7.85 percent acquisition loan with a 30-year amortization for the Sonoran Vista...
Lend Lease Venture Buys Conn. Offices for $121/sf
October 18, 1999NORWALK, Conn. – Lend Lease Real Estate Investments Inc. has formed a joint venture with Mountain Development Corp. to buy 535 Connecticut Avenue in Norwalk, Conn., for $20.2 million, or $121/sf.The 166,600-square-foot building was purchased from...
AMLI Residential Sells Three Complexes for $49.8 Mln
October 18, 1999 CHICAGO – AMLI Residential (NYSE:AML) has completed the sale of three apartment complexes for a total price of $49.8 million. The properties sold are: AMLI at Park Sheridan, a 253-unit apartment community in Chicago, AMLI...
MGI Properties Files 10-Q
October 18, 1999 MGI Properties (NYSE:MGI) has filed Form 10-Q with the SEC.
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...
Spectrum Finances $37.6 Mln For TJX HQ
October 15, 1999 FRAMINGHAM, Mass. – Spectrum Financial Corp. has arranged $37.6 million in mortgage financing for apparel and home furnishings firm TJX Companies, on behalf of an affiliate of Campanelli Companies. The TJX headquarters site is comprised...
Canada Regional Digest
October 15, 1999 At least three bidders reported in race for ShoppersThe National Post, October 15MONTREAL – Shoppers Drug Mart Ltd. is close to being sold, with at least three bidders in the final running. Jean Coutu Group...
Southeast Regional Digest
October 15, 1999 Treadways Corp. launches $16 Mln distribution centerMemphis Business Journal, October 15MEMPHIS, Tenn. – Treadways Corp., a private-brand tire maker, is planning a 450,000-sf new distribution center in Southaven, just south of Memphis.Click Here to View...
Colonial Properties Trust To Develop Birmingham Center
October 15, 1999 BIRMINGHAM, Ala. – Colonial Properties Trust (NYSE: CLP) has commenced development of the new Colonial Promenade Tutwiler Farms in the expanding Birmingham retail market. The center will be a 516,000-square-foot community facility with six anchor...
Meditrust Quarterly Dividend at $0.46 Per Share
October 15, 1999 NEEDHAM, Mass. – Meditrust Corp. (NYSE: MT) announced today a quarterly dividend of $0.46 cents per share to shareholders of record on October 29, 1999. This is the fourth dividend payment from the real estate...
Merger means expansion in N.J., plant closings in Pa., Mo.
October 15, 1999 (AP) – The merger of drug makers Rhone-Poulenc Rorer (RPR) and Hoechst Marion Roussel of Germany will result in the expansion of operations in Bridgewater N.J. and the closing of facilities in Collegeville, Pa. and...
AMB Property Corp. Files 8-K Detailing 1999 Acquisitions
October 15, 1999 AMB Property Corp. (NYSE:AMB) has filed a Form 8-K with the SEC detailing its purchase of 112 industrial buildings containing 6.2 million rentable sf. since January. The company said it spent $377 million on the...
Ryan Cos. US Sells 1 Mln-SF Retail Portfolio to Inland RE Corp.
October 15, 1999 MINNEAPOLIS – Ryan Companies US Inc. has sold 1 million square feet of retail space for $120 million to Inland Real Estate Corporation. It is the third transaction the two companies have worked on within...
Final Pricing: CMAT Commercial Mortgage Pass-Through Certificates, Series 1999-C2
October 15, 1999 Commercial Mortgage Asset Trust, Commercial Mortgage Pass-Through Certificates, Series 1999-C2ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchRatingS&PAvg.LifeSpread(BP)BnchMarkA-1127.028.5AaaAAAAAA5.73+133Treas.A-2322.828.5AaaAAAAAA9.2+154Treas.A-3108.728.5AaaAAAAAA11.5+171Treas.B39.023.5Aa2AAAA13.4+200Treas.C39.018.5A2AA13.6+230Treas.D11.717A3A-A-13.9+250Treas.E29.313.25Baa2BBBBBB14.1+325Treas.F15.611.25Baa3BBB-BBB-14.2+425Treas.
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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.
