RECENT NEWS
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 $52.9 million for the property....
Final Pricing: CMAT Commercial Mortgage Pass-Through Certificates, Series 1999-C2
October 15, 1999 Commercial Mortgage Asset Trust, Commercial Mortgage Pass-Through Certificates, Series 1999-C2ClassAmount($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.
Disney Real Estate Chief Quits
October 15, 1999 LOS ANGELES (AP) – Kenneth Wong, head of Walt Disney's Imagineering division, is leaving the company to pursue "independent" opportunities. Glendale-based Walt Disney Imagineering is, among other things, the arm of the Walt Disney Co....
Opportunity Lender Adds $20Mln to Available Lending Capital
October 15, 1999 PHOENIX – New Mexico and Arizona Land Company (Amex:NZ), also operating under the name of NZ/Bridge Financial, has secured a $20 million revolving line of credit with a large non-bank institutional lender. The financing brings...
New Plan Excel Realty Trust Launches Share Repurchase Plan
October 15, 1999 NEW YORK – New Plan Excel Realty Trust, Inc. (NYSE: NXL) intends to repurchase up to $75 million of the company's outstanding common shares through periodic open market transactions, or through privately negotiated transactions. New...
Kennedy-Wilson Sells Seven-Story Tokyo Building
October 15, 1999 NEW YORK – Kennedy-Wilson Inc. (NASDAQ:KWIC) has brokered the sale of a Central Tokyo office building for a price of more than 1.6 billion yen ($15.5 million) or $300/square foot.Built in 1991, the 60,000-sf, seven-story...
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...
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...
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