RECENT NEWS
Koll Development Buys Land for California Office Development
September 22, 1999 DUBLIN, Calif. – Koll Development Co. together with the National Electrical Benefit Fund (NEBF), has purchased 20 acres along the I-580 corridor in Dublin from the Alameda County Surplus Property Authority for an undisclosed sum.The...
Southeast Regional Digest
September 22, 1999Butler Square pegged for area on SouthsideFlorida Times-Union, September 22JACKSONVILLE, Fla. –The A.C. Skinner family has agreed to sell 31.8 acres along Gate Parkway, northeast of Butler and Southside boulevards, to CBL Associates for a project...
Essex Property Sells Former HQ in Palo Alto for $404/sf
September 22, 1999 PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE:ESS) has sold its former headquarters building at 777 California Avenue in Palo Alto for $18.4 million, or $404/sf, giving it a gain of $4.7 million.Essex moved...
Wasserstein Perella Signs 180,000 sf Lease at 1301 Ave. of Americas
September 22, 1999 NEW YORK – Wasserstein Perella Group Inc. has signed a 16-year lease to occupy 180,000 square feet at 1301 Avenue of the Americas, a Midtown Manhattan office building owned by a group led by Tishman...
W. P. Carey Pays $55.2 Mln for Four AmeriServe Distribution Facilities
September 21, 1999NEW YORK – W. P. Carey & Co. Inc. paid $55.2 million for four food distribution facilities that it purchased from AmeriServe Food Distribution Inc. The four properties, which are either being renovated or constructed, were...
Bentley Forbes Buys, Leases Back Maryland Building
September 21, 1999 LOS ANGELES – The Bentley Forbes Group LLC has paid $5.4 million for the 52,682-sf worldwide headquarters building of GSE Systems Inc., a technology company in Columbia, Md.As part of the deal, GSE Systems signed...
RioCan Sets $0.09/Shr Div
September 21, 1999 TORONTO – RioCan Real Estate Investment Trust (Toronto Stock Exchange:REI.UN) declared an 8.75 cents/unit dividend payable Oct. 7 to unitholders of record on Sept. 30. RioCan's monthly distribution now equals $1.05 on an annualized basis,...
Lehman Takes $907 Mln Fusion Deal On Road Show
September 21, 1999 By Thomas J. Walsh, VertiNews.com Senior WriterLehman Brothers has started marketing a $907.5 million commercial mortgage-backed securities transaction.Investors said that the investment bank was meeting with individual investors this week and expected price talk by...
Essex Property Sets $0.55/Shr Div
September 21, 1999 PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE:ESS) declared a 55 cents/share dividend payable Oct. 15 to shareholders of record as of Sept. 30.On an annualized basis the dividend represents a distribution of $2.20...
Taubman Invests in Swerdlow, Forms Venture for Dolphin Mall
September 21, 1999 MIAMI – Taubman Centers Inc. (NYSE:TCO) and Swerdlow Real Estate Group have partnered to develop Dolphin Mall, a 1.4 million square foot regional mall in Miami.As part of the agreement, Taubman has invested $10 million...
Tarragon Realty Investors Sets $0.11/Shr Div
September 21, 1999 NEW YORK – Tarragon Realty Investors Inc. (NASDAQ:TARR) declared a 10.5 cents/share dividend payable Nov. 15 to shareholders of record as of Nov. 1.Tarragon also said it will repurchase another 500,000 common shares. Since Jan....
WRIT Pays $12.7 Mln for Maryland Apartments
September 21, 1999 ROCKVILLE, Md. – Washington Real Estate Investment Trust (NYSE:WRE) has purchased Avondale Apartments in Laurel, Md., for $12.7 million.The 11 story building contains 237 units and is 95% leased. Avondale, purchased at an average price...
Southeast Regional Digest
September 21, 1999 Citrus land value up slightlyTampa Tribune, September 21TAMPA – Florida's land values rose slightly last year for the first time since 1990, but values still remain dramatically less than they were a decade ago. Orange...
Provident Bank Buys Capstone Realty
September 21, 1999 CINCINNATI – Provident Bank has acquired Capstone Realty Advisors, a Cleveland mortgage broker that specializes in placing commercial mortgages with life insurers.Provident, a unit of Provident Financial Group Inc. (NASDAQ: PFGI), is a regional bank...
Treasury Bond Prices Down at Midday
September 21, 1999 By The Associated PressNEW YORK (AP) – The price of the Treasury's main 30-year bond was down 11/32 point, or $3.43 ? per $1,000 in face value, around midday, while its yield rose 2 basis...
Canadian Digest
September 21, 1999 Sears Canada bags Eaton'sThe Globe and Mail, September 21TORONTO – The Sears logo will grace up to 13 Eaton's stores as part of a deal that will see the once-venerable T. Eaton Co. Ltd. carved...
JP Morgan Fund Provides $200 Mln of Debt for Houston Center
September 21, 1999 HOUSTON – A commingled pension fund managed by J.P. Morgan Investment Management Inc. has provided $200 million of fixed-rate financing to Crescent Real Estate Equities Co. (NYSE:CEI) for 3 million square feet of space in...
PPG Builds Distribution Center at Lima, Ohio
September 21, 1999By The Associated PressPITTSBURGH – The automotive refinish coatings business unit of PPG Industries (NYSE: PPG) is starting construction this month of a $6.1 million, 252,000-sf distribution center near Lima in northwestern Ohio. The center, slated...
Mission West Properties Sees 51% Rent Growth
September 20, 1999 CUPERTINO, Calif. – Mission West Properties Inc. (AMEX:MSW) has renewed or re-leased about 243,000 square feet of space this quarter at rents that were 51 percent higher than before. The new lease rates, which replace...
Deutsche Lends $85 Mln to Capital Automotive
September 20, 1999MCLEAN, Va. – Capital Automotive (NASDAQ: CARS) has received $85 million of 15-year secured notes from an affiliate of Deutsche Banc Alex. Brown.The notes carry a fixed rate of 8.05 percent and were priced at 222...
Cornell Professor Joins PKF Consulting
September 20, 1999NEW YORK – John B. (Jack) Corgel has joined PKF Consulting as managing director of applied research for the firm's newest division, The Hospitality Research Group. Corgel spent the last nine years as a faculty member...
Southeast Regional Digest
September 20, 1999Equitable building for sale againAtlanta Business Chronicle, September 20ATLANTA, Ga. – The landmark Equitable Building, owned by a fund between Jones Lang LaSalle Inc. and Nippon Landic Co., is for sale again. The asking price is...
Private Treasury Bonds Down at Midday
September 20, 1999 By The Associated PressNEW YORK (AP) – The price of the Treasury's 30-year bond was down 5/16 points, or $3.12 1/2 per $1,000 in face value, around midday, while its yield rose 3 basis points...
Winston Hotels Sets Third Quarter Dividends
September 20, 1999RALEIGH, N.C. – Winston Hotels Inc., (NYSE: WXH), declared a 28 cents/share dividend on its common shares payable Oct. 18 to shareholders of record on Sept. 30.In addition, the Board also declared a 57.8 cents/share dividend...
Dynex Delays Declaration of Third Quarter Div
September 20, 1999GLEN ALLEN, Va. – Dynex Capital Inc. (NYSE:DX) has announced it will delay its declaration of its third quarter dividend to its preferred shareholders.The decision to postpone dividend announcements is a result of the recent downgrade...
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