RECENT NEWS
Gentra Pays C$90 Mln for Vancouver-area Mall
September 13, 1999 Gentra Inc. (TORONTO:GTA.TO) has agreed to pay C$90 million for the Sevenoaks Shopping Centre in Abbotsford, British Columbia. The property, near Vancouver, is being purchased from Grosvenor International Canada Ltd.Sevenoaks, a regional mall, contains 556,000...
Guardian Life Signs Lease for 25,000 sf at 60 Broad in NY
September 13, 1999 Guardian Life has signed a 10-year lease for 25,000 square feet at 60 Broad Street, a 1.1 million-sf office building in downtown Manhattan.The building is owned by a venture between Kennedy-Wilson (NASDAQ:KWIC) and Pioneer Holdings,...
Colliers: Class A Office and Industrial Markets Continue to Strengthen Throughout Western U.S.
September 13, 1999 The office and industrial markets in the western U.S. remained healthy throughout the first half of 1999, and is expected to continue past 2000, according to an annual report by Colliers International. Office Market ReviewClass...
Holliday Fenoglio Eyes Additions in New York, Boston
September 13, 1999 Holliday Fenoglio Fowler LP is expected to add high-caliber investment sales professionals in New York and Boston as part of its strategy to become a national player in the investment-sales community.The Dallas unit of Amresco...
Archstone Buys Three Apartment Complexes in Midwest for $72.4 Mln
September 13, 1999 DENVER – Archstone Communities (NYSE:ASN) is buying three apartment complexes in Illinois and Minnesota for $72.4 million.The purchases mark Archstone's entry into the Midwest. The REIT expects to complete another $75 million of Midwestern purchases...
Crown American Cuts Staff Levels and Expenses
September 13, 1999 JOHNSTOWN, Pa. – Crown American Realty Trust (NYSE: CWN) has eliminated 20 positions in its corporate office and three field staff positions, in anticipation of lower construction and development activity.The 12 percent reduction in staffing...
Southeast Regional Digest
September 13, 1999Dream BaronSt. Petersburg Times, September 12JACKSONVILLE, Fla.– The St. Joe Co. owns a 1.2 million acre domain in Florida, about three percent of the state's land. That makes the Jacksonville-based company-formerly known as the St. Joe...
Canadian Regional Digest
September 13, 1999Corel Centre beckons the Ex; Entertainment, trade-show complex proposedThe Ottawa Citizen, September 13OTTAWA – A new entertainment and trade-show complex has been proposed for vacant land near the Corel Centre in Kanata, perhaps financed by a...
Security Capital Completes Sale of Stake in Strategic Hotel for $329 Mln
September 13, 1999 CHICAGO – Security Capital Group Inc. (NYSE:SCZ) has completed the sale of its 23.6 percent interest in Strategic Hotel Capital Inc. for $329 million. Strategic Hotel financed the purchase of the stake with a $350...
Duke-Weeks Raises $150 Mln Through Placement of Stock with ABP Investments
September 13, 1999 INDIANAPOLIS – Duke-Weeks Realty Corp. (NYSE:DRE) has placed $150 million of its common stock with ABP Investments, the U.S. real estate investment arm of Holland's largest pension fund.Duke-Weeks did not use an underwriter on the...
United Commercial Bank to Take Commercial Mortgage Apps Online
September 13, 1999 SAN FRANCISCO – UCBH Holdings Inc. (NASDAQ:UCBH) has licensed the use of CyberLoan Virtual Lender as its on-line commercial mortgage submission system.UCBH is the holding company for United Commercial Bank. CyberLoan will allow the bank's...
Japanese Gov To Buy Real Estate for Bad Loans
September 13, 1999By The Associated PressTOKYO (AP) – The state-run Resolution and Collection Corp. (RCC) will buy real-estate collateral for loans that went bad from 35 financial institutions at one-20th its combined book value, the Financial Reconstruction Commission...
Russians Study Real Estate Business in Bismarck
September 10, 1999 By The Associated PressBISMARCK, N.D. (AP) – Eleven Russian real estate professionals are visiting Bismarck. The group – from five large Russian cities – wants to learn how real estate business is conducted in this...
Detroit Nears Agreement With Developer
September 10, 1999 DETROIT (AP) – A developer is nearing an agreement to spell out terms for a project that city officials have said is key to revitalizing downtown. "My understanding is that a development agreement is very,...
Apollo Real Estate to Inject Capital into Criimi Mae
September 10, 1999 ROCKVILLE, Md. – Criimi Mae Inc. (NYSE:CMM) said an affiliate of Apollo Real Estate Advisors IV will provide it with a $50 million capital infusion as part of a $910 million plan of reorganization that...
PS Business Parks Raised $110 Mln Through Preferred Offering
September 10, 1999 GLENDALE, Calif. – PS Business Parks Inc. (AMEX:PSB) raised $110 million by privately placing preferred shares in its affiliated operating partnership, PS Business Parks LP.Goldman Sachs and Merrill Lynch were exclusive placement agents for an...
Hines Buys Downtown LA Office Building for $215 Mln
September 10, 1999Hines has purchased Sanwa Bank Plaza, a 1 million-square-foot office building in downtown Los Angeles. The firm did not disclose the purchase price, but it is widely believed to have been $215 million, or $215/sf.The building,...
Clarion Makes Investments in Donahue Schriber, NY Office Building
September 10, 1999 NEW YORK – Clarion Partners has made a total of $150 million of investments in Donahue Schriber of Newport Beach, Calif., and a New York office building owned by Taconic Investment Partners.The investment in Donahue...
CDL Hotels to Buy Regal Hotels Portfolio
September 10, 1999 A unit of CDL Hotels International of Singapore has agreed to buy the North American portfolio of Regal Hotels International, giving it control of such trophies as the Biltmore Hotel in Los Angeles, the UN...
Southeast Regional Digest
September 10, 1999Investors throw in towel on city block Orlando Sentinel, Sept. 10ORLANDO, Fla. – The Saudi Arabian owners of two-and-a-quarter acres of prime downtown Orlando real estate have given up trying to market the property themselves. Greenwich...
Canadian Digest
September 10, 1999 Shoppers' executives caught up in suitThe National Post, Sept. 10TORONTO—Takeover target Shoppers Drug Mart has lost the second round ofa bitter two-year legal battle with mail-order pharmacist Meditrust Healthcare Inc. Meditrust, which launched a $120-million...
Speculative Office Space on Route 128 Fills Up Quickly
September 10, 1999 By Keith Regan, VertiNews.com CorrespondentLeggat McCall Properties LLC has landed six tenants at its Waltham Woods Corporate Center just a month after completing construction of the property -- news that may encourage more developers to...
Charles E. Smith Residential to Raise $100 Mln Through Preferred Offering
September 10, 1999 ARLINGTON, Va. – Charles E. Smith Residential Realty Inc. (NYSE:SRW) will sell $90 million of convertible preferred shares to GE Capital and $10 million to another institutional investor.Charles E. Smith will issue a total of...
Canadian Regional Digest
September 9, 1999 Eaton's landlords poised to seize Quebec leasesThe Globe and Mail, September 9TORONTO – Eaton Co. Ltd.'s landlords are poised to seize the leases on the retailer's Quebec department stores if the insolvent company goes bankrupt....
Tech Firm Released from 7-Year Lease, $3.2 Mln Obligation
September 9, 1999 ONTARIO, Calif. – XIT Corporation ("XIT"), a subsidiary of MicroTel International Inc. (OTCBB: MCTL) ("MicroTel"), sold its 50 percent interest in a partnership that owns a 93,000-square-foot facility in Ontario, California.As part of the consideration...
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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.
