RECENT NEWS
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...
Treasury Bond Prices Lower at Midday
September 22, 1999 By The Associated PressNEW YORK (AP) – The price of the Treasury's main 30-year bond was down 3/16 point, or $1.87 ? per $1,000 in face value, around midday, while its yield rose 1 basis...
Amresco, Lend Lease in Exclusive Negotiations
September 22, 1999 DALLAS – Amresco Inc. (NASDAQ:AMMB) said it has entered into exclusive negotiations to sell its asset management, commercial mortgage banking and servicing and real estate structured finance operations to Lend Lease Corp., an Australian money...
Jacob Development Buys Four Phoenix Hotels for $15 Mil
September 22, 1999 By Morris Newman, VertiNews.com CorrespondentPHOENIX – Jacob Development of Ann Arbor, Mich., has paid $15 million for a portfolio of Phoenix-area hotels that contain a total of 529 rooms.The purchase is the first in the...
Excel Legacy Team Seeks Financing for California Development
September 22, 1999 LOS ANGELES, Calif. – Excel Legacy Corp. (AMEX:XLG) and Western Asset Management have started hunting for a joint venture partner and debt financing for Pointe-Anaheim, a retail entertainment complex the two are planning for Anaheim,...
Ocean Spray Leases Distribution Facility in Nevada
September 22, 1999 By Morris Newman, VertiNews.com CorrespondentHENDERSON, Nev. – Ocean Spray has signed a 10-year deal to lease a to-be-built distribution facility. The lease was valued at $12.5 million.Ocean Spray will house its western distribution center at...
Hilton Hotels Studies Feasibility of Building Hotel in Outer Space
September 22, 1999 By Michael White, AP Business WriterLOS ANGELES (AP) – As NASA assembles the international space station high above the Earth, private lodging and travel companies are taking a serious look at orbiting hotels and other...
Grubb & Ellis to Provide Real Estate Services to Boeing
September 22, 1999NORTHBROOK, Ill. – Grubb & Ellis Co. (NYSE:GBE) has been selected by Boeing's real estate unit to provide a variety of real estate services.The brokerage has hit the ground running. It is marketing a 28-acre site...
Prentiss Places $50 Mln of Preferred With Investors
September 22, 1999 DALLAS – Prentiss Properties Trust (NYSE:PP) said its affiliated operating partnership, Prentiss Properties Acquisition Partners LP, privately placed 2 million Series C Cumulative Redeemable Perpetual Preferred units with institutional investors.The sale generated $50 million of...
Lodging Industry Still Strong, Presents Plenty of Opportunity, Commentary by Arthur Adler of Sonnenb
September 22, 1999By Arthur Adler, Managing Director, Lodging & Leisure Group, Sonnenblick-Goldman Co.The lodging industry is continuing to generate strong operating results. While occupancies have declined recently, average daily rates are still increasing at above the rate of...
JP Morgan Unit Sells Former Koger Properties for $80 Mln
September 22, 1999 J.P. Morgan Investment Management sold 1 million square feet of office space for $80 million, according to the Wall Street Journal.The pension-fund adviser had acquired the portfolio three years ago from Koger Equities Inc., a...
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...
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...
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...
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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.
