RECENT NEWS
Oxford Properties, GE Capital to Buy Big Canadian Portfolio
September 23, 1999TORONTO – Oxford Properties Group Inc. confirmed that a group it leads had gained control of Royal Bank of Canada's real estate portfolio in a deal valued at C$827 million, according to the Canadian Press.Royal Bank...
AMLI Residential Sells Chicago Complex for $13.5 Mln
September 23, 1999 CHICAGO – AMLI Residential (NYSE:AML) has sold its AMLI at Prairie Court, a 125-unit apartment community in Oak Park, Ill., for $13.5 million. The property was sold to another REIT in an all-cash transaction.Most of...
Price Talk on Lehman Fusion Deal In Line With Market
September 23, 1999By Thomas J. Walsh, VertiNews.com Senior WriterPrice talk on the long-awaited $907.5 million Lehman Brothers commercial mortgage-backed securities issue came out today at levels in line with market benchmarks.The fusion deal, LB Commercial Mortgage Trust 1999-C2,...
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...
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...
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