RECENT NEWS
Historic San Francisco Building to be HQ for NBC Internet Co.
September 9, 1999SAN FRANCISCO – The former Standard Oil Building will be the headquarters of a newly formed company merging the Internet assets of Xoom.com, Snap.Com and broadcaster NBC.Ocwen Asset Investment Corp. (NYSE: OAC) announced it has leased...
Minnesota Developer Proposes Shopping District in Montana
September 9, 1999 By The Associated PressKALISPELL, Mont. (AP) – A multi-million-dollar real estate proposal could net Kalispell a brand-new fairgrounds, while at the same time turn the old fairgrounds into a commercial shopping district. "We have a...
Riverbank Development Rules Muddied in NC
September 9, 1999 By The Associated PressNEW BERN, N.C. (AP) – A state panel studying ways to reduce runoff pollution in coastal sounds and rivers has backpedaled on its previous plan to restrict all permanent structures 30 feet...
German Parliament Buildings on Shaky Ground, Berliners Must Wait to Move In
September 9, 1999 By The Associated PressBERLIN (AP) – Just days after starting work in Berlin, German lawmakers got bad news Thursday about their offices: Most won't be ready for another two years because of construction problems. The...
Pluma Plummets: 1,000 Layoffs Reported
September 9, 1999 By The Associated PressEDEN, N.C. (AP) - Debt-ridden Pluma is closing its doors in the town of Eden. The maker of fleece and other active-wear products filed for bankruptcy protection earlier this year, will shut...
Film Studio Facility for Sale in Toronto
September 9, 1999 By Thom Geier, The Hollywood Reporte TORONTO (AP)- Mired in red ink, Canadian film and television company Lions Gate Entertainment is seeking a buyer, sources said Wednesday,for its operations including film production, television, domestic distribution...
Lerner Brings Recently Built Building up to 98% Occupied
September 8, 1999MCLEAN, Va. – Lerner Enterprises said it has signed leases with seven tenants for 73,400 square feet at 1750 Tysons Boulevard, an office building that is nearing completion in McLean, Va.Lerner, which is based in North...
Essex Raises $55 Mln Through Sale of Preferred
September 8, 1999 PALO ALTO, Calif. – Essex Property Trust, Inc., (NYSE: ESS) has raised $55 million by issuing, to an institutional investor, 2.2 million preferred units in its affiliated operating partnership.The preferred, 9.25% Series E Cumulative Redeemable...
Wellsford/Whitehall Pays $27 Mln for Properties, Sells Other for $26 Mln
September 8, 1999 NEW YORK – Wellsford Real Properties Inc. (AMEX: WRP) said an affiliate it operates with Goldman Sachs' (NYSE: GS) Whitehall Street Real Estate Fund paid $27 million for four office buildings with 221,000 square feet...
E-Business and Corporate Real Estate: Opportunity or Threat?, Commentary by Rachel Sinden and Trevor
September 8, 1999By Rachel Sinden, Principal Consultant, and Trevor Miles, Senior Associate, PricewaterhouseCoopers, London(Excerpted from the Fall 1999 edition of Global Real Estate Now, to be distributed later this month.)E-business is already transforming the business landscape for many...
Southeast Regional Digest
September 8, 1999 Two men making moves for Daytona Beach hotelsDaytona Beach News-Journal, September 8DAYTONA BEACH, Fla. – A pair of investors have bought four of Daytona Beach's major hotels and are negotiating for a fifth. It's all...
Bradley Real Estate Raises $25 Mln Through Preferred Offering
September 8, 1999 NORTHBROOK, Ill. – Bradley Real Estate Inc.'s (NYSE: BTR) affiliated operating partnership has placed $25 million of 8.875 percent series C cumulative redeemable perpetual preferred with an institutional investor.The units are callable after five years,...
Canadian Regional Digest
September 8, 1999 Summit finally gets hostile in Avista bidThe National Post, September 8 TORONTO – As expected, Summit Real Estate Investment Trust has made a hostile bid for Avista REIT. However, Avista's board of trustees has already...
Kennedy-Wilson Named Leasing Agent for Big Complex, Opens Vegas Office
September 8, 1999 LAS VEGAS – A unit of Kennedy-Wilson Inc. (NASDAQ: KWIC) has been hired by Pacific Properties and Northwestern Mutual Life Insurance to manage and lease the Pacific Business Center, a 676,000-square-foot industrial complex that was...
Associated Estates Sells Calif. Apartment Complex for $17.1 Mln
September 8, 1999 CLEVELAND – Associated Estates Realty Corp. (NYSE: AEC) has sold the Desert Oasis Apartments for $17.1 million or nearly $53,500/unit.The sales price gives the buyer a capitalization rate of 7.6 percent based on this years...
Apex Mortgage Capital Sets $0.46/shr Div, Changes Hedging Strategy
September 8, 1999LOS ANGELES – Apex Mortgage Capital Inc. (NYSE: AXM) has set a third-quarter dividend of 46 cents/share payable Oct. 15 to shareholders of record Sept. 30. The dividend is 70 percent higher than the one paid...
Essex Property Trust Buys Newport Beach, Calif., Apartments for $62 Mln
September 8, 1999 PALO ALTO, Calif. – Essex Property Trust Inc. (NYSE: ESS) paid $62 million, or $84,700/unit, for Coronado at Newport, a 732-unit apartment complex in Newport Beach, Calif.Essex is evaluating forming a joint venture with another...
Apex Mortgage One-Ups Amresco in Bid for Impac Commercial, Offers $78 Mln
September 8, 1999LOS ANGELES – Apex Mortgage Capital Inc. (NYSE: AXM) has offered to acquire Impac Commercial Holdings Inc. (AMEX: ICH) in a stock swap that values Impac at $78 million, or $7.09/share.Each Impac share would be swapped...
Wilshire Fires Two Top Execs
September 8, 1999 By Hans Greimel, Associated Press Writer PORTLAND, Ore. (AP) - The whiz-kid founder of Wilshire Financial Services Group and his number two executive have been fired by the company's board in a disagreement over how...
Grubb & Ellis Names Kelley Corporate Services Group Director
September 8, 1999NORTHBROOK, Ill. – Grubb & Ellis Co. (NYSE: GBE) has named J.D. Kelley national director of strategic services and director of its corporate services group, which is based in Dallas.Kelley was formerly executive managing director of...
Spieker To Develop 16-story Office Tower In Emeryville, Cal.
September 8, 1999MENLO PARK, Calif. – Spieker Properties Inc. (NYSE: SPK) intends to start construction on a 16-story, 330,000 square foot office tower at its Watergate Office Towers complex in Emeryville, Calif. by the end of this year....
Summit Properties Raises $55 Mln Through Sale of Preferred
September 7, 1999 CHARLOTTE, N.C. – Summit Properties Inc. (NYSE: SMT) has raised $55 million by issuing, through its affiliated operating partnership, perpetual preferred units to an institutional investor.The 2.2 million Series C cumulative redeemable perpetual preferred units...
Koger Equity Sells Office Buildings to Lennar for $70 Mln
September 7, 1999 JACKSONVILLE, Fla. – Koger Equity Inc. (AMEX: KE) said it completed the sale of two office parks totaling 1.1 million square feet in Charlotte and Jacksonville to Lennar Partners Inc. (NYSE: LNR) for $70 million,...
Urstadt Biddle Buys Westchester, N.Y., Shopping Center
September 7, 1999 GREENWICH, Conn. – Urstadt Biddle Properties Inc. (NYSE: UBP) paid $9.5 million for the 80,000-square-foot Towne Centre Shopping Center in Somers, Westchester County, N.Y.The property, anchored by a Gristede's supermarket, is 95 percent occupied. It...
Taubman Places $75 Mln of Preferred in Partnership With Investor
September 7, 1999 BLOOMFIELD HILLS, Mich. – Taubman Centers Inc. (NYSE:TCO) said it raised $75 million through the private placement of 9 percent cumulative preferred partnership equity in the Taubman Realty Group LP. The preferred equity was purchased...
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