RECENT NEWS
Federal Realty In Talks to Sell Shopping Center Business, Spin-off Unit
September 7, 1999 ROCKVILLE, Md. – Federal Realty Investment Trust (NYSE: FRT) said it is in talks to merge its portfolio of community shopping centers with an undisclosed firm in a deal that would be valued at about...
Developers Diversified Raises $75 Mln Through Preferred Offering
September 7, 1999 CLEVELAND – Developers Diversified Realty Corp. (NYSE: DDR) raised $75 million by placing perpetual preferred units in its affiliated operating partnership with an institutional investor. The preferred units pay an annual dividend of 8.875 percent...
Western Regional Digest
September 7, 1999 PricewaterhouseCoopers Signs $22 Mln Lease in Orange CountyLos Angeles Times, Sept. 7IRVINE, Calif. – PricewaterhouseCoopers has leased 69,000 square feet of space in Opus Center Irvine, a 12-story, 267,000 sf office building in Irvine. The...
Lazard Appoints 2 Real Estate Executives
September 7, 1999 Robert C. Larson, vice chairman of Taubman Centers Inc., has been named chairman of Lazard Freres & Co.'s real estate operation, while Michael G. Medzigian, a partner of Olympus Real Estate Corp., was named president...
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...
Hudson Hotels Gets Management of Two Dallas-Area Hotels
September 7, 1999 ROCHESTER, N.Y. – Hudson Hotels Corp. (NASDAQ: HUDS) has been awarded the management contracts to the Best Western D/FW Airport Suits and the Clarion Inn and Suites D/FW North, two adjoining hotels next to the...
Post Properties Raises $70 Mln Through Placement of Preferred
September 7, 1999 ATLANTA – Post Properties Inc. (NYSE: PPS) raised $70 million through a private placement of 8 percent preferred equity securities.The securities were issued by Post Apartment Homes LP, the REIT's operating partnership. They were placed...
Hilton Buys Promus
September 7, 1999 By The Associated PressBEVERLY HILLS, Calif. (AP)- Hilton Hotels Corp., owner of New York's famed Waldorf-Astoria and other properties, will acquire Promus Hotel Corp. for $4 billion plus the assumption of debt, the hotel operator...
Northeast Regional Digest
September 7, 1999 A developer reshapes a Brighton Beach project New York Times, September 5BRIGHTON BEACH, N.Y. – Developer Joshua L. Muss is a man of patience who is waiting for the magic formula of permits and financing...
Chelsea GCA Raises $65 Mln Through Preferred Offering
September 7, 1999ROSELAND, N.J. – Chelsea GCA Realty Inc. (NYSE: CCG) said its affiliated operating partnership, Chelsea GCA Realty Partnership LP, has raised $65 million by privately placing series B cumulative redeemable preferred units with one institutional investor.The...
Southeast Regional Digest
September 7, 1999Starmount, Lindbrook plan medical buildingsThe Business Journal of the Greater Triad Area, September 7GREENSBORO, N.C. – Starmount Co. is entering the medical office realm with a 50,000-square-foot building for Moses Cone Health System, while market veteran...
Midwest Regional Digest
September 7, 1999 Soaring real estate values trigger cuts in Metro tax billsThe Detroit News , September 7DETROIT – Real estate values are steadily inclining around Metro Detroit and a state law is forcing property taxes to roll...
REALCO Announces Acquisitions
September 7, 1999 By The Associated PressALBUQUERQUE, N.M. – REALCO, Inc. (Nasdaq: RLCO) has acquired TI Construction, a multi-state commercial construction company located in Albuquerque. Amity Inc., a wholly owned commercial construction subsidiary of Realco, acquired the name,...
Canadian Regional Digest
September 7, 1999 Summit mulls making a hostile bid for AvistaThe National Post, September 7 TORONTO – Summit Real Estate Investment Trust's board of trustees will decide today whether to launch a hostile bid for Avista REIT. The...
Jeffrey M. Brown Associates Names New CFO, VP
September 7, 1999 NEW YORK – The construction management and development firm Jeffrey M. Brown Associates Inc. has named Edward Opall as its new chief financial officer, and hired Hector Batista as vice president of corporate affairs.Opall is...
Southcentral Regional Digest
September 7, 1999 Building sale signals market revivalHouston Business Journal, September 7HOUSTON – A major office building has changed hands in the Galleria area's biggest investment sale of the year. The glassy, half-circular Tractebel Building at the edge...
Cadillac Fairview Pays $20.9 Mln for Remainder of Northpark Mall
September 7, 1999 TORONTO – Cadillac Fairview (NYSE: CDF) paid $20.9 million for the 20 percent interest in the Northpark Mall in Ridgeland, Miss., that it did not already own.The 958,000-square-foot mall underwent an $8 million renovation last...
Mid-Atlantic Regional
September 3, 1999 Developers to propose nuke plant for electricityThe Philadelphia Inquirer, September 3 LIMERICK, Pa.-Developers proposing a 500-megawatt electricity-generating plant on a site next to Peco Energy Co.'s nuclear power plant will face a crucial step this...
Northeast Regional Digest
September 3, 1999 Home Properties buys complex near O'HareRochester Democrat and Chronicle, September 3ROCHESTER, N.Y. – Home Properties of New York Inc. made its secondacquisition in Illinois yesterday when it purchased a 783-unit apartment complex near O'Hare International...
Southeast Regional Digest
September 3, 1999 Florida company buys EFTC ServicesBusiness First of Louisville, September 3LOUISVILLE, Ky. – Jabil Circuit Inc. of St. Petersburg, Florida, has completed the purchase of EFTC Services from EFTC corp. of Denver for $30 million. EFTC...
Canadian Regional Digest
September 3, 1999 Reichmann tower purchase approved The Globe and Mail, September 3TORONTO – A company headed by Philip Reichmann got the go-ahead yesterday to buy back a landmark Toronto office tower, giving his family a second chance...
Midwest Regional Digest
September 3, 1999Local businesses working on plans for new Twin Cities sports arenasMinneapolis Star Tribune, September 3MINNEAPOLIS – Quiet work continues among Twin Cities business leaders on a plan that could partially finance a new $300-million baseball park...
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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.
