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...

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...

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,...

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...

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...

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...

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...

September 7, 1999Assisted living at Gulick tract gets a final OKThe Princeton Packet, September 6 LAWRENCE, N.J. — The hotly contested conversion of the historic William Gulick House into an assisted living facility was granted an official approval...

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...

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...

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...

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...

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...

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,...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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,...

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...