RECENT NEWS
Merry Land Buys Stake in Equity Residential Properties for $54 Mln
August 24, 1999AUGUSTA, Ga. – Merry Land Properties Inc. (NASDAQ:MRYP) said it paid $54 million to buy interests in six apartment properties that were owned by Equity Residential Properties Trust (NYSE:EQR).The purchase was financed with $50.7 million of...
Olympus Real Estate Venture Buys Fifth Property
August 24, 1999DALLAS – A venture between Olympus Real Estate Corp. and Ceebraid-Signal Corp. has acquired Boynton Landings, a 196-unit apartment complex in Boynton Beach, Fla.Terms of the acquisition, the fifth for the venture, were not disclosed. Last...
Southcentral Regional Digest
August 24, 1999 Big warehouse project eyed hereSan Antonio Business Journal, 8/24/99,SAN ANTONIO, Texas – Discount-merchandise retailer Dollar General Corp. is examining potential sites around San Antonio to build a 1.2 million-square-foot distribution center, according to local real...
Western Regional Digest
August 23, 1999Fast-growing Siebel blasts aheadSan Francisco Business Times, Aug. 23Siebel Systems Inc. has signed a lease to occupy 210,000 square feet at the Watergate Office Towers complex in Emeryville, Calif. The complex is owned by Spieker Properties...
Midwest Regional Digest
August 23, 1999 Grand Avenue development success uniqueSt. Paul Pioneer-Press, Aug.22ST. PAUL, Minn. – The elements that have made the Grand Avenue development a success are probably not transferable to downtown St. Paul, according to developer Jim Stolpestad....
BRE Properties Sets $0.39/shr Common Div
August 23, 1999 SAN FRANCISCO – BRE Properties Inc. (NYSE: BRE) set a 39 cents/share common stock dividend payable Sept. 30 to shareholders of record Sept. 10.In addition, the REIT sets a 53.125 cents/share dividend on its 8.5%...
Lehman Provides $19.3 Mln Mortgage for Shopping Center
August 23, 1999 NEW YORK – Lehman Brothers has provided $19.3 million of fixed-rate financing to Forest Plaza Associates for its purchase of Forest Plaza shopping center in Staten Island, N.Y.The shopping center, at 2040 Forest Avenue, contains...
Financial Institutional Partners Adds to Staff, Makes Loans
August 23, 1999 IRVINE, Calif. – Financial Institutional Partners Mortgage Co. has hired Ian Stuart, a former regional director of Wells Fargo Co., as director of loan production overseeing San Diego and the Southwest.FIP, a mortgage bank, was...
Most Public Realty Firms Met or Topped Expected Earnings
August 23, 1999 WASHINGTON – REITS continued showing strong financial growth in the second quarter. The National Association of Real Estate Investment Trusts said funds from operations for REITs rose an average of 12 percent in the second...
Southcentral Regional Digest
August 23, 1999 Data firms fight for real estate turfHouston Business Journal, Aug. 23HOUSTON – Houston is bracing for a statistical battle as two public real estate data firms set up shop and make moves to control the...
Kranzco Lines Up Tenant for South Carolina Retail Center
August 23, 1999 CONSHOHOCKEN, Pa. – Kranzco Realty Trust (NYSE:KRT) said Stein Mart Inc. signed a 10-year lease to occupy a 36,000-square-foot store at Park Centre in Columbia, S.C.The lease is valued at $2.2 million. Stein Mart is...
Hersha Hospitality to Buy 3 Hotels for $12 Mln
August 23, 1999 HARRISBURG, Pa. – Hersha Hospitality Trust (Amex: HT) has agreed to buy three hotels, totaling 209 rooms, for $12 million.The REIT is buying the Hampton Inn in Danville, Pa., which has 72 rooms, the 77-room...
Mid-Atlantic Regional Digest
August 23, 1999COPT is `little jewel' of the REIT industryThe Baltimore Sun, Aug. 22BALTIMORE – When Manekin Corp. began scouting out buyers for its eight-building Commons Corporate Center in Hanover earlier this year, it shouldn't have been surprised...
Southeast Regional Digest
August 23, 1999Cherokee investment fund totals $260 MlnTriangle Business Journal, Aug. 23RALEIGH – Part capitalist, part environmentalist, Tom Darden has combined the two sides of his persona in a huge fund that will buy and clean up contaminated...
Northeast Regional Digest
August 23, 1999Hotel conversion near La GuardiaNew York Times, Aug. 22QUEENS, N.Y – An eight-story building at 37th Avenue and 114th Street in Corona, Queens, close to La Guardia Airport, is to be restored to its original hotel...
Canadian Digest
August 23, 1999 Bentall buys L.A. officesNational Post, Aug. 21VANCOUVER – Bentall Corp. has paid $111-million (US) for a 487,000-square foot office tower in the Los Angeles suburb of Century City. The money for the transaction came in...
Southcentral Regional Digest
August 20, 1999 Chase relocates equity businessHouston Chronicle, August 20HOUSTON – Chase moves equity business to Houston Chase Manhattan Bank closed its stock mutual fund department in New York on Thursday and transferred all its assets to Houston,...
Western Regional Digest
August 20, 1999Macerich Seeks Partner for up to $500 Mln of PropertiesLos Angeles Times, Aug. 20SANTA MONICA, Calif. – Macerich Co. (NYSE:MAC), the shopping-center REIT, is looking to sell half its stake in as much as $500 million...
Ocean City Is“Boom City” for Vacation Condos
August 20, 1999 From The Associated PressOCEAN CITY, Md. (AP) – Condos are looking like pure gold these days in Maryland's most popular resort town. Ocean City real estate has pulled out of a 12-year slump with a...
Major Debt Restructuring Deal Made in Thailand
August 20, 1999 From The Associated Press and Asia World SourcesBANGKOK - The Asset Management Corporation (AMC) has re-affirmed its intention to manage the Bt185 billion worth of assets it purchased from the Financial Sector Restructuring Authority (FRA)...
Midwest Regional Digest
August 20, 1999I-294, I-57 link plannedChicago Sun Times, August 20CHICAGO – Illinois tollway officials hursday cleared the way for the first phase of the project to build an interchange between the Tri-State Tollway and Interstate 57 in the...
Developer Sells Orlando Apartments for $23 Mln
August 20, 1999 WASHINGTON – Bresler & Reiner Inc. (OTC:BRER), a Washington developer, sold two apartment properties for a total of $23 million.The company sold the Sea Harbor Apartments, a 312-unit complex in Orlando, Fla., for $14.8 million....
Post Properties Sets $0.70/shr Common Div.
August 20, 1999 ATLANTA – Post Properties Inc. (NYSE: PPS) set a 70 cents/share dividend payable Oct. 15 to shareholders of record Sept. 30.On its 8-1/2 percent Series A Cumulative Redeemable Preferred stock, Post Properties declared a dividend...
Developers Diversified Sets $0.35/shr Common Div
August 20, 1999 CLEVELAND – Developers Diversified Realty Corp. (NYSE: DDR)set a 35 cents/share common stock dividend payable Oct. 4 to holders of record Sept. 15.The REIT set the following preferred share dividends:Preferred Class A: 59.375 cents/sharePreferred Class...
Cigna Provides $20.5 Mln Mortgage for Atlanta Office Building
August 20, 1999 ATLANTA -- Cigna Investment Management has provided $20.5 million of fixed-rate financing for the Park Central office building in Atlanta.The office building, owned by Park Central Associates LLC, contains 212,000 square feet and is 97.5...
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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.
