RECENT NEWS
First Industrial Names Robert Muir EVP of Development
August 19, 1999 CHICAGO – First Industrial Realty Trust Inc. (NYSE: FR) has promoted Robert H. Muir to executive vice president of the REIT's development group, from senior vice president.In his new post, Muir will oversee all aspects...
Merger Nixed, Parkway Properties to Take Charge
August 19, 1999 JACKSON, Miss., Aug. 19 /PRNewswire/ -- Parkway Properties Inc. (NYSE: PKY) said it will take a one-time charge of $450,000, or 4.5 cents/share, against third-quarter earnings for expenses associated with an unsuccesful merger.Parkway had been...
Midatlantic Regional Digest
August 19, 1999 Regional leaders give go-ahead to $7 billion in transportation workThe Virginian-Pilot, August 19HAMPTON ROADS, Va. – Regional leaders on Wednesday endorsed a $7.4 billion package of road and transit improvements that could shape travel around...
Western Regional Digest
August 19, 1999Safeway anchors $12 Mln center in Arizona DevelopmentArizona Republic, Aug. 19ANTHEM, Ariz. – The Pederson Group of Phoenix unveiled plans this week for a $12 million shopping center called Anthem Marketplace anchored by a Safeway store....
Tom Lewis Takes Added Title of President at Realty Income, REIT Sets Dividends
August 19, 1999ESCONDIDO, Calif. – Realty Income Corp. (NYSE:O) said Tom A. Lewis, its chief executive, would assume the additional title of president following the retirement of its current president and chief operating officer, Richard J. VanDerhoff. VanDerhoff...
Mid-America Apartment to Refinance $120 Mln of Debt Through Fannie
August 19, 1999 MEMPHIS – Mid-America Apartment Communities (NYSE:MAA) is in talks to refinance $120 million of its outstanding debt through Fannie Mae.The REIT said it expects the financing will allow it to reduce the rate of $120...
Midwest Regional Digest
August 19, 1999 Supervalu expands distribution facilitiesMinneapolis Star-Tribune, August 19MINNEAPOLIS – Supervalu Inc., is building a new a 500,000 square foot distribution center near Hopkins for $45 million. The building increases the company?s distribution space by one-third. Supervalu...
Southcentral Regional Digest
August 19, 1999 Arena negotiations close to endSan Antonio Express News, August 19SAN ANTONIO, Texas – County officials and the San Antonio Spurs said Wednesday they were close to nailing a final agreement to build a tax-financed $175...
Pan Pacific Retail Raises $56.3 Mln of Financing
August 19, 1999 Pan Pacific Retail Properties (NYSE:PNP) has raised $56.3 million of fixed-rate financing that it used to pay down its line of credit.The San Diego REIT raised the financing through L.J. Melody & Co., a unit...
Finova Arranges $36.5 Mln of Financing for 2 California Projects.
August 19, 1999SAN FRANCISCO – Finova Realty Capital arranged more than $36 million of financing for two Northern California developments.The firm arranged a $12.3 million bridge loan for the acquisition of 74 New Montgomery, a 109,000-square-foot office building...
Runup in Amresco Stock Prompts Talk of Merger With Lend Lease
August 19, 1999Is Amresco in talks to be acquired by Lend Lease Corp. of Australia? It's no secret that Amresco (NASDAQ:AMMB) , a Dallas real estate company, has been in talks with a prospective buyer. Indeed, last month,...
Venture Buys Contaminated N.J. Property, Plans Redevelopment
August 19, 1999 SAN FRANCISCO – A venture between CB Richard Ellis (NYSE:CBG) and Apollo Real Estate Advisors that specializes in buying and cleaning up environmenally contaminated real estate bought a 925,000-square-foot industrial facility in the Philadelphia suburbs.The...
Northeast Regional Digest
August 19, 1999World Trade Center for saleNew York Daily News, August 19NEW YORK – The World Trade Center, a world-renowned symbol of the Big Apple, was put on the block yesterday and could fetch more than $1.5 billion....
Canadian Regional Digest
August 19, 1999 'Chip in for chip plant'National Post, August 19TORONTO – Several Canadian cities vying to become home to Canada's first major silicon chip plant have been told they're out of luck unless their provincial governments relax...
USI Insurance Taps Grubb & Ellis for Real Estate Services
August 19, 1999 NORTHBROOK, Ill. – USI Insurance Services Corp., a San Francisco property and casualty insurance broker, has retained Grubb & Ellis Co. (NYSE:GBE) as its exclusive commercial real estate services provider.In a quid pro quo, Grubb...
Southeast Regional Digest
August 19, 1999Builders get financed for port hotel, condoTampa Tribune August 19TAMPA – Royal Crest Corp. has commitments for construction loans of up to $138.9 million for the proposed Charlton Seaport Center Suite Hotel. The hotel will have...
AMI Capital Names Tom Lusk to Head Midwest Office
August 19, 1999 COLUMBUS, Ohio – AMI Capital Inc., a commercial mortgage lender, has hired former KeyBank executive Thomas Lusk to head its newly opened Columbus office.In his new post as managing director, Lusk will oversee the office's...
Northeast Regional Digest
August 18, 1999REIT hires search firm to stem share declineCrain's New York Business, August 18 NEW YORK – New Plan Excel Realty Trust Inc. hired an executive search firm to find a successor for its 69-year-old CEO, Arnold...
Chastain Capital Sells $21 Mln Mezzanine Loan to BankBoston
August 18, 1999ATLANTA – Chastain Capital Corp. (NASDAQ:CHAS) is selling a $21 million mezzanine loan to BankBoston that it had sold last April to GMAC Commercial Mortgage as part of a repurchase agreement in April.The mortgage REIT will...
Prime Group Realty Pays $29.9 Mln for Chicago-Area Offices
August 18, 1999CHICAGO – Prime Group Realty Trust (NYSE: PGE) said it paid $29.9 million for the Jorie Plaza office park in Oak Brook, Ill.The property contains two buildings, 800 Jorie Boulevard, with 126,500 square feet, and 810...
Lexington Corporate Pays $19 Mln for Virgnia Offices, Leases It to NEC
August 18, 1999 NEW YORK – Lexington Corporate Properties Trust (NYSE:LXP) paid $19 million for 14040 Park Center Road, a 108,000-square-foot office building in Herndon, Va., that is leased to NEC America for 10 years.The REIT financed the...
Southcentral Regional Digest
August 18, 1999Dallas Chamber drops plans for office towerDallas Morning News, Aug. 18DALLAS – The Greater Dallas Chamber of Commerce has canceled plans to renovate an aging downtown office tower into a new business center. Construction crews have...
Tri-National to Develop Senior Community in Temecula, Calif.
August 18, 1999 SAN DIEGO – Tri-National Development Corp. (OTC:TNAV) said its Alpine Gardens East Inc. subsidiary bought an option to acquire a 22-acre parcel of land in Temecula, Calif., on which it plans to develop a senior...
Grocery Chain Signs $60 Mln Lease on Distribution Facility in California
August 18, 1999 LOS ANGELES – Ralphs Grocery Co. has signed a 15-year lease to occupy a 622,000-square-foot distribution center in Stockton, Calif., that is owned by Catellus Development Corp. (NYSE:CDX). The lease is valued at more than...
Construction Starts on $21.5 Mln Business Park in Inland Empire
August 18, 1999 By Morris Newman, VertiNews.com CorrespondentFONTANA, Calif. – Adaya Asset Corp. has started construction on the Jasmine Distribution Center, a $21.5 million, 650,790-square-foot business park in this former steel town east of Los Angeles.The 32-acre site...
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