RECENT NEWS
Hotels in Hilton Securitization Among Chain’s Biggest Moneymakers
October 18, 2000 Commercial Real Estate DirectThe five hotels that serve as collateral for a $499.6 million commercial mortgage-backed securities deal that Morgan Stanley Dean Witter is launching are among the more upscale properties in Hilton's inventory.According to...
Kennedy-Wilson Venture Buys Apartment Building in Playa del Rey, Calif.
October 18, 2000 PLAYA DEL REY, Calif. – Kennedy-Wilson Inc. (NASDAQ:KWIC) – along with its equity partner, Los Angeles-based Hanover Financial – has bought a 292-unit apartment complex in Playa del Rey, Calif., for $24 million, or about...
Weingarten Realty Investors Names New Vice President
October 18, 2000 HOUSTON – Weingarten Realty Investors (NYSE:WRI) has named Lois Robinson as vice president of property management. Robinson joined Weingarten in early September from Hines, where she was vice president of retail operations.In her new position,...
Archstone to Develop 650 Apartments in Denver’s Central Platte Valley
October 18, 2000 DENVER – Archstone Communities (NYSE:ASN) plans to build about 650 apartments in Denver's lower downtown Central Platte Valley as part of the city's redevelopment project. The development, which is expected to cost over $105 million,...
Rubenstein Chooses Barclay White to Develop Philadelphia Project
October 18, 2000 EXTON, Pa. – Rubenstein Co. LP has hired Barclay White, affiliated with Swedish developer Skanska AB, to lead the construction of an office complex near Philadelphia.The $53 million contract gives Barclay White the right to...
Boykin Lodging Appoints New VP for Asset & Tenant Management
October 18, 2000 CLEVELAND – Boykin Lodging Co. (NYSE:BOY) has appointed Joseph F. Smith as vice president of asset and tenant management.Smith has been with Boykin Management Co., holding several positions in the field and in the corporate...
Alaska Housing Approves $15.4 Mln in Loans for Anchorage Apartments
October 18, 2000 ANCHORAGE, Alaska – The Alaska Housing Finance Corp., which provides financing for multifamily complexes, congregate facilities and single-family homes, will provide $15.4 million in loans for the acquisition and rehabilitation of two apartment complexes in...
SL Green Unites Management, Construction Units, Hires Roger Kahn
October 18, 2000 NEW YORK – Roger H. Kahn, who most recently headed the management operations of Grubb & Ellis New York, has joined SL Green Realty Corp. (NYSE:SLG) as senior vice president of management and construction.Kahn's hiring...
AvalonBay Begins Construction on 4 Apartment Communities
October 18, 2000 ALEXANDRIA, Va. – AvalonBay Communities Inc. (NYSE:AVB) has begun construction on two apartment communities in California and one each in Connecticut and Washington.The combined construction cost of the properties is expected to be about $195.3...
Albertson’s Buys Southern California Offices for $10.5 Mln
October 18, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorFULLERTON, Calif. – Albertson's Inc. has purchased a 131,000-square-foot office building from Hewlett-Packard Co. for $10.5 million, or about $80/sf.Albertson's, a supermarket chain based in Boise, Idaho,...
Ramco-Gershenson 3rd-Qtr FFO $0.61/shr vs $0.59/shr
October 18, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $7.4$7.2 $22.7 $21.4 FFO/shr (diluted) $0.61 $0.59 $1.87 $1.76 Net Income (mln) $1.8 $1.8 $7.1 $5.5 Net/shr (diluted)$0.26 $0.25 $1.16 $0.76 Revenue (mln)$21.6 $21.1 $68.0 $63.6 Shares Out. (mln)7.2...
RAIT Buys Pinnacle Capital, Names Scott F. Schaeffer President
October 18, 2000PHILADELPHIA – Resource Asset Investment Trust (AMEX:RAS) has completed its purchase of Pinnacle Capital Group and has named Scott F. Schaeffer as president."Pinnacle's financing services complement those already offered by RAIT, giving us a broader range...
Debtx Handles $44 Mln of Loan Sales
October 18, 2000 BOSTON – Three sellers have completed the sale of $44 million of performing and nonperforming commercial mortgages and business loans through debtX.com, a loan-trading Web site operated by the Debt Exchange Inc.The 84 loans, which...
AEW Venture to Build Telecom Space in Washington, D.C., Area
October 18, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorAn AEW Capital Management investment fund has formed a joint venture with the Long Cos. to develop 320,000 square feet of back office and data storage facilities...
Colonial Properties 3rd-Qtr FFO $0.90/shr vs $0.81/shr
October 18, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $28.7$28.0 $79.9 $82.6 FFO/shr (diluted) $0.90 $0.81 $2.43 $2.31 Net Income (mln) $8.3$10.6 $24.3 $32.7 Net/shr (diluted)$0.40 $0.44 $1.14 $1.30 Revenue (mln)$75.9 $70.1 $218.8 $207.5 Shares Out. (mln)20.8 24.0...
President and Chief Operating Officer of SL Green Realty to Step Down
October 18, 2000 NEW YORK – David J. Nettina will step down as president and chief operating officer of SL Green Realty Corp. (NYSE:SLG) to pursue other business interests.He will stay with the company for up to 12...
GMS Realty Nixes $305 Mln Burnham Pacific Portfolio Deal
October 18, 2000 SAN DIEGO – GMS Realty LLC has exercised its right to terminate a $305 million deal to acquire a 2.5 million-square-foot portfolio in California from Burnham Pacific Properties Inc. (NYSE:BPP), according to a Burnham Pacific...
L.J. Melody Hires Mortgage Banker to Build Mid-Atlantic Group
October 18, 2000 Commercial Real Estate DirectReal estate investment banker L.J. Melody & Co. has hired Tom Mulroney, former operator of McLean, Va.-based Mulroney & Associates, to build a commercial mortgage banking group in the Mid-Atlantic area. Mulroney...
Canada Digest (10/18/00): New Brunswick mall sold for C$5.4 million
October 18, 2000 Plazacorp to buy Oromocto Mall in New BrunswickCanada News Wire, October 17FREDERICTON, New Brunswick – Plazacorp Retail Properties Ltd. has purchased the Oromocto Mall, a 157,000-square-foot retail center, in Oromocto, New Brunswick. Plazacorp purchased the...
Weak Nursing Home Sector Prompts Lower Ratings on 2 Classes of LTC Commercial Mortgage
October 18, 2000 NEW YORK – Standard & Poor's has lowered its ratings on two classes of LTC Commercial Mortgage's 1996-1 and removed them from CreditWatch, where they were placed on March 2.Class E was lowered to double-B-minus...
Southeast Regional Digest (10/17/00): Atlanta’s industrial market slows during third quarter
October 17, 2000 Metro vacancy rate ticks up in industrial real estate marketThe Atlanta Journal-Constitution, October 17ATLANTA – The area's industrial real estate market has cooled slightly during the third quarter as the addition of new space outpaced...
PRICE TALK: $765.3 Mln Morgan Stanley Dean Witter Capital I Trust 2000-LIFE2
October 17, 2000 Morgan Stanley Dean Witter Capital I Trust 2000-LIFE2ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifeSpread(BP)BenchmarkA-115916.5AAAAaa5.7+26 areaSwapsA-248016.5AAAAaa9.3+37 areaSwapsB22.9613.5AAAa29.9+52 areaSwapsC24.910.25AA29.9+67 areaSwapsD6.99.35A-A39.9+77 areaSwapsE18.756.9BBBBaa29.9+225 areaTreas.F*7.655.9BBB-Baa39.9+265 areaTreas.G*3.065.5BBB-NRNANATreas.X**765.3--AAAAaaNANATreas.* Privately placed.** Interest only, notional amount.
Lowe Enterprises Buys Washington, D.C., office building
October 17, 2000 WASHINGTON – Lowe Enterprises Investment Management has acquired 1101 Connecticut Ave. N.W. from Endowment Realty Investors Inc. for $26.6 million on behalf of a pension fund client.The 175,000-square-foot, 12-story office building is adjacent to the...
American Realty Trust Ups Stake in Transcontinental Realty Investors
October 17, 2000 American Realty Trust (NYSE: ARL) and its affiliates have increased their stake in Transcontinental Realty Investors Inc. (NYSE:TCI) to 3.3 million shares, or 38.5 percent of the company.The group purchased 100,200 shares between July 3...
Catellus Signs First Tenant at Office Development in Denver Suburb
October 17, 2000 WESTMINSTER, Colo. – American Skandia Life Assurance Co. has signed an 11-year lease for the first building at the CirclePoint Corporate Center being developed by Catellus Development Corp. (NYSE: CDX).American Skandia will occupy the entire...
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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.
