RECENT NEWS
Terranova Corp. Arranges Refinancing for Fla. Shopping Center
July 21, 2000 PEMBROKE PINES, Fla. – A division of the Terranova Corp. has arranged $5.5 million of refinancing for the Palm Johnson Plaza, owned by a local private investment group.Terranova has been responsible for the leasing and...
Head of Lodgian Says Yung Nixed Idea of Portfolio Buy
July 21, 2000 ATLANTA – The head of Lodgian Inc. (NYSE:LOD) said he personally floated the idea of selling a portfolio of hotels to an investor group led by William Yung, but Yung rejected the idea.In a letter...
Switch & Data Facilities Opens Carrier Hotels in Four Cities
July 21, 2000 TAMPA, Fla. – The Switch & Data Facilities Co. has opened four carrier hotels, adding 77,500 square feet to its growing network.The new centers include the:– 13,600-sf facility at 1141 I St., in Sacramento, Calif.–...
Hileman Co. Buys Southern Calif. Office Complex, Plans Redevelopment
July 21, 2000 LOS ANGELES – The Hileman Co., a two-year-old real estate firm, paid $16 million for a 169,000-square-foot office/manufacturing complex in Thousand Oaks, Calif., that it plans to redevelop.Hileman expects to invest an additional $25 million...
Lazard Freres Hires Two Real Estate Execs
July 20, 2000 Robert Underhill and Andrew Zobler have joined Lazard Fr?res Real Estate Investors as as principal and vice president, respectively.The appointments were reported on Crain's New York's Web site today. Underhill joins Lazard from Security Capital...
FINAL PRICING: $280.9 Mln CNL Funding 2000-A, LP (Banc of America Franchise Deal)
July 20, 2000 CNL Funding 2000-A, LP; Triple Net Lease Mortgage Bonds (Banc of America Securities)ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchRatingS&PAvg.LifePriceTalkPriced(BP)BnchMarkA-1103.79AaaAAAAAA5.5+54-59+50SwapA-2177.29AaaAAAAAA12.9+80-85+80SwapB4.637.5Ba2NRNR16.88----SwapC10.84B2NRNR17.3----SwapD12.340.00NRNRNR18.25----SwapNote: Classes B, C and D were comprised of non-offered certificates. CNL APF Partners retained these junior class bonds.
Southeast Regional Digest (7/20/00): Developers’ $12 Mln project combines residential and office spa
July 20, 2000 Brownstone project combines residential and office spaceThe Charlotte Observer, July 20CHARLOTTE, N.C. – Brackett Co., which develops medical and Class-A offices, and Southern Development Partners, plan to build 32 condos on top of 60,500 square...
Canada Regional Digest (7/20/00): Vacancy rate for industrial property expected to drop in Vancouver
July 20, 2000 Industrial space becoming scarceThe Vancouver Sun, July 20VANCOUVER (British Columbia) – According Colliers International, the vacancy rate for industrial property in Greater Vancouver is expected to drop to a record low 1.8 percent by the...
FINAL PRICING: $364.5 Mln GMAC Commercial Mortgage Securities 2000-FL1
July 20, 2000 Go To Initial Price Talk. GMAC Commercial Mortgage Securities Inc. Series 2000-FL1ClassAmount($mln)Sub. Level(%)RatingS&PRatingMoody'sAvg.LifePriced(BP)BnchMarkA266.127AAAAaa2.53+241-mo. LiborB29.219AAAa23.96+481-mo. LiborC2013.5AA23.96+761-mo. LiborD208BBBBaa23.96+1641-mo. LiborE14.64BBB-Baa33.96+2051-mo. LiborF14.6N/ABBBa24.85+4851-mo. LiborX364.5NAAAAAaa----1-mo. LiborNote: This transaction was officially launched July 17, and priced July 18. It was reported earlier...
AMLI Sells Excess Land Parcels
July 20, 2000 CHICAGO – An affiliate of AMLI Residential Properties Trust (NYSE:AML) has raised $5 million from the sale of four land parcels. The affiliate, AMLI Residential Construction, expects to net an additional $3.9 million when it...
PRICE TALK: $1.1 Bln Credit Suisse First Boston Mortgage Securities Corp., 2000-C1
July 20, 2000 Go To S&P's Presale Report.Go To Fitch's Presale Report.Credit Suisse First Boston Mortgage Securities Corp., 2000-C1ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePriceTalk(BP)BnchMarkA-1184.222.5AAAAAA5+30 area1 mo. LiborA-2677.522.5AAAAAA10+40 area1 mo. LiborB50.118AAAA9.7+55 area1 mo. LiborC44.514AA9+70 area1 mo. LiborD15.312.63A-A-9+82 area1 mo. LiborE29.110BBBBBB9+240-250Treas.F13.98.76BBB-BBB-9+270-280Treas.X*1.1 BlnNAAAAAAA----1 mo. Libor
Ramco-Gershenson 2nd-Qtr FFO $0.61/shr vs $0.57/shr
July 20, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $7.4 mln$6.9 mln $15.3 mln $14.2 mln FFO/shr (diluted) $0.61 $0.57 $1.26 $1.17 Net Income $4.1 mln $1.7 mln $5.3 mln $3.6 mln Net/shr$0.54 $0.23 $0.73 $0.50 Revenue$24.6 mln $20.8...
Centerpoint Properties 2nd-Qtr FFO $0.82/shr vs $0.67/shr
July 20, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $17.9 mln$13.9 mln $35.1 mln $30.5 mln FFO/shr (diluted) $0.82 $0.67 $1.61 $1.48 Extra Gain (Loss) $5.2 mln $ -- $8.1 mln $0.4 Net Income $10.6 mln $5.7 mln $19.9...
Glimcher Reatly Trust 2nd-Qtr FFO $0.70/shr vs $0.64/shr
July 20, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $18.6 mln$17.1 mln $37.1 mln $34.4 mln FFO/shr (diluted) $0.70 $0.64 $1.39 $1.29 Net Income $3.7 mln $4.3 mln $8.0 mln $9.4 mln Net/shr$0.16 $0.18 $0.34 $0.39 Revenue$58.5 mln $53.3...
Prudential Downgrades AvalonBay
July 20, 2000 (NewsTraders.com) – Prudential Securities analyst Lou Taylor dropped AvalonBay Communities Inc. (NYSE:AVB) to "accumulate" from "strong buy," based on the REIT's valuation and what he sees as slower growth over the next four quarters.The analyst...
Jones Lang Bolsters Hotel Group With Alan Tantleff Hire
July 20, 2000 Jones Lang LaSalle has hired Alan Tantleff from Granite Partners, continuing the expansion of its hotel operation.Tantleff, a senior vice president, is based in New York. He is charged with increasing Jones Lang's institutional client...
St. Joe Co. 2nd-Qtr Earnings $0.17/shr vs $0.41/shr
July 20, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99Net Income $15.0 mln $36.5 mln $27.9 mln $81.8 mln Net/shr$0.17 $0.41 $0.32 $0.91 Revenue$157.2 mln $108.5 mln $303.5 mln $181.0 mln Shares Outstanding86.9 mln 89.1 mln 86.7 mln 89.2 mln
Yung Group Files Suit to Force Lodgian Annual Meeting
July 20, 2000 (NewsTraders.com) – William Yung, at the head of a group of investors that includes Edgecliff Management LLC and Casuarina Cayman Holdings Ltd., revealed today that he has filed suit to compel hotel owner Lodgian Inc....
PRICE TALK: $949.9 Morgan Stanley Dean Witter Capital I
July 20, 2000 Go To S&P's Presale Report.Go To Moody's Presale Report.Morgan Stanley Dean Witter Capital IClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePriceTalk(BP)BnchMarkA654.626AaaAAA1.4+21-231-mo. LiborB75.217.5Aa2AA1.8+35 area1-mo. LiborC88.57.5A2A2.1+75 area1-mo. LiborD30.94A3A-2.2+90 area1-mo. LiborE35.40.0Baa2BBB2.3+150-1601-mo. Libor
S&P Assigns Preliminary Ratings to Chelsea GCA Realty Inc.
July 19, 2000 NEW YORK – Standard & Poor's has assigned preliminary ratings to Chelsea GCA Realty Inc. (NYSE:CCG) and Chelsea GCA Realty Partnership LP's equity and debt shelf registrations. The company's $300 million equity shelf registration is...
Southeast Regional Digest (7/19/00): REIT to acquire Georgia Pacific’s Timber Co. for $4 Bln
July 19, 2000 REIT to buy G-P's Timber Co.Atlanta Journal-Constitution, July 19ATLANTA – Plum Creek Timber Co., a real estate investment trust, plans to buy Georgia Pacific's Timber Co. for about $4 billion or $800 an acre. The...
Lehman Venture Provides $33 Mln of Financing for Gas Stations
July 19, 2000 MIAMI – Petroleum Realty Investment Partners, which formed a partnership with Lehman Brothers to finance the purchase of gas station properties, provided $33 million of financing to USA Grocers for its acquisition of 41 gas...
Countrywide Leases Space at Former Hughes Facility
July 19, 2000 LOS ANGELES – Countrywide Home Loans has signed a 10-year lease for 140,000 square feet at West Hills Corporate Village, a former Hughes Aircraft Co. facility.The lease is valued at $34 million and brings West...
W.P. Carey REIT In $8.4 Mln Sale-Leaseback
July 19, 2000 NEW YORK – W.P. Carey & Co. LLC (NYSE:WPC) paid $8.4 million for the main office and warehouse facility of Langeveld International Inc., which is leasing the property back.The property was acquired on behalf of...
Rockwood Teams With Lehman to Market Manhattan Building
July 19, 2000 By Orest Mandzy, Commercial Real Estate Direct Managing EditorRockwood Realty Associates of New York and Lehman Brothers were hired to market One Park Avenue, a 906,000-square-foot office building in Midtown Manhattan.The building is owned by...
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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.
