RECENT NEWS
1st Qtr Earnings Recap
May 18, 2001 1st Quarter 2001 1st Quarter 2000 Company FFO (Mln) FFO/shr (diluted) Net Income (Mln) Net Income/shr (diluted) Revenue (Mln) FFO (Mln) FFO/shr (diluted) Net Income (Mln) Net Income/shr (diluted) Revenue (Mln) Amerivest Properties Inc. $413.1...
Yale Properties Buys San Diego R&D Property
May 18, 2001 Yale Properties USA has acquired an R&D building in San Diego's Sorrento Mesa submarket for about $16.5 million, or roughly $153/sf.Yale, a privately owned real estate development and investment company, bought the Carroll Vista Center...
Bass Hotels in Talks to Buy Wyndham Chain
May 18, 2001 DALLAS – Bass Hotels & Resorts, owner of the Holiday Inn brand, is in talks to buy the hotel chain Wyndham International Inc.The talks are in the early stages and might not lead to an...
S&P Ranks First Independent Japanese Special Servicer
May 18, 2001 TOKYO - Standard & Poor's has assigned its average ranking outlook to Tokyo Servicer Inc. as a special servicer. The outlook is stable.Tokyo Servicer was established in October 1998 to conduct servicing operations. The company...
Standard & Poor’s Assigns Hatfield Philips Above Average Ranking
May 18, 2001 NEW YORK – Standard & Poor's has assigned its above average ranking to Hatfield Philips Inc. as a commercial special servicer.The ranking reflects the company's advancements in technology during the past year, which should help...
Fitch Upgrades CDC Securitization Corp., 1999-FL1
May 18, 2001 NEW YORK – Fitch has upgraded CDC Securitization Corp., 1999-FL1 because loan payoffs have resulted in significant increases in subordination levels.The rating agency upgraded the deal's $41 million class B to triple-A from double-A; the...
Union Labor Life forms Real Estate Equity Fund
May 18, 2001 WASHINGTON - The Union Labor Life Insurance Co. has formed The Real Estate Equity Fund.The fund offers public and private pension funds and jointly managed trust funds ownership in income-producing properties.It will provide group variable...
S&P Places AML Leasing Trust Commercial Paper Program on Watch Negative
May 18, 2001 NEW YORK - Standard & Poor's has placed its single-A-1 rating to the $109.1 million AML Leasing Trust commercial paper program on credit watch negative.The rating follows the placement of Aetna Life Insurance Co.'s credit...
Southeast Regional Digest (5/17/01): Cobb tower planned in Atlanta, despite warnings
May 17, 2001 Cobb tower planned in Atlanta, despite warningsThe Atlanta Journal-ConstitutionATLANTA - Crescent Resources is planning a 20-story office building at I-75 and Cumberland Boulevard. Construction will begin in August despite warnings that metro Atlanta has too...
Denholtz Completes $186Mln Banyan Acquisition
May 17, 2001 RAHWAY, N.J. – Denholtz Associates has closed on its purchase of a national portfolio of office and flex/industrial space from Banyan Strategic Realty Trust (Nasdaq:BSRTS) for about $186.3 million.The 2.7 million-square-foot portfolio includes properties located...
Southeast Regional Digest (5/17/01): Cobb tower planned in Atlanta, despite warnings
May 17, 2001Cobb tower planned in Atlanta, despite warningsThe Atlanta Journal-ConstitutionATLANTA - Crescent Resources is planning a 20-story office building at I-75 and Cumberland Boulevard. Construction will begin in August despite warnings that metro Atlanta has too much...
Gotham Proposes Combination With First Union Real Estate
May 17, 2001NEW YORK – Gotham Partners LP is proposing to merge its operation with First Union Real Estate Equity and Mortgage Investments (NYSE:FUR), a small REIT that it effectively controls.Gotham, which already owns a 16.7 percent interest...
Mid-Atlantic Regional Digest (5/16/01): $390Mln skyscraper planned for Philadelphia
May 17, 2001 $390Mln skyscraper planned for Philadelphia Philadelphia Daily NewsPHILADELPHIA – Liberty Property Trust, Mayor John Street and Willard G. Rouse III have revealed plans for a $390 million office complex on the west side of Broad...
Southcentral Regional Digest (5/17/01): 7,000 acres in Fort Worth, Texas, may be redeveloped into mi
May 17, 2001 Development on the horizon in Forth Worth, TexasFort Worth (Texas) Star-TelegramFORT WORTH – The Walsh Ranch, 7,000 acres of rolling land that straddles Tarrant and Parker counties west of Fort Worth, might be headed toward...
Prudential Part of JV That Buys Polaroid Campus in Mass.
May 17, 2001 Prudential Real Estate Investors is part of The Davis Cos. joint venture that has agreed to buy Polaroid Corp.'s four-building office and manufacturing campus in Waltham, Mass., for about $70 million.Polaroid said it expects net...
Midwest Regional Digest (5/17/01): $40Mln redevelopment for Rochester Hills, Mich.
May 17, 2001 $40Mln redevelopment for Rochester Hills, Mich.The Detroit NewsROCHESTER HILLS, Mich. - Construction will begin next month on a $40 million redevelopment and expansion of Meadowbrook Village at Adams and Walton Roads. The 32-acre plan calls...
Essex to Repurchase Common Stock
May 17, 2001 PALO ALTO, Calif. - Essex Property Trust Inc. (NYSE:ESS) will purchase up to $50 million of its common stock at a price not above $48/share.Proceeds from the sale of properties or working capital will be...
West Regional Digest (5/17/01): Wells Fargo agrees to buy Los Angeles tower for $47.5Mln
May 17, 2001 Wells Fargo banks on First Interstate TowerLOS ANGELES – Wells Fargo & Co has reportedly agreed to buy Equitable Life Assurance Society's 50 percent stake in the First Interstate Tower, a 1.3 million square-foot tower...
Softening Office Demand Prompts Change in L.A.-Area Development Plan
May 17, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterPacTen Partners has switched course with development plans for a site it owns in Valencia, Calif.The firm now plans to develop a 540,000-square-foot industrial technology park on...
Kindred Healthcare Renews Leases With Health Care Property Investors
May 17, 2001 LOUISVILLE, Ky. – Kindred Healthcare Inc., formerly Vencor Inc., has renewed its leases on 22 nursing centers with Health Care Property Investors (NYSE:HCP).The annual rent on the 10-year leases, which were due to expire in...
REIT Earnings Advance
May 17, 2001 WASHINGTON – The per share fund from operations for REITS increased 7.5 percent on average in the first quarter, when compared with the same period last year.Year-over-year FFO per share growth for fourth quarter 2000...
Northeast Regional Digest (5/17/01): Polaroid sells Mass. campus for $70Mln
May 17, 2001 Polaroid sells campus in Waltham, Mass for $70MlnBoston Daily GlobeWALTHAM, Mass. – Polaroid Corp. has sold its 56-acre campus for $70 million to the Davis Cos. Polaroid also received a two-month extension from lenders to...
Moody’s Downgrades Merrill Lynch Mortgage Investors, 1998-C3
May 17, 2001 NEW YORK – Moody's Investors Service has downgraded two classes of Merrill Lynch Mortgage Investors Inc., 1998-C3 because the deal's collateral pool is performing worse than it was at securitization three years ago.The rating agency...
Optical Communication to Buy Building in Woodland Hills, Calif.
May 17, 2001 CHATSWORTH, Calif. - Optical Communication Products Inc. (Nasdaq:OCPI) will buy a 145,720-square-foot building in Woodland Hills, Calif., for about $18.7 million.The manufacturer of fiber-optic subsystems and modules for metropolitan area networks and high-speed premises networks...
L.J. Melody Arranges $30.5Mln Financing for 2 Properties
May 17, 2001 J.P. Morgan provided $16.4 million of financing for the Juncos Plaza, a 213,000-square-foot retail center in Puerto Rico owned by a family partnership. The property is leased to tenants such as Kmart, Pep Boys and...
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