RECENT NEWS
Southeast Regional Digest (4/16/01): S.C. site tapped for development
April 16, 2001 S.C. site tapped for development The Business Journal of Charlotte (N.C.)CHARLOTTE, N.C. - Robert C. Rhein Interests Inc. and The Crosland Group Inc. are planning a 482-acre, mixed-use project in Lancaster County that includes a...
Fitch Upgrades Structured Asset Securities Corp. 1994-C1
April 16, 2001 NEW YORK – Fitch has upgraded two classes in Structured Asset Securities Corp.'s series 1994-C1.It also withdrew one rating and affirmed other classes it rates.The rating agency raised the $16.3 million class E to double-A...
2 Downtown Philadelphia Office Buildings Offered for Sale
April 16, 2001 Two Penn Center and 11 Penn Center in Philadelphia's central business district are being put up for sale. According to the Philadelphia Business Journal, CB Richard Ellis has been hired by the owner of 11...
REVISED PRICE TALK: $1.1 Bln Credit Suisse First Boston Mortgage Securities Corp., Series 2001-CF2
April 16, 2001 Reflects tightening of guidance for the A-1 and A-4 tranches. No other classes were changed. Final pricing is expected mid-week. Class Amount Sub. Rate Rating S&P Rating Moody's Rating Fitch Avg. Life Price Talk Revised...
Public Storage Repurchases Additional Shares
April 16, 2001 GLENDALE, Calif. - Public Storage Inc. (NYSE:PSA) has increased the number of common shares it will repurchase to 25 million from 20 million.The shares may be repurchased periodically on the open market or in privately...
American Industrial Sets Shareholder Meeting to Vote on Sale
April 16, 2001 IRVING, Texas - American Industrial Properties REIT (NYSE:IND) will hold a special meeting of shareholders on May 14 to approve the REIT's agreement to sell itself to Developers Diversified Realty Corp. (NYSE:DDR)In addition, shareholders will...
Equity Office Files to Sell $3Bln in Debt
April 16, 2001 Equity Office Properties Trust (NYSE:EOP) has filed to sell up to $3 billion of unsecured debt.The REIT's operating limited partnership filed a shelf registration with the SEC to sell the debt securities and warrants.The REIT...
Merrill, Deutsche Provide $263Mln of Debt to Criimi
April 16, 2001 Commercial Real Estate Direct Staff ReportCriimi Mae, which said it would emerge from bankruptcy tomorrow, is getting $263 million of financing from Merrill Lynch and Deutsche Bank.In addition, the REIT – Criimi will remain a...
Investment Firm Buys Raw Land in Downtown LA
April 16, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterTerrapark Inc. has purchased a development site in downtown Los Angeles – the first such deal in the area in a decade.The New York firm purchased the...
Film School Relocates Unit to Ventura, Calif.
April 16, 2001 By Brad Berton, Commercial Real Estate Direct Contributing WriterThe prestigious Brooks Institute of Photography in Santa Barbara, Calif., is expanding and relocating its film division with the lease of a 73,000-square-foot studio in Ventura.Terms of...
G&L Realty Agrees to Exec-Led Buyout
April 16, 2001 BEVERLY HILLS, Calif. – G&L Realty Corp. (NYSE:GLR) has agreed to sell its outstanding shares of common stock to its chief executive officer and its president.Under the healthcare REIT's agreement with CEO Daniel M. Gottlieb...
Criimi Mae to Emerge From Bankruptcy, Sees Increasing Loan Delinquencies
April 16, 2001ROCKVILLE, Md. – Criimi Mae Inc. (NYSE:CMM) is slated to emerge from bankruptcy tomorrow, April 17.The REIT, which had been arguably the most active buyer of subordinate CMBS before 1998, said all the key parties to...
Kramont Sells Anneslie Shopping Center in Baltimore
April 16, 2001 BALTIMORE – Kramont Realty Trust (NYSE:(NYSE: KRT) has sold the Anneslie Shopping Center to a local office developer for $6.3 millionThe 173,000-square-foot retail center contained a vacant 94,000-sf, three-story department store building that formerly housed...
PNC Taps JBS to Sell $20Mln of Loans
April 16, 2001 CHICAGO – PNC Bank has hired JBS & Associates of Chicago to market for sale some $20 million of nonperforming and charged-off commercial loans. JBS plans to sell the loans to the highest bidders via...
Humphrey Hospitality Appoints Financial Advisers
April 12, 2001 COLUMBIA, Md. – Humphrey Hospitality Trust (Nasdaq:HUMP) has appointed Cohen & Steers Capital Advisors LLC as financial adviser to assist in exploring the REIT's various alternatives.The decision is a result of a $2.4 million loss...
Pan Pacific Sells $150Mln of Senior Notes Due 2011
April 12, 2001 SAN DIEGO – Pan Pacific Retail Properties Inc. (NYSE:PNP) has sold $150 million of 7.95 percent senior notes due April 15, 2011.The notes were priced at 99.225 percent.Proceeds were used to retire the company's $100...
W.P. Carey Buys 4 Facilities for $22Mln in Sale-Leaseback
April 12, 2001 NEW YORK – W.P. Carey & Co. LLC (NYSE:WPC) has purchased four facilities from Gibson Guitar Corp. for $22 million.W.P. Carey purchased the sites on behalf of Corporate Properties Associates 14 Inc., one of its...
Southeast Regional Digest (4/12/01): Charlotte, N.C., cotton mill to become lofts
April 12, 2001 Charlotte, N.C., cotton mill to become lofts Charlotte (N.C.) ObserverCHARLOTTE, N.C. - Winter Properties has begun renovating the city's historic Highland Park Mill No. 3 into loft offices. This is the first phase of a...
AMB Property 1st Qtr FFO $0.57/shr vs $0.55/shr
April 12, 2001 AMB PROPERTY 1st-Qtr 01 1st-Qtr 00 FFO (Mln) $51.5 $49.4 FFO/shr (diluted) $0.57 $0.55 Net Income (Mln) $42.3 $28.9 Net/shr (diluted) $0.50 $0.34 Revenue (Mln) $144.8 $110.3 Shares Outstanding (Mln) 90.5 89.7
Prime Retail 4th Qtr FFO $0.14/shr vs $(0.06)/shr
April 12, 2001 PRIME RETAIL 4th-Qtr 00 4th-Qtr 99 12-mos 00 12-mos 99 FFO (Mln) $13.5 $3.1 $58 $84.2 FFO/shr (diluted) $0.14 $(0.06) $0.65 $1.10 Net Income (Loss) (Mln) $(117.1) $(61.4) $(165.1) $(44.8) Net/shr (Loss) (diluted) $(2.69)...
Cranbrook Realty Receives $14Mln Financing for Calif. Office Park
April 12, 2001 SAN RAMON, Calif. - Cranbrook Realty Investment Fund LP has received $14 million financing for the Canyon Place Office Park.The property includes four two-story office buildings totaling 121,000 square feet. The properties include tenants such...
PRICE TALK: $279.8 Mln Potomac/Gurnee Mills Trust, Series 2001-XLPGM (MSDW)
April 12, 2001 Class Amount Rating Moody's Rating Fitch Rate Avg. Life Price Talk Benchmark A-1 41.8 Aaa AAA Fixed 5.6 +57-60 Swaps A-2 98.2 Aaa AAA Floating 10 +47-50 Libor B 27.1 Aa1 AA+ Fixed 9.9 +80-85...
South Trust Bank Provides $12.7Mln for Texas Apartment Project
April 12, 2001 MESQUITE, Texas – Mitchell Vexler, owner of the Barons Apartments, has received $12.7 million in construction financing from South Trust Bank to develop Phase II at the complex.Phase II will consist of 240 units and...
Commercial Real Estate Direct to Close Friday, April 13
April 12, 2001 Commercial Real Estate Direct will not publish tomorrow, Friday, April 13. We will resume publishing Monday morning, April 16.
Republic Mortgage Buys RealtyLogix
April 12, 2001 WINSTON-SALEM, N.C., - Republic Mortgage Insurance Co., a subsidiary of Old Republic International Corp. (NYSE:ORI), has acquired RealtyLogix Inc. of Atlanta.Terms of the deal were not disclosed."The acquisition of RealtyLogix contributes to RMIC's strategy of...
About
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.
