RECENT NEWS
Canada Digest (11/10/00): Office space in Vancouver scarce
November 10, 2000 Downtown space becomes scarceVancouver Sun, November 10VACOUVER – With little new construction in sight, insatiable demand for downtown office space will result in record absorption by year end, when the vacancy rate is expected to...
GMAC Plans Launch of CMBS Analytical System
November 10, 2000 Commercial Real Estate Direct Staff ReportGMAC Commercial Mortgage is said to be working on putting together a wide-ranging analytical product for the commercial mortgage industry.Few specific details of the system, Realpoint, are known.GMAC, which is...
Pacifica Hosts Pays $20 Mln for Los Angeles Airport Hotel
November 10, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorPacifica Hosts Inc. has paid $20 million, or $33,840/unit for the 591-room Wyndham Los Angeles Airport hotel.The seller, Almo Hotel Co., had seen two previous deals fail...
Fitch Upgrades GMAC’s Servicer Ratings
November 10, 2000 NEW YORK – Fitch is upgrading GMAC Commercial Mortgage's master servicer rating to CMS2 from CMS3 and primary servicer to CPS2 from CPS3.Fitch said the upgrades were due to technological enhancements GMAC has made to...
Post Sells 2 Nashville Communities to Principal
November 10, 2000 Post Properties Inc. (NYSE:PPS) has sold two apartment communities in Nashville, Tenn., to a life insurance company.Principal Life Insurance Co. of Des Moines, Iowa, has bought Post Hillsboro Village and Post Green Hills, which together...
Mack-Cali Gears Up for $600 Mln Disposition Effort
November 10, 2000Mack-Cali Realty Corp. (NYSE:CLI), which recently nixed its plan to acquire Prentiss Properties Trust, is launching a massive disposition effort that the firm says will result in the sale of about $600 million of real estate...
Bank Of America Provides $175 Mln Financing to U.S. Restaurant Properties
November 10, 2000 DALLAS – Bank of America has agreed to provide U.S. Restaurant Properties Inc. (NYSE:USV) a $175 million secured bridge facility The floating-rate loan is expected to be securitized, either on a stand alone basis, or...
Prime Group Realty Sells 3 Properties for $36.8 Mln
November 9, 2000 CHICAGO – Prime Group Realty Trust (NYSE:PGE) has recovered $36.8 million from the sale of three industrial properties.The sales will result in a gain of $3.3 million and are part of the REIT's move to...
Northwestern Mutual Provides $147 Mln Mortgage for Kansas City Mall
November 9, 2000 Northwestern Mutual Life Insurance has provided a $147 million mortgage to refinance the Country Club Plaza, one of the country's first suburban shopping centers.The Kansas City, Mo., property was inherited by Highwoods Properties Inc. (NYSE:HIW)...
Acadia Realty Trust 3rd-Qtr FFO $0.21/shr vs $0.25/shr
November 9, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$7.4 $9.2 $24 $23.1 FFO/shr (diluted)$0.21 $0.25$0.67$0.63 Extra Gain (Loss) ($0.8 mln) -- ($0.8 mln) $1.3 mln Net Income $1.1 $3.1 $5.9 $5.1 Net/shr$0.04 $0.12 $0.23 $0.20 Revenue (mln)$23.5 $24.4...
Highwoods Properties 3rd Qtr FFO $0.94/shr vs $0.86/shr
November 9, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$63.0 $61.1 $187.4 $183.1 FFO/shr (diluted)$0.94 $0.86 $2.75 $2.60 Extra Gain (Loss) mln $(3.3) $(5.0) $(4.3) $(5.8) Net Income (mln) $29.7 $24.9 $66.5 $79.2 Net/shr$0.56 $0.48 $1.19 $1.38 Revenue (mln)$139.0...
Post Properties 3rd-Qtr FFO Unchanged at $0.94/shr
November 9, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$43 $41.4 $131.1 $120.6FFO/shr (diluted)$0.94 $0.94$2.90 $2.74 Extra Gain (Loss) -- -- -- ($0.5 mln)Net Income $24.1 $23.8$75 $69.1 Net/shr$0.60 $0.61 $1.88 $1.78 Revenue (mln)$101.3 $88.2$296.3 $254.6
CarrAmerica Names Joel Manfredo Chief Technology Officer
November 9, 2000 WASHINGTON – CarrAmerica Realty Corp. (NYSE:CRE) has named Joel A. Manfredo as chief technology officer and managing director of E-Business Solutions.Manfredo will manage all functional areas of technology for the company, as well as serve...
Equity Residential 3rd-Qtr FFO $1.27/shr vs $1.13/shr
November 9, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$193.8 $165.9$563.6$486.4FFO/shr (diluted)$1.27$1.13 $3.71 $3.32 Net Income $178 $67.9 $376.2 $201Net/shr$1.33 $0.55 $2.88 $1.66 Revenue (mln)$537.3 $435.2$1,516$1,274 Shares Out. (mln)152.5 147151.9 146.6
Price Talk on First Union Conduit Due Monday
November 9, 2000 Commercial Real Estate DirectInitial price guidance on the $1.14 billion conduit from First Union Securities and Merrill Lynch will be issued Monday, sources said today. Final pricing on the deal, launched earlier this week, will...
Sovran Secures $255 Mln Debt Financing
November 9, 2000 Fleet Securities Inc. has led a syndicate of nine banks that provided Sovran Self Storage Inc. (NYSE:SSS) $255 million of financing.Fleet arranged the three-part loan. Other lenders in the syndicate include First Union National Bank,...
FleetBoston Launches Web Site to Market Surplus Properties
November 9, 2000 FleetBoston Financial's corporate real estate department has launched a Web site that lists the 50 surplus branches that it is currently offering for sale or lease.The site, www.fleetproperty.com, was designed by eProperty.com, which is affiliated...
Amstar Group Provides $40 Mln for Houston Apartments
November 9, 2000 HOUSTON – Amstar Group Ltd. is making a $40 million investment in a proposed 432-unit apartment complex in downtown Houston.The complex is being developed by the Morgan Group, which was advised by Tom Fish of...
Southeast Regional Digest (11/09/00): Wells Fargo leases space at the LakePointe office park in Char
November 9, 2000 Wells Fargo leases 40,000 sfCharlotte Observer, November 9CHARLOTTE, N.C. – Wells Fargo Home Mortgage Inc. has leased 40,000 square feet of office space at 2801 W. Tyvola Rd., near the Charlotte Coliseum, from Belk Stores...
FBR Asset Investment COO Swanson Passes Away
November 9, 2000 (NewsTraders.com) – Real estate investment trust FBR Asset Investment Corp. (AMEX:FB) revealed in a filing today that its president and COO, William Swanson, passed away on Nov. 3.Eric Billings will continue to serve as FBR...
AMB Property Pays $95 Mln for Stake in Airport Facilities
November 8, 2000 SAN FRANCISCO – AMB Property Corp. (NYSE:AMB) has paid $95 million in cash, partnership units and assumed debt for a 95 percent interest in 20 cargo facilities with nearly 900,000 square feet at eight U.S....
Southeast Regional Digest (11/8/00): Three office properties sold for $93 Mln
November 8, 2000 DeSantis closes on three office towers in South FloridaDaily Business Review, November 8BOCA RATON, Fla. – A partnership led by former Rexall Sundown chief Carl DeSantis has closed on its purchase of 632,167-square-foot in three...
Pacific Gulf 3rd Qtr FFO $0.75/shr vs $0.65/shr
November 8, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$15.8 $13.1 $45.5 $38.8 FFO/shr (diluted)$0.75 $0.65 $2.18 $1.93 Net Income (mln) $8.3 $7.7 $26.8 $25.6 Net/shr$0.39 $0.38 $1.27 $1.26 Revenue (mln)$34.9 $31.6 $101.9 $92.1 Shares Out. (mln)21.2 20.2 20.9...
First Commercial Affiliate Agrees to Buy Dynex for $90 Mln
November 8, 2000 Commercial Real Estate Direct Staff ReportSAN DIEGO – Dynex Capital Inc. (NYSE:DX) has finally entered into a definitive agreement to be acquired by an affiliate of First Commercial Corp. for $90 million in cash.The affiliate,...
Rodamco Completes Acquisition of Urban Shopping Centers
November 8, 2000 CHICAGO – Rodamco North America NV (Amex: RDMA) has completed its acquisition of Urban Shopping Centers Inc. (NYSE:URB).Urban shareholders who did not tender their shares pursuant to the previously completed tender offer, which expired at...
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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.
