RECENT NEWS
Fortis Properties to Buy 3 Office Properties in Canada
November 8, 2000 ST. JOHN'S, Newfoundland – Fortis Properties Corp. has agreed to buy a portfolio of three office properties in Atlantic Canada from Aliant Inc. for C$80 million (US$52.2 million).The properties total about 1 million square feet...
New Plan Excel Realty 3rd Qtr. FFO $0.48/shr vs. $0.51/shr
November 8, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$43.3 $46.9 $124.6 $141.0 FFO/shr (diluted)$0.48 $0.51 $1.37 $1.52 Extra Gain (Loss) $1.2 $.19 $9.1 $.19 Net Income $33.2 $34.7 $95.7 $106.1 Net/shr$0.30 $0.32 $0.88 $0.99 Revenue (mln)$102.9 $108.2 $314.1...
WestCoast Anaheim Gets $24.5 Mln of Short-Term Debt
November 8, 2000 LOS ANGELES – A national finance company has provided $24.5 million of interim financing for the WestCoast Anaheim Hotel a block from DisneyLand in Southern California.The hotel's owner, WestCoast Hospitality Corp. of Spokane, Wash., was...
Taubman Centers 3rd Qtr. FFO $0.31/shr vs. $0.31
November 8, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$16.3 $16.3 $50.2 $49.3 FFO/shr (diluted)$0.31 $0.30 $0.95 $0.92 Net Income $89.8 $4.6 $92.3 $16.1 Net/shr$1.62 $0.01 $1.50 $0.06 Revenue (mln)$63.1 $62.0 $125.1 $NA Shares Out. (mln)52.5 53.3 52.8 53.2
Canada Digest (11/8/00): Action to bid for partial take-over of Revenue Properties
November 8, 2000 Acktion Corp. to bid for partial take-over of Revenue PropertiesCanada Newswire, November 8TORONTO – Acktion Corp. intends to make an unsolicited partial take-over bid for common shares of Revenue Properties Co. Ltd. for $2.50 in...
Blackacre Sells Buffalo Office Complex for $45 Mln
November 8, 2000 A New York investment group has agreed to pay about $45 million, or $100/sf, for Key Center at Fountain Plaza in downtown Buffalo, N.Y.According to The Wall Street Journal, the 450,000-square-foot complex is being sold...
First Union Files Term Sheet for 2000-C2 CMBS Deal
November 7, 2000First Union National Bank has filed a term sheet related to an upcoming $1.14 billion commercial mortgage-backed securities offering it is planning with Merrill Lynch.The deal is expected to price before the end of the month.
BofA, IBM, Prudential Launch B2B for Corporate Real Estate
November 7, 2000 SAN FRANCISCO – Bank of America and Prudential, which had been exploring creating their own online exchange for corporate real estate transactions, have collaborated with IBM and netStruxr to create such an application.Bank of America,...
S&P Raises Rating on BKB Commercial Mortgage Trust 1997-C1
November 7, 2000 NEW YORK – Standard & Poor's has raised its ratings on BKB Commercial Mortgage Trust's 1997-C1.S&P raised class E to single-A from double-B, class F to triple-B from single-B and class G to double-B from...
Commercial Net Lease Extends Credit Line
November 7, 2000 ORLANDO, Fla. – A group of lenders led by First Union has extended the maturity, to October 2003, of a $200 million unsecured credit facility to Commercial Net Lease Realty Inc. (NYSE:NNN). The amended facility...
Brookfield Teams With VC Firms to Invest in Technology
November 7, 2000NEW YORK – Brookfield Properties Corp. (NYSE:BPO) has joined forces with three venture capital firms to fund emerging technology companies that supply telecommunications and technology-based products and services to real estate businesses and their tenants.The REIT...
Southeast Regional Digest (11/7/00): Va. real estate firm buys 2 office parks for $87 Mln
November 7, 2000 Harbor Group buys two office buildingsThe Virginian-Pilot, November 7COLUMBIA, S.C. – Norfolk, Va.-based Harbor Group International LLC has acquired two office parks one in Columbia, S.C., and one in Nashville, Tenn., for $87 million. The...
A.G. Edwards Lifts Boykin Lodging to Maintain from Reduce
November 7, 2000 (NewsTraders.com) – Boykin Lodging (NYSE:BOY) was promoted to maintain from reduce today by A.G. Edwards & Sons analyst Manuel Pyles.Pyles said his investment model predicts improved performance for the REIT'S stock, despite continued declines in...
Harbor Group Pays $87 Mln for 2 Offices
November 7, 2000Harbor Group International LLC has acquired two office parks, one in Columbia, S.C., and one in Nashville, Tenn., for $87 million. The properties, which total 1 million square feet, were purchased from J.P. Morgan Investment Management...
Credit Lyonnais Provides $80 Mln in Financing for 660 Madison Purchase
November 7, 2000 NEW YORK – Credit Lyonnais is providing $80 million in permanent financing for Brickman Associates and Rockwood Capital Real Estate Fund IV's acquisition of the commercial office condominium interest in 660 Madison Avenue, at the...
CS First Boston Starts 4 Lodging Companies, Favors Starwood
November 7, 2000 (NewsTraders.com) – Credit Suisse First Boston analyst Brian Egger, while launching coverage Tuesday on four companies in the lodging industry, positioned Starwood Hotels & Resorts (NYSE:HOT) as his top selection with a strong buy rating."The...
Commercial Net Lease 3rd Qtr FFO $0.36/shr vs $0.38/shr
November 7, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$10.8 $11.6 $32.8 $34.5 FFO/shr (diluted)$0.36 $0.38 $1.08 $1.14 Net Income (mln) $8.6 $8.8 $25.8 $25.8 Net/shr$0.28 $0.29 $0.85 $0.85 Revenue (mln)$20.2 $19.0 $60.3 $57.0 Shares Out. (mln)30.4 30.4 30.5...
Great Lakes 3rd Qtr FFO $0.54/shr vs $0.50/shr
November 7, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$9.1 $8.4 $26.6 $23.7 FFO/shr (diluted)$0.54 $0.50 $1.61 $1.43 Net Income (mln) $4.9 $7.6 $17.4 $20.4 Net/shr$0.29 $0.46 $1.05 $1.23 Revenue (mln)$25.4 $24.3$74.8 $70.9 Shares Out. (mln)16.8 16.6 16.6 16.6
Mack-Cali 3rd Qtr. FFO $0.89/shr vs. $0.83/shr
November 7, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$65.0 $61.3 $197.5 $182.2 FFO/shr (diluted)$0.89 $0.83 $2.70 $2.46 Extra Gain (Loss) $8.8 $----- $75.8 $----- Net Income $20.0 $32.5 $150.9 $83.3 Net/shr$0.34 $0.55 $2.50 $1.42 Revenue (mln)$143.4 $139.0 $432.3...
Cisco to Pay Catellus $101.9 Mln for Space in California
November 7, 2000 SAN FRANCISCO – Cisco Systems has agreed to lease a substantial chunk of land at Pacific Commons, a proposed business park in Fremont, Calif., allowing Catellus Development Corp. (NYSE:CDX) to move ahead with development.As previously...
Brickman, Rockwood Capital to Buy Office Condo Above Barneys for $108 Mln
November 7, 2000Brickman Associates and Rockwood Capital are teaming to buy the office condo above Barneys New York's flagship department store at 660 Madison Ave. for $108 million, or about $432/sf. Earlier reports said that Brickman had alone...
Greenwin Property Management Switches to Realm’s Newstar Software
November 7, 2000 TORONTO – Greenwin Property Management Inc. is converting to the Realm's Newstar Real Estate Management System.Greenwin, a residential property manager in Canada, agreed in June to use the Newstar software to automate the company's daily...
Criimi Mae Finalizes CMBS Sale to Orix
November 7, 2000 ROCKVILLE, Md. – Criimi Mae Inc. (NYSE:CMM) recovered $189 million from the sale of subordinate commercial mortgage-backed securities from four transactions to ORIX Real Estate Capital Markets LLC.Criimi will use about $30 million of the...
Southeast Regional Digest (11/6/00): Law firm looks to move
November 6, 2000 Industry news: Law firm looks to moveAtlanta Journal-Constitution, November 6ATLANTA – The law firm of Arnall Golden & Gregory is about to start looking for a sizable amount of office space. The firm's headquarters are...
Public Storage 3rd Qtr. FFO $0.67/shr vs. $0.66/shr
November 6, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$88.3 $90.1 $256.2 $247.5 FFO/shr (diluted)$0.67 $0.66 $1.94 $1.86 Net Income $75.7 $76.8 $222.5 $212.2 Net/shr$0.37 $0.40 $1.06 $1.13 Revenue (mln)$196.0 $179.1 $560.7 $499.2 Shares Out. (mln)131.1 129.0 131.8 125.6
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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.
