RECENT NEWS
Fannie Mae Financing Arranged for Michigan Apartments
September 5, 2000 Eichler Fayne & Associates has provided $9.5 million of Fannie Mae financing for Hunters West Apartments, a 426-unit apartment complex in Westland, Mich., a suburb of Detroit.The financing carries a fixed rate of 7.85 percent...
Mid-America Fixes Rate on Additional $25 Mln
September 5, 2000 MEMPHIS, Tenn. – Mid-America Apartment Communities Inc. (NYSE:MAA) has again fixed the rate on some of its floating-rate debt.Mid-America swapped $25 million of its Fannie Mae floating rate debt that is currently priced at 67...
Burnham Pacific Trims Staff, Cuts Costs
September 5, 2000 SAN DIEGO – Burnham Pacific Properties Inc. (NYSE:BPP) will eliminate 46 positions by closing its Portland, Ore., Seattle and Sacramento, Calif., offices and substantially reducing the size of its San Francisco and San Diego offices...
Boeing Signs $15 Mln Lease in Long Beach, Calif.
September 1, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorThe Boeing Co. has leased 165,000 square feet of office space at 4801 Airport Plaza Drive in the suburban airport district of Long Beach, Calif.The five-year transaction...
CareMatrix, Chancellor Sell Properties for $90 Mln
September 1, 2000 NEEDHAM, Mass. – CareMatrix Corp. (Nasdaq:CMDCE) and affiliates of Chancellor Senior Housing Group Inc. have completed the sale of seven healthcare properties in Florida and New Jersey for $90 million.The two sellers agreed in May...
Lease Brings Downtown LA Office Building to Full Occupancy
September 1, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorArnold & Porter has renewed and expanded its lease at one of downtown Los Angeles' newest high-rises, the 777 Tower at Eighth and Figueroa streets.The Washington, D.C.,...
Southeast Regional Digest (9/01/00): Affiliate buys Cobb County apartments for $53.7 Mln
September 1, 2000 East Cobb complex sold for $53.7 million Atlanta Journal-Constitution, September 1ATLANTA – An affiliate of Chicago-based Group One Investments has acquired the Windsor at River Heights apartments in east Cobb County for $53.7 million. The...
Simon Property Wins $26.2 Mln Jury Award on Trademark Infringement
September 1, 2000 SANTA CLARA, Calif. – The Simon Property Group has been awarded $26.2 million in damages from a jury, which ruled that mySimon inc. infringed on the company's trademark. The jury's verdict, which was rendered in...
World Trade Center Draws Six Bids
September 1, 2000 Commercial Real Estate Direct Staff ReportThe Port Authority of New York and New Jersey last night received as many as six proposals from firms interested in taking over management of the massive World Trade Center...
Bradley Shareholders Okay Heritage Merger
September 1, 2000 As expected, shareholders of Bradley Real Estate Inc. (NYSE:BTR) have approved the REIT's merger with Heritage Property Investment Trust.Under the $1.2 billion deal , Heritage will pay $22/share for each of Bradley's 21.1 million shares...
CB Richard Ellis Aligns with Internet Service Provider
September 1, 2000 CB Richard Ellis has formed a strategic alliance with an Internet and data services provider to deliver Internet services to tenants in more than 2,000 commercial office buildings that the real estate firm manages nationwide.The...
H&R REIT Completes Buy of Royop Properties for $27 Mln
September 1, 2000 TORONTO – H&R Real Estate Investment Trust (TSE:HR_u.YO) has completed the purchase of Royop Properties Corp. (TSE:RYP.TO).Under terms of the deal, which valued Royop's common shares at 39.8 million Canada dollars (US$27 million), each Royop...
Investor Berlin Has 6% Horizon Group Properties Stake
September 1, 2000 (NewsTraders.com) – Investor Thomas Berlin has taken a 6 percent stake in Horizon Group Inc. (Nasdaq:HGPI), according to a Schedule 13D filed with the SEC.Berlin owns 171,100 common shares of the REIT, and reported that...
Everest Teams With Reichmann on Canadian Venture
August 31, 2000 TORONTO – Everest Broadband Networks has joined forces with Steven Reichmann to form Everest Broadband Networks Canada. Reichmann is the nephew of Paul Reichmann, the head of O&Y Properties. Everest Canada will wire O&Y's properties...
Southeast Regional Digest (8/29/00): St. Joe Commercial appoints real estate veteran to president
August 31, 2000 Area veteran is president of St. Joe Commercial Orlando Sentinel, August 31ORLANDO, Fla. – Frank W. Herring Jr. has been appointed to president of St. Joe Commercial. He came to the company in January as...
SL Green 2nd-Qtr FFO $0. 65/shr vs $0.58/shr
August 31, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO$20.6 mln$18.1 mln $40.1 mln $34.5 mln FFO/shr (diluted)$0.65$0.58 $1.27 $1.10 Net Income (loss) $13.0 mln $8.4 mln $34.6 mln $16.6 mln Net/shr$0.53 $0.35 $1.41 $0.68 Revenue$56.5 mln $50.8 mln $111.3...
Great Lakes REIT Added to S&P’s REIT Composite Index
August 31, 2000 CHICAGO – Great Lakes REIT (NYSE: GL) has been added to the S&P REIT Composite Index.Great Lakes REIT is a real estate operating company that owns and manages suburban office properties ranging in the Midwest...
Morgan Stanley Prices $185 Mln of Franchise Deal
August 31, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterMorgan Stanley Dean Witter Mortgage Capital Inc. priced the two triple-A tranches of its $243.5 million franchise securitization early Thursday. The private deal, MSDWMC Owner Trust...
First Washington 2nd-Qtr FFO $0.63/shr vs $0.59/shr
August 31, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO$11.1 mln$10.1 mln $21.9 mln $20.0 mln FFO/shr (diluted)$0.63$0.59 $1.25 $1.16 Net Income (loss) $3.7 mln $2.6 mln $6.8 mln $5.1 mln Net/shr$0.37 $0.30 $0.68 $0.58 Revenue$24.0 mln $21.4 mln $47.9...
Sutro Downgrades Newhall Land & Farming to Accumulate from Buy
August 31, 2000 (NewsTraders.com) – Citing some misgivings about some of the recent activities of Newhall Land & Farming (NYSE:NHL), Sutro & Co. analyst Katherine Flores downgraded the stock to "accumulate" from "buy," saying that she does not...
Burnham Pacific Sells Calif. Properties
August 31, 2000 SAN DIEGO – Burnham Pacific Properties (NYSE: BPP) has sold the 81,785-square-foot Santee Village Square in Santee, Calif. for about $6.5 million.Meanwhile, Burnham has also sold a 36,324 sf leasehold interest in the Bear Creek...
Nevada Lender Launches $100 Mln Fund to Make Loans
August 30, 2000Vestin Mortgage Inc., a unit of Vestin Group (Nasdaq:VSTN), is launching a $100 million investment fund that will provide short-term loans to commercial and residential developers in Nevada.The fund will be raised through an offering of...
LTC Properties CEO Ups Stake in Affiliated REIT
August 30, 2000 Andre C. Dimitriadis, chief executive officer of LTC Properties Inc. (NYSE: LTC) and LTC Healthcare Inc., has upped his stake in LTC Healthcare Inc. to 8.5 percent from a previous stake of 6.6 percent.Dimitriadis spent...
CSFB To Buy DLJ In $11.5 Bln Deal
August 30, 2000 Credit Suisse First Boston has agreed to buy Donaldson, Lufkin & Jenrette for $90/share, or $11.5 billion.The deal would bolster CSFB's presence in a handful of financial fields, namely online brokerage, high-yield bonds and merchant...
Frank Herring Named President of St. Joe’s Commercial Unit
August 30, 2000 JACKSONVILLE, Fla. – The St. Joe Co. (NYSE:JOE) has named Frank W. Herring Jr. president of St. Joe Commercial, the company's commercial real estate development arm. Herring had been vice president and senior development officer...
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.
