RECENT NEWS
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...
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...
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...
PM Realty Group Opens Sacramento, Calif., Office
August 30, 2000 SACRAMENTO, Calif. – PM Realty Group has named R. Scott Kuklish head of its newly opened office here.Kuklish joined PM Realty in June. He previously was regional director at Prentiss Properties Trust. Before that, he...
Merix Corp. Leases Oregon Industrial Space
August 30, 2000 FOREST GROVE, Ore. – Merix Corp. (Nasdaq:MERX) has signed a 10-year lease for a 90,000-square-foot manufacturing facility being developed by Opus in Wood Village, Ore.Construction will begin immediately on the building, which is scheduled for...
Mid-America Apartment Fixes Rates on $65 Mln of Debt
August 30, 2000 Mid-America Apartment Communities (NYSE:MAA) has fixed the rate on $65 million of debt and executed a swap for another $25 million, effectively reducing the amount of floating rate debt outstanding to 12 percent of its...
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...
GMAC Lands Another CMBS B-piece
August 30, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterGMAC Commercial Mortgage has circled the junior-grade classes of an upcoming conduit from Bear Stearns and Wells Fargo, sources say. The deal is slated for launch...
Space Needs Prompt Early Renewal of Below-Market Lease
August 30, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorPachulski Stang Ziehl Young & Brown, a law firm that specializes in insolvencies, has renewed its lease in Los Angeles' Century City district three years early in...
Southeast Regional Digest (8/30/00): Developer, lender hopeful about huge South Beach condo deal
August 30, 2000 Developer, lender hopeful about huge South Beach condo dealThe Wall Street Journal, August 30 SOUTH BEACH, Fla. – Developer Ian Bruce Eichner and Lehman Brothers are seeing eye-to eye as they move to sever ties...
Albertson’s to Buy California Offices, Eyes Sale of Property
August 30, 2000 Special to Commercial Real Estate DirectSupermarket company Albertson's has agreed to buy the former Hewlett-Packard office building in Fullerton, Calif., for about $10 million, or $76/sf.The building, which Albertson's plans to improve, will house the...
Duke-Weeks Adopts DRIP, Registers 5 Mln Shares
August 30, 2000 Duke-Weeks Realty Corp. (NYSE:DRE) has filed to issue 5 million common shares through a dividend reinvestment and direct stock purchase plan.According to a registration statement filed with the SEC, the REIT could raise up to...
CBS’s Parent Eyes Sale of Black Rock
August 30, 2000 Black Rock, the office building at 51 West 52nd St. in Midtown Manhattan, is expected to be put up for sale once again.The 873,000-square-foot building, which serves as CBS Corp.'s headquarters, is now owned by...
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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.
