RECENT NEWS
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...
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.,...
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...
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...
Irvine Co. Drops PM Realty as Manager, Hires Insignia/ESG
August 30, 2000 Special to Commercial Real Estate DirectThe Irvine Co. has once again shuffled its property management portfolio, bumping PM Realty Group while increasing the responsibilities assigned to Insignia/ESG.The giant landowner – the biggest commercial landlord in...
Prudential Downgrades AXA Financial
August 30, 2000 (NewsTraders.com) – As the news of Credit Suisse First Boston's mega-takeover of Donaldson Lufkin & Jenrette surged through the halls of Wall Street, Prudential Securities analyst John Hall moved to downgrade DLJ majority shareholder AXA...
Post Properties Files to Sell Up to $64 Mln in Stock
August 30, 2000 Post Properties Inc. (NYSE: PPS) has filed to sell up to 1.5 million shares of its common stock.The company has set a proposed maximum price per share of $42.50, which means the company could raise...
Friedman Billings Lowers Prime Group Realty to Accumulate
August 30, 2000 (NewsTraders.com) – Prime Group Realty Trust's (NYSE: PGE) decision to hire an investment banker to explore strategic options isn't enough to heat up interest in the REIT, at least according to Friedman Billings Ramsey analyst...
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...
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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.
