RECENT NEWS
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...
Great Lakes REIT Hires Lehman to Explore Alternatives
August 29, 2000Great Lakes REIT has hired Lehman Brothers to evaluate a variety options, including a merger or asset sale.According to the Chicago Tribune, the Oak Brook, Ill., REIT has already attracted the interest of several potential buyers,...
AIMCO Converts Preferred Into Common
August 29, 2000 DENVER – Apartment Investment and Management Co. (NYSE: AIV) has converted nearly 2 million of its convertible preferred shares into a nearly equal amount of common shares.The preferred, which had a value of $97.6 million,...
Canada Regional Digest (8/29/00): Ottawa looking to solve convention center woes
August 29, 2000 The tale of two convention centers Globe and Mail, August 29OTTAWA – David Hamilton, president of the Ottawa Congress Centre, hopes the provincial and federal governments will assist with the $130 million cost of a...
Southeast Regional Digest (8/29/00): Highwoods to build $80 Mln office complex in Seven Springs, Ten
August 29, 2000 Highwoods building another office parkThe Tennessean, August 29NASHVILLE – Raleigh, N.C.-based Highwoods Properties plans to build an $80 million office development on 23 acres in Seven Springs. The first phase of the complex will include...
U.S. Restaurant 2nd-Qtr FFO $0.35/shr vs $0.45/shr
August 29, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $7.4 mln$8.9 mln $10.8 mln $16.9 mln FFO/shr (diluted) $0.35$0.45 $0.61 $0.85 Net Income (loss) $(3.2) mln $1.9 mln $(4.5) mln $2.7 mln Net/shr$(0.21) $0.13 $(0.30) $0.17 Revenue$21.8 mln$20.6 mln$41.5...
Hospitality Properties 2nd-Qtr FFO $0.97/shr vs $0.93/shr
August 29, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO$54.8 mln$47.9 mln $107.4 mln $91.1 mln FFO/shr (diluted)$0.97$0.93 $1.90 $1.87 Net Income (loss) $28.5 mln $26.1 mln $56.3 mln $49.0 mln Net/shr$0.51 $0.51 $1.00 $1.01 Revenue$63.6 mln $59.0 mln $125.8...
S&P Adds JP Morgan to Approved Servicer List
August 29, 2000 NEW YORK – Standard & Poor's has added JP Morgan Mortgage Capital Inc. to its September 2000 edition of its Approved Servicer List. The company is included in the list as an approved commercial servicer...
Prime Group 2nd-Qtr FFO $0.51/shr vs $0.60/shr
August 29, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $13.8 mln$15.9mln $29.2 mln $28.5 mln FFO/shr (diluted) $0.51$0.60 $1.09 $1.09 Net Income (loss) $(.5) mln $7.0 mln $3.1 mln $10.0 mln Net/shr$(0.03) $0.46 $0.20 $0.66Revenue$55.4 mln$52.9 mln$110.9 mln $102.0...
Rent Hikes Leads to Upgrades for 1996 CMBS Issue
August 29, 2000 NEW YORK – Fitch has upgraded 1633 Broadway Trust's $55 million class A-1 and $45 million class A-2 to double-A-plus from double-A, primarily due to the increase in the collateral property's value.In addition, the rating...
Regency Files to Sell $150 Mln of Senior Notes
August 29, 2000 Regency Realty Corp. (NYSE: REG) has filed to sell $150 million in senior notes.The notes bear an annual interest rate of 8.45 percent and are due Sept. 1, 2010, according to a prospectus filed with...
CarrAmerica Dealing Florida Offices for $100 Mln
August 28, 2000 Two former Rexall Sundown executives have apparently struck a deal to buy three south Florida office buildings from CarrAmerica Realty Corp. (NYSE:CRE) for about $100 million.The Miami Daily Business Review has reported that the executives,...
Witkoff Picks Everest to Wire Buildings
August 28, 2000 FORT LEE, N.J. – The Witkoff Group has picked Everest Broadband Networks to wire 16 of its office buildings for broadband services.Among those buildings that will be wired is One Executive Drive in Fort Lee,...
Fitch Upgrades Midland Loan’s Servicer Ratings
August 28, 2000 NEW YORK – Fitch has upgraded Midland Loan Services Inc.'s master servicer rating to CMS1 from CMS2 and primary servicer to CPS1 from CPS2.The company's CSS1 special servicer rating is affirmed. Fitch said the upgrades...
ILX Resorts To Buy Las Vegas Land
August 28, 2000 ILX Resorts Inc. (AMEX:ILX) has agreed to buy the leasehold interest in the Las Vegas International Golf Center, a 44-acre property near the Las Vegas strip.Under terms of the agreement, the developer has six months...
Southeast Regional Digest (8/28/00): German chemical firm searching for plant site in Charlotte, N.C
August 28, 2000German company seeks plant siteThe Business Journal of Charlotte, August 28 CHARLOTTE, N.C. – Alberdingk Boley GmbH, a German chemical company, is scouting the area for a site for $20 million plant that would employ 100...
Pacific Gulf Properties Asks Shareholder OK for Sale
August 28, 2000 Pacific Gulf Properties is seeking shareholder support for the $929 million sale of its industrial property portfolio to a joint venture between the California Public Employees Retirement System and RREEF Funds.The REIT filed a preliminary...
Oakwood Homes Extends Credit Lines
August 28, 2000 GREENSBORO, N.C. – Oakwood Homes Corp. (NYSE:OH) has struck a deal with its bank group extending the maturity of its credit lines.The firm, which produces and sell manufactured housing, was facing a November expiration of...
Lenders Hike CenterPoint Credit Line to $350 Mln
August 28, 2000 OAK BROOK, Ill. – A syndicate of 14 lenders led by Bank One is providing CenterPoint Properties Trust (NYSE: CNT) with a $350 million unsecured revolving credit line.The facility replaces the company's current $250 million...
Essex Property Buys California Apartments for $10.8 Mln
August 28, 2000 Essex Property Trust Inc. (NYSE:ESS) has paid $10.8 million, or about $93,000/unit, for an apartment complex in Tustin, Calif.The 116-unit El Encanto Apartments is located at 1151 Walnut St., close to Orange County's 5,000-acre high-tech...
Fitch Upgrades Seven Classes of CMAC 1996-C2
August 25, 2000 NEW YORK – Fitch has upgraded seven classes of Commercial Mortgage Acceptance Corp.'s 1996-C2.Earlier, the rating agency upgraded CMAC, 1996-C1.The upgrades affect the following classes: the $19.7 million class B and interest-only class X3 certificates...
Southeast Regional Digest (8/25/00): Pope & Land to sell building package worth about $190 Mln
August 25, 2000 Pope & Land hoping to sell six buildings, build a towerAtlanta Journal-Constitution, August 25ATLANTA – Pope & Land Enterprises plans to sell six office buildings at NorthWinds at Ga. 400 and Haynes Bridge Road, 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.
