RECENT NEWS
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...
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...
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...
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...
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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.
