RECENT NEWS
Commercial Assets, Asset Investors Corp. Complete Merger
August 11, 2000 The merger of Commercial Assets Inc. (AMEX:CAX) with and into Asset Investors Corp. (NYSE:AIC) closed today.The resulting company is now called American Land Lease Inc. It will begin trading on the New York Stock Exchange...
Fitch Upgrades Two Classes in J.P. Morgan’s 1997-SPTL-C1
August 11, 2000 NEW YORK – Fitch recently upgraded the $12.2 million class C and $10.2 million class D in J.P. Morgan Commercial Mortgage Finance Corp.'s series 1997-SPTL-C1 to double-A from double-A-minus and to single-A-minus from triple-B-plus, respectively.The...
Group Gets Affordable Housing Funding in Upscale Locale
August 11, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorApartment Renovation Group has secured $60 million in tax-exempt bond financing, allowing for development of a 468-unit apartment community slated for one of the nation's least-affordable housing...
Southeast Regional Digest (08/11/00): CB Richard Ellis to buy Atlanta office plaza
August 11, 2000 Overseas Partners selling One Buckhead Plaza towerAtlanta Journal-Constitution, August 11ATLANTA – CB Richard Ellis has agreed to buy the 20-story One Buckhead Plaza at Peachtree and West Paces Ferry roads on behalf of an institutional...
TheAskingPrice.com Forms Marketing Alliance With Berwind
August 11, 2000TheAskingPrice.com, an Internet services provider for commercial property sales, has struck a marketing alliance with Berwind Property Group, a privately held real estate company based in Philadelphia. Under the terms of the agreement, Berwind will market...
Malan Realty 2nd-Qtr FFO $0.01/shr vs $0.46/shr
August 10, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $.07$4.3 mln $4.3 mln $8.3 mln FFO/shr (diluted) $0.01 $0.46 $0.46 $0.89 Net Income $(.2) $1.1 mln $.8 $2.6 mln Net/shr (diluted)$(0.03) $0.20 $0.15 $0.49 Revenue$13.3 mln $10.8 mln $24.3...
Cohen & Steers Lowers Stake in the Macerich Co.
August 10, 2000 Cohen & Steers Capital Management Inc. has lowered its stake in the Macerich Co. (NYSE:MAC) to 6.5 percent from about 11.5 percent in February.The firm now holds 2.2 million shares in the REIT, according to...
Fitch Upgrades One Class of Midland Realty Acceptance Corp.’s 1996-C1
August 10, 2000 NEW YORK – Fitch today upgraded the $20.4 million Class B of Midland Realty Acceptance Corp.'s Series 1996-C1 to double-A-plus from double-A.The upgrade and the affirmations of all the other classes that Fitch rates in...
Southeast Regional Digest (08/10/00): Atlanta building will receive $28 Mln renovation
August 10, 2000 Downtown tower to be renovatedAtlanta Journal-Constitution, August 10ATLANTA – Richard Bowers & Co. will spend $28 million to renovate the 26-story Coastal States building at 260 Peachtree St. The company expects to close on a...
Canada Digest (8/10/00): Ritz-Carlton proposed for Toronto
August 10, 2000 Hotel project aims to bring Ritzy luxury to TorontoThe Toronto Star, August 10 TORONTO – Bowmore Group of Cos. has proposed plans for a $200 million Ritz-Carlton at the southeast corner of Bay and Adelaide...
Beijing to Host International Real Estate Expo
August 10, 2000 The first China International Real Estate Expo will be held Nov. 16 to 19 in Beijing's China International Exhibition Center in an effort to coordinate investment projects, the Xinhua news agency has reported. The Expo...
Austin’s CRESA Joins Growing CRESA Partners
August 10, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorThe Austin, Texas, affiliate of the CRESA (Corporate Real Estate Service Advisors) Alliance tenant representation network has formally merged its operations into CRESA Partners LLC. The Austin...
Allied Riser Strikes Deal with BGK Properties
August 10, 2000 DALLAS – Allied Riser Communications Corp. (Nasdaq:ARCC) has signed an agreement with private investment firm BGK Properties that could give Allied access to more than 3,000 new businesses occupying 15 million square feet of commercial...
Fitch Upgrades Two Classes of Morgan Stanley Capital’s 1996-MBL1
August 10, 2000 NEW YORK – Fitch on Thursday upgraded the $7.8 million Class E in Morgan Stanley Capital Inc.'s Series 1996-MBL1 to triple-A from triple-B-plus.In addition, the rating agency also upgraded the $3.3 million Class F to...
Fitch Withdraws Ratings on Resolution Trust Corp. 1991-M6
August 10, 2000 NEW YORK – Fitch has withdrawn its ratings on Resolution Trust Corp.'s 1991-M6 because the notes have been paid in full.
L.J. Melody Opens Memphis Office Via Acquisition
August 10, 2000 Real estate investment banker and CB Richard Ellis affiliate L.J. Melody has acquired the Memphis-based mortgage banking firm of Fogelman Beaty, which has now assumed the Melody name.It is the sixth firm since 1998 that...
Pacific Gulf 2nd-Qtr FFO $0.70/shr vs $0.62/shr
August 10, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $15.2 mln$13.1 mln $29.6 mln $25.6 mln FFO/shr (diluted) $0.70 $0.62$1.37 $1.22 Extra Gain (Loss) $(2.5) mln $(1.3) mln $(3.4) mln $(4.6) mln Net Income $10.4 mln $8.1 mln $18.5...
Insignia Financial 2nd-Qtr Earnings
August 10, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99Net Income (loss) $2.8 mln $3.0 mln $(1.5) mln $(2.1) mln Net/shr (diluted)$0.11 $0.13 $(0.09) $(0.10) Revenue$244.9 mln $156.5 mln $419.2 mln $270.8 mln Shares Outstanding22.6 mln 23.2 mln21.0 mln 21.6...
Home Properties Acquires Northern Virginia Property
August 10, 2000 Home Properties (NYSE:HME) has acquired a 150-unit apartment complex in Fairfax, Va., for $13 million in cash, or about $86,700 per unit.The company anticipates that the purchase of the East Meadow Apartments will yield a...
Simon Property 2nd-Qtr FFO $0.75 vs $0.71/shr
August 9, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $140.4 mln$134.4 mln $273.0 mln $259.6 mln FFO/shr (diluted) $0.75 $0.71 $1.45 $1.38 Net Income $41.0 mln $38.5 mln $69.3 mln $73.4 mln Net/shr$0.24 $0.22 $0.40 $0.43 Revenue$487.7 mln $454.0...
Lucent Awards Cushman & Wakefield Major European Facilities Management Contract
August 9, 2000 Lucent Technologies has handed Cushman & Wakefield Inc. the keys to its growing European operations, giving Cushman responsibility for Lucent's United Kingdom and The Netherlands portfolios.Cushman will provide Lucent with facility management, accounting and project...
FFCA Provides $135 Mln for 65 Cracker Barrels
August 9, 2000 SCOTTSDALE, Ariz. – Franchise Finance Corp. of America (NYSE:FFA) has provided more than $135 in financing to U.S. Realty Advisors for 65 restaurants sold and leased back by Cracker Barrel Old Country Store Inc., a...
Aegis Realty Appoints Michael Wirth CFO
August 9, 2000 NEW YORK – Aegis Realty Inc. (NYSE:AER) has appointed Michael I. Wirth to the position of chief financial officer. Wirth is replacing Alan P. Hirmes, the current interim CFO who replaced the former CFO, John...
OnSite Access Contracted to Wire 31 Wilshire Blvd. Buildings
August 9, 2000 LOS ANGELES - OnSite Access Inc. has been contracted to install high-bandwidth networks in 31 office buildings along Wilshire Boulevard in downtown Los Angeles.Wilshire Boulevard stretches from Santa Monica to the heart of Los Angeles...
FINAL PRICING: $773.8 Mln GMAC Commercial Mortgage 2000-C2
August 9, 2000 GMAC Commercial Mortgage, Series 2000-C2ClassAmount($mln)Sub. Level(%)RatingS&PRatingFitchAvg.LifePriced(BP)BnchMarkA-1123.821.25AAAAAA5+301-mo. LiborA-2485.521.25AAAAAA10+391-mo. LiborB30.9517.25AAAA10+166.43Treas.C2813.6AA10+181.43Treas.D10.612.25A-A-10+191.43Treas.E19.39.75BBBBBB10+240Treas.F9.7 8.5BBB-BBB-10N/ATreas.X*773.8--AAAAAA--N/A --* Interest only, notional amount.
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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.
