RECENT NEWS
Keystone Breaks Ground on 1.5 Mln Square Feet of Spec Space in NJ
August 2, 2000WEST CONSHOHOCKEN, Pa., – Keystone Property Trust (Amex:KTR) has started construction on a some 1.5 million of distribution space at the Exit 8A interchange of the New Jersey Turnpike.First, it is developing a 510,000-square-foot speculative distribution...
Equity Office Promotes Three Senior Execs
August 2, 2000 CHICAGO – Equity Office Properties Trust (NYSE:EOP) has promoted three senior executives to newly created, corporate-level positions. The moves give the Chicago REIT the depth needed to oversee its property portfolio, which has tripled in...
REmanage Raises $1.5 Million of Financing
August 2, 2000 SAN FRANCISCO – REmanage, an online provider of property management software for small to mid-sized property owners and managers, has received $1.5 million of Series A venture funding from a group led by Goff Moore...
Weingarten Realty Plans Baton Rouge, La., Center
August 2, 2000 HOUSTON – Weingarten Realty Investors (NYSE:WRI) plans to develop a 173,000-square-foot shopping center on Siegen Lane in Baton Rouge, Louisiana.Siegen Plaza will be situated on 44.7 acres in the southeast quadrant of the city. In...
Lowe Enterprises, Teachers Break Ground for D.C. Offices
August 2, 2000 A joint venture between Lowe Enterprises of Los Angeles and Teachers Insurance has broken ground for a $65 million office project at 601 New Jersey Ave. in Washington, D.C.The venture, Lowe Commercial Development Co., is...
S&P Raises Ratings on Citibank NA’s 1994-C2
August 2, 2000 NEW YORK – Standard & Poor's has raised its ratings on Citibank NA's 1994-C2 because of the continued strength of the deal's collateral property, Union Station in Washington, D.C.The rating agency upgraded the deal's double-A...
NAR Names Gottlieb Senior VP for Commercial Real Estate
August 2, 2000 CHICAGO, Ill. – The National Association of Realtors has named Bonnie Gottlieb senior vice president for commercial real estate, a new position that the trade organization has formed to beef up its presence in the...
Post Readies to Sell Up to $500 Mln in Securities
August 2, 2000 Post Properties has registered to sell up to $500 million in stock and debt.The Atlanta-based REIT is prepared to offer up for sale $200 million of debt securities and common and preferred stock in Post...
Southeast Regional Digest (8/2/00): Highwoods buys Tampa Bay, Fla., office building
August 2, 2000Highwoods Properties buys offices downtownThe Tampa Bay Tribune, August 2TAMPA BAY, Fla. – Highwoods Properties has acquired the 209,000-square-foot One Harbour Place office building from GIC Real Estate for an undisclosed amount. The deal is the...
TMW-Led Group Inks Purchase of Washington’s MCI Building
August 2, 2000A group involving TMW Real Estate and Washington-area developers Eastbanc Inc. and Mark Winkler Co. have agreed to buy 1801 Pennsylvania Avenue NW in Washington D.C.The Washington Post is reporting that the 192,000-square-foot building was expected...
Related Buys Chicago’s LR Development In $300 Mln Deal
August 2, 2000NEW YORK –The Related Cos. LP has announced its acquisition of Chicago-based LR Development, a builder of luxury residencesAlthough Related did not disclose a sales price, it has previously been reported at $25 million. However, Related...
Arden Realty 2nd-Qtr FFO $0.69/shr vs $0.52/shr
August 2, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $45.2 mln$42.8 mln $89.7 mln $84.6 mln FFO/shr (diluted) $0.69 $0.65 $1.37 $1.29 Net Income $23.2 mln $24.7 mln $46.7 mln $49.0 mln Net/shr$0.37 $0.39 $0.74 $0.78 Revenue$93.6 mln $83.4...
CenterPoint Properties Files $500 Mln Mixed Securities Shelf
August 2, 2000(NewsTraders.com) – CenterPoint Properties Trust (NYSE:CNT) has registered with the SEC $500 million of debt and equity securities for sale sometime in the future.The shelf registration covers senior and subordinated debt securities, preferred stock, common stock...
GMAC Provides $155 Mln Credit Facility To Kramont Realty Trust
August 2, 2000 PLYMOUTH MEETING, Pa. – GMAC Commercial Mortgage Corp. has provided a $155 million non-revolving credit line to Kramont Realty Trust (NYSE: KRTThe credit line will be used for acquiring, financing and refinancing real estate. The...
Parkway Properties 2nd-Qtr FFO $1.04/shr vs $0.93/shr
August 2, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $10.3 mln$9.4 mln $19.9 mln $18.4 mln FFO/shr (diluted) $1.04 $0.93 $1.99 $1.81 Net Income $14.4 mln $5.3 mln $19.2 mln $10.2 mln Net/shr$1.45 $0.52 $1.93 $1.00 Revenue$31.0 mln $27.6...
Kimco Prices $110 Mln of Medium-Term Notes
August 1, 2000 Kimco Realty Corp. (NYSE:KIM) has priced $110 million of medium-term notes through Merrill Lynch.The New Hyde Park, N.Y., REIT priced the notes at 99.5161 percent to yield a spread of 25 basis points above 3-month...
FINAL PRICING: DLJ Floating-Rate CMBS
August 1, 2000 DLJ Commercial Mortgage Corp., 2000-STF1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchRatingS&PAvg.LifeFinalPricing(BP)BnchMarkA-1239.245AaaAAAAAA2.2+261-mo. LiborA-237.337Aa2AANR2.5+361-mo. LiborA-338.428.25A2ANR2.5+761-mo. LiborB-131.821Baa2BBBNR2.5+1651-mo. LiborB-21118.5Baa3BBB-NR2.7+2201-mo. LiborB-32.218Ba1BB+NR2.5NA1-mo. LiborB-42213Ba2BBNR2.5NA1-mo. LiborB-54.412Ba3BB-NR2.9NA1-mo. LiborB-617.68B2BNR2.9NA1-mo. LiborB-713.25B3NRNR3NA1-mo. LiborC22--NRNRNR3--1-mo. LiborS*357.6NAAaaAAAAAA2.9NA1-mo. LiborX**302.4NAAaaAAAAAANANA1-mo. Libor* "Excess Interest IO strip"** "Variable Strip IO"
Team Buys Shuttered Processing Plant, Plans Warehouses
August 1, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorDynamic Builders has teamed up with an affiliate of Providence Realty Group to buy the last 13 acres at the shuttered Hunt-Wesson tomato processing plant in Fullerton,...
Salomon Upgrades Spieker Properties, Sets $63 Target
August 1, 2000 (NewsTraders.com) – Spieker Properties (NYSE:SPK) was upgraded to "buy" from "outperform" Tuesday by Salomon Smith Barney analyst Jonathan Litt, who cited the "unbelievable strength of the company's core West Coast markets."The REIT reported second-quarter funds...
Dunn Family Takes 5.1% Stake in LTC Properties
August 1, 2000 David Dunn has taken a 5.1 percent interest in LTC Properties Inc. (NYSE:LTC).According to a Form SC 13G, the Dunn Family Trust now controls 1.3 million shares of the REIT.
Friedman Billings Ups Resource Asset to Buy From Accumulate
August 1, 2000 (NewsTraders.com) – Resource Asset Investment Trust (AMEX:RAS) jumped to "buy" from "accumulate" today in Friedman Billings Ramsey's rating system as analyst Merrill Ross upgraded the stock on the heels of the company's second-quarter earnings.On July...
New York’s Park Central Hotel Tossed Into Bankruptcy
August 1, 2000 Contractors working to renovate Manhattan's posh Park Central Hotel have forced Ian Bruce Eichner to toss the hotel into bankruptcy.The New York Post is reporting that the contractors, and other unsecured creditors, say they are...
Payoff Prompts Withdrawal of Fitch Rating on Sawgrass Finance LLC
August 1, 2000 NEW YORK – Fitch has withdrawn its double-A-plus rating on Sawgrass Finance LLC's class A notes because the certificates have been paid in full.
CapitalThinking Taps Hyatt International Exec As CFO
August 1, 2000 NEW YORK – Kathy Shea-Urbat has joined CapitalThinking Inc. as chief financial officer.She will focuse on, among other things, raising fresh capital for the online commercial lender.Shea-Urbat most recently was director of corporate finance at...
JP Realty Lands $200 Mln Unsecured Revolving Credit Facility
August 1, 2000 JP Realty Inc. (NYSE:JPR) has lined up a new $200 million unsecured revolving credit facility from a syndicate of banks led by Bank One.Besides Bank One, which is administrative agent, the lending syndicate includes Commerzbank,...
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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.
