RECENT NEWS
Prime Retail Names Glenn Reschke CEO, Chairman
July 25, 2000BALTIMORE – Glenn D. Reschke, the president and acting chief executive officer of Prime Retail Inc. (NYSE:PRT), has been promoted to chairman and CEO. Reschke also keeps his position as president.As chief executive, Reschke will immediately...
Liberty Intl Shareholders Okay Purchase of Shares from Standard Life
July 25, 2000 Liberty International PLC's shareholders have given management the green light to buy the 29.8 percent stake in the company that Standard Life Investment Corp. of South Africa owns.The approval goes a long way in thwarting...
Apartment Investment 2nd-Qtr FFO $1.18/shr vs $1.01/shr
July 25, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $105.3 mln$78.1 mln $203.4 mln $144.3 mln FFO/shr (diluted) $1.18 $1.01 $2.30 $1.97 Net Income $(2.8 mln) $9.1 mln$8.6 mln $9.5 mln Net/shr$(0.04) $0.14$0.13 $0.16 Shares Outstanding66.3 mln 62.3 mln...
Japanese Trust to Invest in Securitized Real Estate
July 25, 2000 Japan's Chuo Mitsui Asset Management Co. is getting ready to launch a trust that would invest in securitized real estate, according to Nomura Real Estate Development Co. of Tokyo. The fund is said to be...
BNP Residential Properties 2nd-Qtr FFO $0.33/shr vs $0.35/shr
July 25, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $2.4 mln$2.7 mln $5.2 mln $5.5 mln FFO/shr (diluted) $0.33 $0.35 $0.70 $0.73 Net Income $0.4 mln $0.7 mln $1.1 mln $1.5 mln Net/shr$0.07 $0.10 $0.19 $0.24 Revenue$8.5 mln $8.5...
Brookfield Offers to Buy Back Carma, Gentra
July 25, 2000 TORONTO – Brookfield Properties Corp. (NYSE:BPO) is offering to acquire all of the shares that it does not currently own of both Carma Corp. (TSE:CVPa.TO) and Gentra Inc. (TSE:GTA.TO), its two public subsidiaries. The two...
Elizabeth Nichols Quits as President of JDN Realty
July 25, 2000 ATLANTA – Elizabeth L. Nichols has resigned as a director of JDN Realty Corp. (NYSE:JDN), effective August 20 and as president of the company effective Sept. 1."I am aware that there are those in the...
Southeast Regional Digest (7/25/00): Crosland to develop $8 Mln center for Time Warner
July 25, 2000Time Warner Cable will build high-tech call centerThe Charlotte Observer, July 25CHARLOTTE, N.C. – Crosland Commercial will develop an $8 million, 80,000-square-foot customer call center for Time Warner Cable at Whitehall Executive Center. The company will...
Murdock Now Owns 92 Percent of Castle & Cooke
July 25, 2000 KENILWORTH, N.J. – Following completion of its tender offer, Flexi-Van Leasing Inc. now owns about 92 percent or 15.7 million shares of Castle & Cooke Inc.Flexi-Van, which is controlled by Castle & Cooke chairman David...
Ohio Pension Invests $75 Mln in ProLogis Fund
July 25, 2000 The State Teachers Retirement System of Ohio has agreed to contribute $75 million in equity to a new Prologis (NYSE:PLD) acquisition fund. The ProLogis North American Properties Fund I expects to have the capacity to...
PropertyFirst.com Promotes Torgeson to Head Its Sales Force
July 25, 2000 ALHAMBRA, Calif. – PropertyFirst.com Inc. has promoted Jon Torgeson to senior vice president of national sales from vice president of strategic accounts at the company.In his new position, Torgeson will oversee a 21-person sales team...
Start-up Seeks to Trim Property Selection Process
July 24, 2000 By Susanna Potter, Commercial Real Estate Direct Staff WriterVectiv, a San Francisco start-up, plans to launch a site by the end of the year to expedite site selection for retailers and hotel operators.Using a proprietary...
Salomon Settles Objection to Criimi Plan
July 24, 2000Criimi Mae Inc.'s (NYSE:CMM) effort to emerge from bankruptcy moved another step forward last week when a secured creditor lifted its objection to Criimi's bankruptcy plan.The secured creditor, Salomon Smith Barney and affiliates of Citigroup, had...
DLJ to Pay $25 Mln for Office Site on Manhattan’s West Side
July 24, 2000An affiliate of DLJ Real Estate Capital Partners has agreed to pay about $25 million for a 1.5-acre site on the West side of Manhattan on which it will construct a 300,000-square-foot office building.The site, which...
Center Trust to Sell Properties to Kimco for $160.6 Mln
July 24, 2000 MANHATTAN BEACH, Calif. – Shopping mall developer Center Trust Inc. (NYSE:CTA) has agreed to sell six properties to Kimco Realty Corp. (NYSE:KIM) for $160.6 million, including $68.3 million in debt.The sale of the properties, located...
Robertson Stephens Raises Estimate Ratings on BED
July 24, 2000 SAN FRANCISCO – Robertson Stephens has raised its estimates on Bedford Property (NYSE:BED), lifting its price target to $23.50-$24.00 from $21.50 and reiterated its "Buy" rating for the REIT.The change comes as a result of...
Anthony Gramer Out As Malan Realty’s CEO
July 24, 2000BINGHAM FARMS, Mich. – Kensington Investment Group Inc., the Orinda, Calif., money manager that recently won a heated proxy battle against Malan Realty Investors Inc. (NYSE:MAL), has announced that Anthony S. Gramer, the REIT's president and...
JDN Realty 1st-Q FFO $0.39/shr vs $0.48/shr
July 24, 2000 1st-Qtr 001st-Qtr 99FFO$12.8 mln$16.1 mln FFO/shr (diluted) $0.39 $0.48 Net Income $12.9 mln $10.8 mln Net/shr$0.40 $0.32 Revenue$26.2 mln $25.7 mln
Moody’s Predicts Four-fold Increase in Japanese CMBS Market
July 24, 2000 The following is a synopsis of a special report by Moody's Investors Service, "Japanese CMBS: 2000 Outlook." Click here for a copy of the full report.The volume of commercial mortgage-backed securities floated in Japan should...
Southeast Regional Digest (7/24/00): Medical Properties of America acquires Sandy Spring office buil
July 24, 2000 Industry news: Health care property acquired for $18.9 MlnAtlanta Business Chronicle, July 24 SANDY SPRINGS, Ga. – Nashville, Tenn.-based Medical Properties of America has acquired a six-story medical office building at 755 Mount Vernon Highway...
Offshore Investor to Pay $113 Mln for Midtown Office Condo
July 24, 2000 A Kuwaiti investment firm has agreed to pay $113 million, or $452/sf, for a 250,000-square-foot office condominium at 660 Madison Avenue. The space is owned by Isetan Co.The agreement was reported by Crain's New York....
GMAC Commercial Provides $31 Mln Financing for Apartments
July 21, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has provided a $31 million floating-rate interim loan for the Skyline Heights Apartments in Daly City, Calif.The 256-unit complex, which sits on a 10-acre lot, contains a total of...
California Lender Launches Fixed-Rate Lending Program
July 21, 2000 California Bank & Trust, the fifth largest bank in California, has launched a program to originate fixed-rate commercial mortgages. The $6 billion institution aims to close up to $150 million of mortgages in the program's...
Developers Diversified Makes Internal Management Changes
July 21, 2000 CLEVELAND, Ohio – Developers Diversified Realty (NYSE:DDR) has promoted Joseph G. Padanilam, its vice president of tax, to vice president of investment and planning. Padanilam will analyze, structure and negotiate new and existing business opportunities.Jeanne...
Terranova Corp. Arranges Refinancing for Fla. Shopping Center
July 21, 2000 PEMBROKE PINES, Fla. – A division of the Terranova Corp. has arranged $5.5 million of refinancing for the Palm Johnson Plaza, owned by a local private investment group.Terranova has been responsible for the leasing and...
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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.
