RECENT NEWS
Florida Shopping Center Offered For Sale
July 19, 2000 A venture between Concorde Realty Partners LLC and an institutional investor has put Pine Ridge Square, a 117,438-square-foot shopping center in affluent Coral Springs, Fla., up for sale.The property is expected to sell for about...
S&P Assigns Preliminary Ratings to Chelsea GCA Realty Inc.
July 19, 2000 NEW YORK – Standard & Poor's has assigned preliminary ratings to Chelsea GCA Realty Inc. (NYSE:CCG) and Chelsea GCA Realty Partnership LP's equity and debt shelf registrations. The company's $300 million equity shelf registration is...
Lehman Venture Provides $33 Mln of Financing for Gas Stations
July 19, 2000 MIAMI – Petroleum Realty Investment Partners, which formed a partnership with Lehman Brothers to finance the purchase of gas station properties, provided $33 million of financing to USA Grocers for its acquisition of 41 gas...
Countrywide Leases Space at Former Hughes Facility
July 19, 2000 LOS ANGELES – Countrywide Home Loans has signed a 10-year lease for 140,000 square feet at West Hills Corporate Village, a former Hughes Aircraft Co. facility.The lease is valued at $34 million and brings West...
W.P. Carey REIT In $8.4 Mln Sale-Leaseback
July 19, 2000 NEW YORK – W.P. Carey & Co. LLC (NYSE:WPC) paid $8.4 million for the main office and warehouse facility of Langeveld International Inc., which is leasing the property back.The property was acquired on behalf of...
Rockwood Teams With Lehman to Market Manhattan Building
July 19, 2000 By Orest Mandzy, Commercial Real Estate Direct Managing EditorRockwood Realty Associates of New York and Lehman Brothers were hired to market One Park Avenue, a 906,000-square-foot office building in Midtown Manhattan.The building is owned by...
Southeast Regional Digest (7/19/00): REIT to acquire Georgia Pacific’s Timber Co. for $4 Bln
July 19, 2000 REIT to buy G-P's Timber Co.Atlanta Journal-Constitution, July 19ATLANTA – Plum Creek Timber Co., a real estate investment trust, plans to buy Georgia Pacific's Timber Co. for about $4 billion or $800 an acre. The...
Mass. Pension Board Replaces Lend Lease As Realty Adviser
July 19, 2000The Massachusetts Pension Reserves Investment Management Board has switched real estate advisers. According to the Boston Globe, the board replaced Lend Lease Real Estate Investments with J.P. Morgan Investment Management and TA Associates. Each was assigned...
Irvine Cos. to Pay $350 Mln for L.A.’s Fox Plaza
July 19, 2000Irvine Cos. has agreed to pay more than $350 million, or nearly $500/sf, for Fox Plaza in Los Angeles' Century City section.According to the Wall Street Journal, the sale would give investor Marvin Davis a tidy...
Jones Lang Prices $157 Mln of Notes for Sale Abroad
July 19, 2000CHICAGO – Jones Lang LaSalle Inc. (NYSE:JLL) has finished pricing the 165 million euro ($157 million) offering of 9 percent senior notes due 2007 to foreign investors. The proposed sale, announced earlier this month, is scheduled...
GMAC Commercial Provides $11.5 Mln for San Francisco Hotel
July 19, 2000 HORSHAM, Pa. – A unit of GMAC Commercial Mortgage has provided $11.5 million of fixed-rate financing for a hotel in Emeryville, Calif.The Sheraton Four Points hotel, owned by the Emeryville Hotel Development Venture, sits on...
Gran Central Corp. Becomes Flagler Development Co.
July 18, 2000JACKSONVILLE, Fla. – Gran Central Corp., the commercial real estate development subsidiary of Florida East Coast Industries Inc. (NYSE: FLA), has changed its name to Flagler Development Company.The firm said the name change is part of...
Bedford Property 2nd-Qtr FFO $0.59/shr vs $0.52/shr
July 18, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $10.9 mln$11.5 mln $22.1 mln $22.7 mln FFO/shr (diluted) $0.59 $0.52 $1.16 $1.02 Extra Gain (Loss) $(.06) $7.0 mln $15.2 mln $7.6 mln Net Income $7.5 mln $15.3 mln $30.7...
Colonial Properties 2nd-Qtr FFO $0.80/shr vs $0.77/shr
July 18, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $26.5 mln$27.9 mln $51.1 mln $54.6 mln FFO/shr (diluted) $0.80 $0.77 $1.54 $1.50 Net Income $9.4 mln $10.5 mln $16.1 mln $22.2 mln Net/shr$0.44 $0.41 $0.74 $0.86 Revenue$73.1 mln$69.9 mln...
Summit Properties Inc. 2nd-Qtr FFO $0.59/shr vs. $0.54/shr
July 18, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $18 mln$17.6 mln $35.5 mln $35.1 mln FFO/shr (diluted) $0.59 $0.54 $1.15 $1.07 Net Income $11.8 mln $13.1 mln $21.3 mln $20.9 mln Net/shr$0.45 $0.46 $0.81 $0.74 Revenue$46.4 mln $44.6...
BRE Properties 2nd-Qtr FFO $0.64/shr vs. $0.57/shr
July 18, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $30.8 mln$27.3 mln$60.2 mln $52.1 mln FFO/shr (diluted) $0.64 $0.57 $1.26 $1.09 Extra Gain (Loss) – – – ($1.3 mln) Net Income $18 mln $17 mln$37.2 mln$32.4 mlnNet/shr$0.40 $0.38 $0.83...
New York’s Tiffany Building Sold for $15 Mln
July 18, 2000 Stahl Real Estate and Boston-based AEW have bought the Tiffany Building at 401 Fifth Ave. through a $26 million portfolio purchase from Continental Development Corp.According to this morning's New York Post, the companies paid $14.9...
Universal Health Realty Income Trust 2nd-Qtr FFO $0.61/shr vs. $0.60/shr
July 18, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $5.5 mln$5.4 mln $11.2 mln $10.8 mln FFO/shr (diluted) $0.61 $0.60 $1.24 $1.20 Net Income $3.8 mln $3.8 mln $7.7 mln $7.7 mln Net/shr$0.42 $0.42 $0.86 $0.86 Revenue$6.7 mln $5.9...
Siemens Takes Space in Tight Suburban San Diego
July 18, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorSiemens Information & Communications Products has leased 77,000 square feet of Class-A office space at The Point in Rancho Bernardo project in suburban San Diego.Siemens took most...
Fitch Awards GMACCM Highest Rating for Special Servicing
July 18, 2000 Fitch has given GMAC Commercial Mortgage Co. its highest rating for special servicers, "CSS1."The rating is a result of GMACCM's "exceptional ability to specially service performing and nonperforming assets securing commercial mortgage-backed securities," according to...
Southeast Regional Digest (7/18/00): Crosland Retail developing 75,000-square-foot center
July 18, 2000 Retail space in SouthPark's shadowThe Charlotte Observer, July 18CHARLOTTE, N.C. – Crosland Retail is developing the 75,000-square-foot Park Selwyn Terrace at 5122 Park Road for the Coppala family. The new shopping center on the 4.5-acre...
AvalonBay Communities 2nd-Qtr FFO $0.90/shr vs. $0.77/shr
July 18, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $61 mln$50.5 mln $119.6 mln $82.9 mln FFO/shr (diluted) $0.90 $0.77 $1.77 $1.26 Net Income $40.7 mln $53 mln $77.9 mln $57.9 mln Net/shr$0.60 $0.80 $1.15 $0.88 Revenue$140 mln $123.2...
Freddie Mac Sets Record Earnings Per Share in Second Quarter
July 18, 2000 MCLEAN, Va. – Freddie Mac (NYSE: FRE) today announced record diluted earnings per common share of $0.84 for second quarter 2000, a 14 percent increase over second quarter 1999 ($0.74).Net income for the second quarter...
Lexington Corporate Properties Trust Completes $8.5 Mln Financing
July 18, 2000 Nationwide Life is providing Lexington Corporate Properties Trust (NYSE:LXP) with an $8.5 million mortgage for its research and development facility in Marlborough, Mass. The nonrecourse mortgage financing bears interest at a floating rate equal to...
S&P Lowers Ratings on Federal Realty Investment Trust
July 18, 2000 NEW YORK – Standard & Poor's has lowered its corporate credit rating on Federal Realty Investment Trust (NYSE: FRT) to triple-B from triple-B-plus and also lowered its rating on the company's preferred stock to triple-B-minus...
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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.
