RECENT NEWS
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...
Equity One Selling 2.95 Mln Shares of Common Stock
July 18, 2000 NORTH MIAMI BEACH, Fla. – Equity One, Inc. (NYSE: EQY) has reached a preliminary agreement with Alony Hetz Properties & Investments Ltd. in which Alony Hetz will invest up to $32 million in Equity One...
Chicago Site for World’s Tallest Building to Go on the Block for $35 Mln
July 18, 2000 Scott Toberman's plans to build the world's tallest office building appear to be collapsing.Banque Worms Capital Corp., which holds the deed on 7 S. Dearborn, has retained Julien J. Studley Inc. to market the 41,500-square-foot...
Medical Properties Adds Second Atlanta Healthcare Property
July 18, 2000 NASHVILLE – In its largest acquisition to date, Medical Properties of America has added a second healthcare property to its portfolio within the Atlanta area. The company has completed the $18.9 million acquisition of a...
Canada Regional Digest (7/18/00): Vacancy rate in Greater Vancouver drops to 5.7 percent
July 18, 2000 Demand for office space surgesThe Vancouver Sun, July 18VANCOUVER (British Columbia) – According to Colliers International mid-year survey, the vacancy rate for office space in Great Vancouver has dropped to 5.7 percent, due to a...
Keystone Property Trust Starts Spec Distribution Facility
July 18, 2000 INDIANAPOLIS – Keystone Property Trust (AMEX: KTR) has broken ground on an 800,000-square-foot speculative distribution facility at Airtech Park, in Plainfield, Ind.The project, scheduled to be available for occupancy in December, is expandable to 1.3...
William Morris Takes 10 percent Stake in Correctional Properties Trust
July 18, 2000 William C. Morris, as majority owner of J. & W. Seligman & Co. Inc., has taken a 10.1 percent interest in Correctional Properties Trust.Morris now controls 721,043 shares of the REIT, according to an amended...
Southeast Regional Digest (7/17/00): BellSouth plans $35 million project in Jacksonville, Fla.
July 17, 2000 BellSouth makes call on Clay service centerThe Business Journal of Jacksonville, July 17 JACKSONVILLE, Fla. – BellSouth plans to build its new customer service center at Fleming Island Plantation in Clay County, adding more than...
PNC Leads $93 Mln of Construction Financing for N.C. Mall
July 17, 2000 PNC Real Estate Finance has underwritten, and is lead lender on $93 million of construction financing for Westfield Shoppingtown Independence Mall, a regional shopping center in Wilmington, N.C.Westfield America Inc. (NYSE:WEA), the majority owner of...
S&P Ups Outlook on AMB Property
July 17, 2000 NEW YORK – Standard & Poor's today revised its outlook on AMB Property Corp. and AMB Property LP to positive from stable. In addition, it affirmed ratings on the company's corporate credit, senior unsecured debt,...
Philips International Closes on Sale of Seven Properties to Kimco
July 17, 2000NEW YORK – Philips International Realty Corp. (NYSE:PHR) has completed the sale of seven New York area shopping centers to the Kimco Income REIT for a total purchase price of $67.3 million.The REIT, which last April...
Team Buys 49 Acres in Inland Empire
July 17, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorArrow Development Inc. of Irvine, Calif., has hooked up with fiber-optic cable installer HCI Inc.to buy 49 acres in Norco, within Southern California's booming Inland Empire.Arrow will...
Equity Residential Buying Grove Property In $461 Mln Deal
July 17, 2000CHICAGO – Equity Residential Properties Trust (NYSE:EQR) has agreed to buy Grove Property Trust (Amex:GVE) in a deal valued at $461 million.The acquisition will balloon Equity Residential's presence in New England, where it currently owns 19...
Spieker to Market Industrial Portfolio, Hires Secured Capital
July 17, 2000 Spieker Properties Inc. has hired Secured Capital Corp to market a portfolio of West coast industrial properties. According to the Business Journal of Portland, (Ore.), the portfolio could fetch up to $450 million and includes...
Brian Campbell Joins Colliers Seeley, To Expand LA Office
July 17, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorBrian T. Campbell, who once headed Cushman Realty Corp.'s international operations, has joined Colliers Seeley as senior vice president.Campbell will help expand Colliers Seeley's downtown Los Angeles...
Lodgian Says It Offered Hotels to Yung
July 17, 2000 Lodgian Inc. (NYSE:LOD) said it had offered Casuarina Cayman Holdings Ltd., a firm led by William J. Yung, the chance to make an offer on 10 hotels that it has agreed to sell.The Atlanta hotel...
PaineWebber Upgrades Host Marriott, ‘Rebuilding Credibility’
July 17, 2000 (NewsTraders.com) -- Host Marriott Corp. (NYSE:HMT), a Bethesda, Md.-based real estate investment trust, was upgraded to "attractive" from "neutral" by PaineWebber analyst Keith Mills, who believes Host Marriott is "gradually rebuilding credibility that it lost...
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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.
