RECENT NEWS
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...
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...
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...
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...
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...
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...
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...
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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.
