RECENT NEWS
Grove Property Trust Buys Three Apartment Complexes for $33.5 Mln
June 12, 2000 HARTFORD – Grove Property Trust (AMEX:GVE) has purchased three Massachusetts apartment communities and their respective management rights from Roberts-Amherst Associates for about $33.5 million.The Hartford-based REIT paid $12 million in cash for the 912 units...
Rathke’s Law of Very Tall Buildings Goes Global
June 12, 2000 By Gwynne Dyer, Jakarta PostLONDON – Long bull markets tend to collapse just as a new contender for the world's tallest building is nearing completion, according to Rathke's Law of Very Tall Buildings. The theory...
Host Funding Files $100 Mln Stock Offering
June 12, 2000 Host Funding Inc. (AMEX:HFD), a Dallas-based motel REIT, has registered a stock offering of up to $50 million in common stock and $50 in preferred.The offering, detailed in a Form S-1 registration statement filed with...
Ethan Penner Named to Board of Internet Investment Bank
June 12, 2000 SAN FRANCISCO – OffRoad Capital has named Ethan Penner to its board of directors. Offroad is an Internet-based marketplace where private companies can raise equity from accredited investors. Penner is perhaps best known for the...
Host Funding Files $100 Mln Stock Offering
June 12, 2000 Host Funding Inc. (AMEX:HFD), a Dallas-based motel REIT, has registered a stock offering of up to $50 million in common stock and $50 in preferred.The offering, detailed in a Form S-1 registration statement filed with...
First Union Real Estate Invests in Office Suite Company
June 12, 2000 NEW YORK – First Union Real Estate Investments (NYSE:FUR) has made a $10 million investment in convertible preferred shares of HQ Global Workplaces, which was formed by the combination of HQ Global Workplaces and Vantas.HQ...
Cushman & Wakefield Develops Plan, Key Appointments in Offing
June 12, 2000 Cushman & Wakefield has drawn up a long-term strategic plan that it says will result in "several key appointments" in the coming months.Among those appointments is believed to be Tom Falus, president of the firm's...
Tom Falus Steps Aside as President of C&W’s New York Region, Bruce Mosler to be Named President of B
June 12, 2000Tom Falus, president of Cushman & Wakefield's New York regional operation, is moving over to a unit that handles the giant brokerage firm's Internet activities.Falus is not being replaced, according to Crain's New York. Instead, Bruce...
First Spec Building in Philly in 8 Years Nearly Full
June 12, 2000 PHILADELPHIA – The first speculative office building to go up in Philadelphia in eight years is now 90 percent leased.The 140,000-square-foot building at 3701 Market Street is one of five that University City Science Center,...
FINAL PRICING: SASCO $990.2 Mln Floater
June 12, 2000 SASCO Floating-Rate Commercial Mortgage Trust 2000-C2ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sPriced(BP)BnchMarkA443.155.25AAAAaa+23LiborB32.252AA+Aaa+30LiborC54.546.5AAAa2+38LiborD24.844AA-Aa2+45LiborE27.241.25A+Aa3+57LiborF42.137AA2+75LiborG29.734A-A3+90LiborH24.831.5BBB+Baa1+150LiborJ34.728BBBBaa2+160LiborK32.224.75BBB-Baa3+215Libor
Developer Lines Up $500 Mln Financing for Chicago Tower
June 9, 2000 Scott Toberman, a Chicago developer, says he has lined up $500 million of construction financing, allowing him to proceed with the construction of what would be the world's tallest office building. Stories in the Chicago...
Boston Properties 1st-Qtr FFO $0.78/shr vs $0.70/shr
June 9, 2000 1st-Qtr 001st-Qtr 99FFO $54.6 mln$45.7 mlnFFO/shr (diluted) $0.78 $0.70 Net Income $31 mln $24.9 mln Net/shr$0.45 $0.39 Revenue$210.3 mln $187.6 mln Shares outst.68.4 mln 64.1 mln
Alexandria Real Estate 1st-Qtr FFO $0.75/shr vs $0.68/shr
June 9, 2000 1st-Qtr 001st-Qtr 99FFO $10.4 mln$8.9 mln FFO/shr (diluted) $0.75 $0.68 Net Income $4.8 mln $5.3 mln Net/shr$0.35 $0.40 Revenue$24 mln $19.5 mln Shares outst.13.9 mln 13.2 mln
CapitalEngine Beefs Up Management Team, Eyes Mortgage Trading
June 9, 2000 NEW YORK – CapitalEngine.com is looking to get into the commercial-mortgage trading business. The firm has hired Robert Cestari, a former director of commercial mortgage-backed securities trading at Nomura Securities, as senior managing director responsible...
General Growth Puts Bricks-n-Mortar Mall on Web
June 9, 2000 CHICAGO – General Growth Properties is launching a Web site that would allow tenants at its malls to sell their wares on the Web.The REIT is launching Mallibu.com. Initially the site will serve tenants and...
Urban Shopping Centers 1st-Qtr FFO $0.84/shr vs $0.69/shr
June 9, 2000 1st-Qtr 001st-Qtr 99FFO $26.9 mln$22.1 mln FFO/shr (diluted) $0.84 $0.69 Extra Gain (Loss) $-- $(1.1 mln) Net Income $6 mln $5 mln Net/shr$0.21 $0.16 Revenue$64.0 mln $49.9 mln Shares outst.18.2 mln 18.1 mln
Macerich 1st-Qtr FFO $0.63/shr vs $0.63/shr
June 9, 2000 1st-Qtr 001st-Qtr 99FFO $37.8 mln$38.6 mln FFO/shr (diluted) $0.63 $0.63 Net Income $6.3 mln $8.9 mln Net/shr$0.19 $0.26 Revenue$75.3 mln $78.8 mln Shares outst.59.7 mln 60.9 mln
Conseco Might Sell All or Part of Manhattan’s GM Building
June 9, 2000 The New York Post is reporting that Conseco might sell all or part of the GM Building, the 50-story building in Midtown Manhattan that it bought two years ago with Donald Trump for $800 million....
Southeast Regional Digest (6/9/00): Realty unit of Duke Energy buys land in Florida for offices
June 9, 2000 Crescent gets to workThe Orlando Sentinel, June 9LAKE MARY, Fla. – Crescent Resources Inc. acquired 150 acres and plans to develop another 1.7 million square feet of space, north if its Primera office park. The...
E-Commerce Firm Signs $12 Mln Lease in El Segundo, Calif.
June 9, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorDigital Media Campus has found a home in a renovated industrial building near Los Angeles International Airport.The e-commerce incubator headed by famed sports agent Leonard Armato signed...
Prudential Upgrades Starwood Hotels; Hikes Hilton Target
June 9, 2000 (NewsTraders.com) -- Starwood Hotels & Resorts (NYSE:HOT) was upgraded to "strong buy" from "accumulate" today by Prudential Securities analyst Joe Coccimiglio, who has a $40 target for the stock."While we believe HOT is more vulnerable...
TrizecHahn Closes Sale of Canadian Office Properties for $1.2 Bln
June 8, 2000 TORONTO – TrizecHahn Corp. (NYSE:TZH) has completed its $1.2 billion sale of 14 Canadian office properties.After retiring $387 million of debt that encumbered the 11 million square foot portfolio, the Toronto company is left with...
DLJ Launches $886.2 Mln Conduit Transaction
Staff ReportDonaldson, Lufkin & Jenrette has launched an $886.2 million commercial mortgage-backed securities deal. But sources at the Commercial Mortgage Securities Association in New York today said price talk won't be out until early next week. The deal,...
PropertyFirst Forms Alliance With Retail-Tenant Information Firm
June 8, 2000 PropertyFirst.com has formed a strategic alliance with Trade Dimensions, that will give users of the online property listing service ready access to a retail tenant directory. The alliance will allow users of PropertyFirst to identify...
PRICE TALK: PNC Mortgage Acceptance Corp., 2000- C1
June 8, 2000PNC Mortgage Acceptance Corp., 2000-C1ClassAmount ($mln)Sub. Level (%)Rating Moody'sRating FitchAvg. LifePrice Talk (bp)BenchmarkA-1150.923.5AaaAAA5.728-301-mo LiborA-2463.123.5AaaAAA9.1401-mo LiborB34.119.25Aa2AA9.7551-mo LiborC34.115.00A2A9.7701-mo LiborD10.013.75A3A-9.7801-mo LiborE26.110.50Baa2BBB9.824010-yr TreasF12.09.0Baa3--9.827510-yr TreasX802.5NA--------10-yr Treas
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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.
