RECENT NEWS
Fitch Upgrades Nomura 1995-MD III
June 2, 2000 NEW YORK – Fitch has upgraded Nomura Asset Securitization Corp.'s commercial mortgage pass-through certificates, series 1995- MD III, as follows: $32.1 million class A-2 and interest-only class A-2CS to AAA from AA; $32.1 million class...
LTC Properties 1st-Qtr FFO $0.41/shr vs $0.43/shr
June 2, 2000 1st-Qtr 001st-Qtr 99FFO $10.8 mln$12 mln FFO/shr (diluted) $0.41 $0.43 Net Income $6.9 mln $8.8 mlnNet/shr$0.26 $0.32 Revenue$22.5 mln $22.2 mln Shares outst.30.5 mln 33.3 mln
Cousins and CommonWealth to Develop First Texas Project; Two Office Buildings to Open in 2001
June 2, 2000 ATLANTA – Cousins Properties Inc. (NYSE: CUZ) and CommonWealth Partners said Friday they will begin developing two buildings at Research Park Plaza in Austin, Texas, later this year. The development is a 50/50 joint venture...
Entertainment Properties 1st-Qtr FFO $0.59/shr vs $0.55/shr
June 2, 2000 1st-Qtr 001st-Qtr 99FFO $8.9 mln$7.7 mln FFO/shr (diluted) $0.59 $0.55 Net Income $6.2 mln $5.4 mln Net/shr$0.42 $0.39 Revenue$13.9 mln $11.5 mln Shares outst. 15mln 13.9 mln
American Retirement Acquires Philadelphia Area Retirement Community
June 2, 2000NASHVILLE, Tenn. – American Retirement Corp.(NYSE: ACR), has added Freedom Village at Brandywine in Chester County, Pa., to its portfolio of properties.Freedom Village is a five-story, 800,000-square-foot community located just outside Philadelphia. The 373-unit continuing care...
Philips REIT Extends Due Diligence Period With Kimco
June 2, 2000 NEW YORK – Philips International Realty Corp. (NYSE: PHR) has agreed to provide Kimco Income REIT an extension for Kimco to complete its due diligence under contracts pertaining to the sales of certain assets by...
First Union Real Estate to be Externally Managed by Former Execs
June 2, 2000 NEW YORK – Several high-level executives have resigned from First Union Real Estate Investments (NYSE: FUR) and will manage the company externally under an asset management agreement, First Union said today.Daniel P. Friedman, who was...
Southeast Regional Digest (6/2/00): Galleria’s developer passes baton
June 2, 2000 Galleria's developer passes batonThe Atlanta Journal-Constitution, June 2ATLANTA – Gordon Buchmiller Jr. will take the place of Don Childress as managing partner of Childress Klein Properties. Buchmiller was previously the company's office partner. Childress said...
CBL & Associates Sells Five Shopping Centers for $13.1 Mln
June 1, 2000 CHATTANOOGA, Tenn. – CBL & Associates Properties Inc. (NYSE:CBL) sold a Home Quarters Warehouse store and four shopping centers for a combined $13.1 million.CBL sold the 134,920-square-foot Home Quarters Warehouse in South Portland, Maine, to...
Military Bases May Get Millions in Federal Aid For Housing, Renovation
June 1, 2000 From wire service reportsA House of Representatives spending bill includes $800 million in military infrastructure aid that was not included in President Clinton's annual budget address.Much of that money would go toward military housing and...
Duke-Weeks Leases Space to Energizer, Starts Work on $88 Mln of Developments
June 1, 2000 INDIANAPOLIS, Ind. – Duke-Weeks Realty Corporation (NYSE: DRE) has pre-leased to Energizer Holdings Inc. an entire 125,000-square-foot building and 34 percent of a 126,000 sf facility at its Maryville Centre Office Park in St. Louis,...
More Firms Get Elevator News
June 1, 2000 NEW YORK – Eight additional real estate companies, representing more than 150 million square feet of office space in the United States, have signed agreements to have Elevator News Network install its news and information...
Jack Shaffer Leaves Sonnenblick, Forms Investment Firm
June 1, 2000 Jack Shaffer, a former Sonnenblick-Goldman executive, has formed a real estate investment company that plans to raise an opportunistic fund.Few details could be learned about the fund and Shaffer's firm, except that it has already...
CalPERS Venture Buys Land Developer for $223 Mln
June 1, 2000 SAN DIEGO – A venture led by the California Public Employees' Retirement System has agreed to pay $223 million for Genstar Land Co., a unit of British American Tobacco PLC that owns 27 development projects...
Joseph Byrne Resigns as Burnham Pacific’s COO
June 1, 2000 Burnham Pacific Properties Inc. (NYSE:BPP) said Joseph Wm. Byrne resigned his post of chief operating officer yesterday. Details of his departure could not immediately be learned. But Burnham said Byrne would remain a consultant for...
Fitch Downgrades Part of 1995 CMBS Deal
June 1, 2000 NEW YORK – Fitch has downgraded to single-B class F of RMF Commercial Mortgage Pass-Through Certificates, 1995-1.The rating agency said it downgraded the $7.3 million class because of the Chapter 11 filing of a borrower...
Southeast Regional Digest (6/1/00): Ballantyne to hit milestone in record time
June 1, 2000 Ballantyne to hit milestone in record timeThe Charlotte Observer, June 1CHARLOTTE, N.C. – Bissell Development will build a 103,000-square-foot building, called Brixham Green Three, for about $15 million in the 535 acre Ballantyne Corporate Park....
Triple Crown’ CMBS Deal in Play; DLJ Term Sheet Out
June 1, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterAs reported earlier this week, the long-awaited $802.5 million commercial mortgage-backed securities deal from Midland Loan Services, CIBC World Markets and Residential Funding Corp., is about...
Canada Regional Digest (6/1/00): Developer tips hand of ORC board
June 1, 2000 Developer tips hand of ORC boardThe Globe and Mail, June 1TORONTO – Joseph Chetti is getting ready to close another deal, with the Ontario Realty Crop., for a large vacant lot on the northeast corner...
MuniMae Arranges $18 Mln of Tax-Free Mortgages
June 1, 2000 BALTIMORE – Municipal Mortgage & Equity LLC (NYSE:MMA) has arranged $18 million of tax-exempt mortgage revenue bonds to finance the purchase of three Texas apartment communities.MuniMae's Midland Cos. unit structured $13 million in financing for...
Kodak sells Rochester, N.Y., Manufacturing Complex
June 1, 2000 Associated PressROCHESTER, N.Y. – Cohen Asset Management Inc. has contracted to buy Eastman Kodak Co.'s giant Elmgrove industrial hub, the Rochester Democrat and Chronicle reported today.Kodak said the sale price for the 770-acre, 17-building plant...
S&P Upgrades 3 Classes from 1995 Credit Suisse First Boston CMBS Deal
May 31, 2000 NEW YORK – Standard & Poor's has raised the ratings of three classes of CS First Boston Mortgage Securities Corp., 1995-WF1. The action stems from the higher credit support that resulted from loan payoffs.The rating...
BRT Takes 9.2 Percent Stake in Entertainment Properties, Seeks Bigger Piece
May 31, 2000 BRT Realty Trust (NYSE:BRT) and its affiliates have accumulated a 9.2 percent interest in Entertainment Properties Trust (NYSE:EPR.)In a Schedule 13D filing with the SEC, BRT said it and several senior executives had purchased 1.4...
First Union Real Estate’s Preferred Rating Withdrawn
May 31, 2000 NEW YORK – Duff & Phelps Credit Rating Co. has withdrawn its single-B-plus rating for First Union Real Estate Investments' (NYSE:FUR) $33.7 million convertible preferred stock.The rating was withdrawn because the REIT is not expected...
Petroleum Realty Provides $19.2 Mln of Debt for Gas Stations
May 31, 2000 MIAMI – Petroleum Realty Investment Partners LP has provided $19.2 million of financing to USA Grocers, a Boca Raton, Fla., company that purchased six gas station/convenience stores in the Boca Raton area.The properties were purchased...
About
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.
