RECENT NEWS
Duke-Weeks 1st-Qtr FFO $0.59/shr vs $0.51/shr
June 6, 2000 1st-Qtr 001st-Qtr 99FFO $89.6 mln$53.1 mln FFO/shr (diluted) $0.59 $0.51 Net Income $48.9 mln $27.4 mln Net/shr$0.39 $0.32 Revenue$188.8 mln $114.3 mln Shares outst.152.8 mln 103.2 mln
Olympus Forms Venture With Carlson Hotels
June 6, 2000 SCOTTSDALE, Ariz. – Olympus Hospitality Group and Carlson Hotels Worldwide have formed an alliance, Radisson-Olympus Capital Partners, that will buy hotels and convert them to Radisson or Regent brands.In addition, the two have formed Park...
Mack-Cali to Sell New Jersey Offices for $82.7 Million
June 6, 2000 CRANFORD, N.J – Mack-Cali Realty Corporation (NYSE:CLI) has agreed to sell Kemble Plaza II, a 475,100-square-foot office building in Morris Township, N.J., for $82.7 million, or $174/sf.The property is part of Kemble Plaza, a two-building...
Associated Commercial Provides $7.6 Mln Loan for Minnesota Hotel
June 6, 2000ST. PAUL, Minn. – The owner of the Holiday Inn RiverCentre has secured a $7.6 million construction loan through Associated Commercial Mortgage of Wisconsin.The owner, 175 Fort LLC, plans to launch a renovation project this week...
GMAC Provides $102.5 Mln Financing for 6 NJ Apartment Complexes
June 6, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has provided a total of $102.5 million of permanent financing to partnerships that are believed to be led by New York investor Ruben Schron.The financing package is comprised...
Nomura Exec Joins Siemens Real Estate as President and CEO
June 6, 2000 NEW YORK – Robert Mawhirt, former managing director at Nomura Securities International Inc., has been hired by Siemens Real Estate Inc. as president and chief executive officer.While at Nomura, Mawhirt was responsible for all corporate...
FINAL PRICING: $729.4 Mln Salomon Bros. Conduit
June 6, 2000 Salomon Brothers Mortgage Securities VII Inc., Series 2000-C1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingS&PAvg.LifePriced(BP)BnchMarkA-1133.725.5AaaAAA5.7+130.5 (L+30)Treas.A-2409.725.5AaaAAA9.14+159.1 (L+42)Treas.B36.520.5Aa2AA9.5+173.9Treas.C3116.25A2A9.5+189Treas.D10.914.75A3A-9.5+199Treas.E9.113.5Baa1BBB+9.5+240Treas.F14.611.5Baa2BBB9.6+250Treas.G10.910Baa3BBB-9.6+285Treas.X729.4N/AAaaAAAN/A+345*Treas.* Interest-only strip, at 100 percent constant prepayment rate. Go To S&P's Presale Report.Go To Moody's Presale Report.
Japan In the 21st Century: A New Sun Rising? Commentary by Michael Linsk
June 5, 2000 The following is reprinted from the Spring 2000 edition of Global Real Estate Now, a publication of PricewaterhouseCoopers.As we enter into the 21st Century, the Japanese economy is suffering from an unprecedented economic downturn that...
Prime Property Sells Washington Offices to Blackstone for $58 Mln
June 5, 2000 Prime Property Fund has sold 1525 Wilson Boulevard in Arlington, Va., to Blackstone Real Estate Advisors for $58 million, or nearly $194/sf.The 299,400-square-foot property was built in 1987 and is 94 percent leased to, among...
Solly Conduit Triple-A’s Price
June 5, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterThe current $729.4 million commercial mortgage-backed securities deal from Salomon Smith Barney and Greenwich Capital is expected to price sometime today.Traders this morning say that the...
Cohen & Steers Raises $25 Mln of Equity for Internet Fund
June 5, 2000 NEW YORK – Cohen & Steers Capital Management Inc. said it has closed Internet Realty Partners LP to new investors.The venture capital fund, which raised $25 million of equity, will make investments in real estate-related...
Equity Office Sells Stake in Seattle Building for $210 Mln
June 5, 2000 CHICAGO – Equity Office Properties Trust (NYSE:EOP) has sold a 49.9 percent interest in Seattle's Bank of America Tower to the New York State Common Retirement Fund for $210 million. As part of the venture,...
School District Signs Lease in Downtown LA
June 5, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorThe Los Angeles Unified School District has agreed to lease 60,000 square feet of office and 88,000 sf of warehouse space at a complex near the district's...
Southeast Regional Digest (6/5/00): Rock Hill eyes 400-acre business park
June 5, 2000 Rock Hill eyes 400-acre business parkThe Business Journal of Charlotte, June 5ROCK HILL, N.C. – Trammell Crow Co. plans to develop a 400-acre business park at Interstate 77, between Dave Lyle Boulevard and U.S. Highway...
RealWebFunds Nears Closing Loan, 10th Since Launch
June 5, 2000 BySusanna Potter, Commercial Real Estate Direct Staff WriterRealWebFunds Inc. expects to close a $12 million acquisition loan for a California office building. The financing would be the tenth that the fund has completed since its...
Developers of Arizona Shopping Center Seek $101 Mln of Debt
June 5, 2000 SCOTTSDALE, Ariz. – The venture developing the Scottsdale Promenade, an upscale shopping center in Scottsdale, Ariz., is hunting for $101 million of financing.The venture, between Pederson Group of Phoenix and BVT Development Co. has retained...
RioCan, Centrefund End Merger Talks
June 5, 2000 TORONTO – RioCan Real Estate Investment Trust (TSE:REI.UN) and Centrefund Realty Corp. have ended discussions regarding the possibility of a merger.RioCan, Canada's largest REIT with total assets of 2.2 billion Canadian dollars (US$1.5 billion), had...
Crestline to Joint Venture With Bedrock Partners on Hotel Acquisitions
June 2, 2000 BETHESDA, Md. – Hotel investor Crestline Capital Corp. (NYSE: CLJ) has signed a letter of intent to form a joint venture with Bedrock Partners II, LP to acquire $250 million of hotels over the next...
LCOR to Develop Largest Lease Ever Signed By GSA
June 2, 2000WASHINGTON – The U.S. General Services Administration has signed a lease with LCOR Alexandria, L.L.C. for the immense space consolidation project for the United States Patent and Trademark Office.LCOR will develop almost 2 million square feet...
CarrAmerica Merges Affiliate with FrontLine Sub
June 2, 2000 WASHINGTON – CarrAmerica Realty Corp. (NYSE: CRE) has finalized the merger of its executive office suites affiliate, HQ Global Workplaces Inc., with Vantas Inc., the executive office suites subsidiary of FrontLine Capital Group (Nasdaq: FLCG)....
Another Mega-Hotel for Vegas Strip?
June 2, 2000 Associated PressLAS VEGAS – MGM Grand Inc., fresh from a $6.4 billion acquisition of Mirage Resorts Inc., could begin construction on an "over-the-top" Strip mega-resort in 18 months, Chairman J. Terrence Lanni said. Meanwhile, his...
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...
Developer’s plan for world’s biggest skyscraper hit snag
June 2, 2000 Associated PressCHICAGO – A developer who won city approval last fall to build the world's tallest building in downtown Chicago has run into financial problems and may be out of the $500 million dollar project.Real...
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...
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
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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.
