RECENT NEWS
Roberts Realty Investors Chairman/CEO Bought 35,722 Shares
June 12, 2000 (NewsTraders.com) – Charles Roberts, the chairman, chief executive and president of Roberts Realty Investors (AMEX:RPI), purchased 35,722 common shares of the REIT in May.From May 2 through May 22, Roberts purchased shares of the Atlanta-based...
Investors plan $155 Mln hotel complex
June 12, 2000A group of investors, lead by Homi Gazdar, plan to build a $155 million, 1.2 million-square-foot hotel complex near the Orange County (Fla.) Convention Center, the Orlando Business Journal reported today.Commercial Real Estate Direct has summaries...
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...
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...
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
Infocrossing to Redevelop Atlanta Property into Internet Center
June 8, 2000LEONIA, N.J. – Infocrossing Inc. (Nasdaq:IFOX) will convert a 52,000-square-foot facility at the Bay Colony Business Center in Atlanta's Norcross suburb into an Internet data center.The center is slated to open in the fall. It is...
Thomas McCormick Joins Panattoni as Principal
June 8, 2000 SACRAMENTO, Calif. – Thomas E. McCormick III, the North American president of brokerage services for Colliers International, has joined Panattoni Development Co. as principal.In his new post, McCormick will focus on expanding Panattoni's reach into...
Kennedy-Wilson Pays $29.3 Mln for Tulsa Offices
June 8, 2000 Kennedy-Wilson Inc. (Nasdaq:KWIC) has paid $29.3 million for the Tulsa Koger Center in Tulsa, Okla.The 581,000-square-foot complex was purchased from Koger Equity Inc. (NYSE:KE)Kennedy Wilson bought the 13-building complex in partnership with ING Realty Partners,...
Mortgage Sales Site Plans Enhancements
June 8, 2000 Debtx.com is planning a major overhaul of its Web site.The Boston startup, which markets commercial mortgages via the Internet, is planning to add a host of enhancements that would provide: generic pricing information for seasoned...
Developer Sells German Building for $22.8 Mln
June 8, 2000 STOCKHOLM, Sweden – NCC Real Estate has agreed to sell a mixed-use facility in Hamburg, Germany, to Deutsche Grundbesitz- Investmentgesellschaft mbH for 200 million kronor ($22.8 million), or about $212/sf.Kielerstrasse 143-147, a 107,530-square-foot building in...
Southeast Regional Digest (6/8/00): Goldman unit passes on buying Equitable Building
June 8, 2000 Goldman unit passes on buying Equitable BuildingThe Atlanta Journal-Constitution, June 8ATLANTA – The Archon Group, a Goldman Sachs subsidiary, will not purchase the 32-story, 594,000-square-foot Equitable Building on Peachtree Street. Goldman Sachs declined to comment.Atlanta...
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.
