RECENT NEWS
UBS Warburg Initiates Crescent Real Estate at Strong Buy
May 10, 2000(NewsTraders.com) – Crescent Real Estate Equities (NYSE: CEI) was inaugurated with a "strong buy" opinion in new coverage today from UBS Warburg's Anthony Davis, who also dished out a $25 price target for the stock.At current...
Friedman Billings Ups Finova to Accumulate From Mkt Perform
May 10, 2000(NewsTraders.com) – Finova Group (NYSE: FNV), a provider of financing and capital market products, received a rating lift today from Friedman Billings Ramsey analyst Rob Schwartzberg, who promoted the stock to "accumulate" from "under perform."The market...
Southeast Regional Digest
May 10, 2000 Industry News: CarrAmerica Realty to sell properties in FloridaThe Miami Herald, May 9CarrAmerica Realty Corp. plans to sell its Florida and Phoenix office properties, worth about $200 million to raise cash to fund higher-yielding developments,...
Buyer of Healthcare Properties Raises $100 Mln of Equity
May 10, 2000 An affiliate of Reckson Associates Realty Corp. (NYSE:RA) has committed to invest up to $100 million in Medical Properties of America, a Nashville, Tenn., company that buys and manages healthcare properties. The affiliate, Reckson Strategic...
Captec Provides $7.6 Mln of Financing for Taco Bells
May 10, 2000 ANN ARBOR, Mich. – Captec Financial Group Inc. has provided $7.6 million of financing to Winterhill Development Co. LLC, which is using the debt to buy 10 Taco Bell restaurants in the Milwaukee area.Winterhill, a...
Canada Regional Digest
May 10, 2000 No rush to build Oxford towerThe Toronto Star, May 10TORONTO – A controversial 41-story, 700,000-square-foot office tower slated for the Concourse Building site will not be built until economic conditions support the development, Oxford Properties...
CSFB’s Jeff Friedman Jumps to Maguire Partners
May 10, 2000 LOS ANGELES – Jeffrey E. Friedman, a Credit Suisse First Boston investment banker who helped structure some $1 billion of financing for Maguire Partners, has joined the Los Angeles investment firm as partner.Friedman becomes one...
Center Trust 1st-Qtr FFO $0.33/shr vs $0.36/shr
May 10, 2000 1st-Qtr 001st-Qtr 99FFO (diluted) $12.2 mln$14.2 mln FFO/shr (diluted) $0.33 $0.36 Extra Gain (Loss) $(1.9 mln) $ -- Net Income $2.7 mln $20.9 mln Net/shr$0.10 $0.60 Revenue$34.8 mln $36.2 mln Shares outst.26.6 mln 34.6 mln
JP Realty 1st-Qtr FFO $0.58/shr vs $0.61/shr
May 10, 2000 1st-Qtr 001st-Qtr 99FFO $11.7 mln $13.0 mln FFO/shr (diluted) $0.58 $0.61 Net Income $4.7 mln $6.4 mln Net/shr$0.28 $0.36 Revenue$32.9 mln $32.4 mln Shares outst.16.5 mln 17.7 mln
Captec 1st-Qtr FFO $0.40/shr vs $0.47/shr
May 9, 2000 1st-Qtr 001st-Qtr 99FFO $3.8 mln $4.4 mln FFO/shr $0.40 $0.47 Extra Gain (Loss) ($1.1 mln) -- Net Income $3.5 mln $3.2 mln Net/shr$0.37 $0.34 Revenue$7.6 mln $7 mln Shares outst.9.5 mln 9.5 mln
Natural Food Chain Leases Southern California Store
May 9, 2000By Brad Berton, Commercial Real Estate Direct Contributing EditorWild Oats Markets Inc., North America's biggest chain of natural foods stores, has signed a 20-year lease for a 25,160-sf store at the Plaza de La Paz shopping...
ProLogis to Build Industrial Park in Atlanta
May 9, 2000 ATLANTA – ProLogis (NYSE:PLD) is planning to develop a 54-acre industrial park, ProLogis Park Breckinridge, in northeast Atlanta.The complex will support four distribution facilities totaling 550,000 square feet.ProLogis plans to develop two inventory facilities and...
Sansiri’s Turn Around in Full Swing, Starwood to Up Stake in Firm
May 9, 2000 By Oranan Paweewun, NationBANGKOK, Thailand – Starwood Capital Group is increasing its stake in Thai property developer Sansiri PLC to 51 percent from 8 percent.Starwood's plan, which is part of Sansiri's restructuring, would leave the...
Mission West Buys California R&D Property for $11.6 Mln
May 9, 2000 CUPERTINO, Calif. – Mission West Properties Inc. (Amex:MSW) has paid $11.6 million, or $118/sf, for a 98,500-square-foot research and development property in Sunnyvale, Calif.The property, on Caspian Drive, was purchased from the Berg Group under...
USC Signs Lease at Alhambra Offices
May 9, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorThe University of Southern California has substantially expanded and extended its occupancy commitment at the former C.F. Braun Engineering headquarters complex in Alhambra, Cal., just east of...
Southeast Regional Digest
May 9, 2000 Unisource moving to SouthpointThe Florida Times-Union, May 9JACKSONVILLE, Fla. – Unisource Worldwide Inc. plans to vacate its current two and a half floors of office space in the Suddath building by the end of June....
Teachers Provides $59 Mln Mortgage to Keystone
May 9, 2000 By Orest Mandzy, Commercial Real Estate Direct Managing EditorTeachers Insurance has provided $59 million of fixed-rate financing to Keystone Property Trust (Amex:KTR) for its $91 million purchase of industrial properties from Reckson Associates Realty Corp....
Lehman Ups CarrAmerica To Outperform From Neutral, $28 Goal
May 9, 2000 (NewsTraders.com) -- CarrAmerica Realty Corp. (NYSE:CRE) was upgraded to "outperform" from "neutral" by Lehman Brothers today, as analyst David Shulman said the real estate investment trust "is enjoying the benefits of owning and developing property...
Investor Pays $79,000/unit for L.A. Apartment Complex
May 9, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorBN Properties LLC of Malibu, Calif., has acquired the 160-unit Colonial Gardens Apartments in the Mar Vista community of Los Angeles' Westside for $12.7 million, or $79,375...
FINAL PRICING: $300 Mln 1211 Avenue of the Americas Trust
May 9, 2000 Go To Initial Price Talk.1211 Avenue of the Americas Trust, Series 2000-1211ClassAmount($mln)RatingMoody'sRatingFitchPriced(BP)BnchMarkA141.3AaaAAA+174Treas.B46.5Aa2AA+186Treas.C40.8A2A+195Treas.D43.7Baa2BBB+215Treas.E27.7Baa3BBB-+255Treas.X*300AaaAAAN/ATreas.* Interest-only strip.Go To Fitch IBCA Pre-Sale Report.Go To Moody's Pre-Sale Report.
Salomon Downgrades Finova Group To Neutral From Outperform
May 9, 2000 NewsTraders.com) -- Finova Group (NYSE:FNV), a provider of financing and capital market products, was demoted to "neutral" from "outperform" today by Salomon Smith Barney, according to a source at the brokerage.Yesterday, the Phoenix-based company said...
Washington REIT Buys Maryland Offices
May 9, 2000 ROCKVILLE, Md. – Washington Real Estate Investment Trust (NYSE: WRE) has paid $7.7 million for a nine-story office building at 962 Wayne Avenue in Silver Spring, Md.The price for Wayne Plaza, which contains about 91,100...
CS First Boston Initiates Coverage Of 32 Real Estate Companies
May 9, 2000 (NewsTraders.com) – Proclaiming that "strong performance year-to-date has reinforced our bullish outlook," Credit Suisse First Boston analyst Lee Schalop initiated coverage of 32 real estate companies today with a mixed bag of ratings, including AvalonBay...
Canada Regional Digest
May 9, 2000 City, developer strike deal over glass on towerThe Vancouver Sun, May 9VANCOUVER, British Columbia – The City Council has reached a compromise with developer Peter Wall that ensures completion of the 110 million Canada dollar...
PS Business Parks, Inc. 1st-Qtr FFO $0.65/shr vs $0.59/shr
May 9, 2000 1st-Qtr 001st-Qtr 99FFO $20.2 mln$18.4 mln FFO/shr (diluted) $0.65 $0.59 Net Income $10.7 mln $9.4 mln Net/shr$0.40 $0.40 Revenue$36 mln $29.3 mln Shares outst.23.6 mln 23.7
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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.
