RECENT NEWS
Allied Capital Raising $7.4 Mln from Investor
March 15, 2000 Allied Capital Corp. (NASDAQ:ALLC) has filed to sell 466,465 common shares for $7.4 million to an institutional investor. The Form 497 filing was made with the SEC.The filing said that Allied would use the capital...
Omega Assumes Assets of Bankrupt RainTree Healthcare
March 15, 2000 ANN ARBOR, Mich. – Omega Healthcare Investors Inc. (NYSE:OHI) has taken possession of 30 nursing home and assisted-living properties operated by RainTree Healthcare Corp. of Phoenix.At the end of 1999, Omega had $78 million invested...
Steeltech Creditors Hire Brokers to Sell Plant
March 15, 2000 Associated Press MILWAUKEE – Creditors of the bankrupt Steeltech Manufacturing Inc. have hired The Dickman Co. and Jones Lang LaSalle to market a plant they have been trying to sell independently for several months.The creditors...
Thomas McCahill Promoted to Senior VP at MONY
March 15, 2000 NEW YORK – Thomas M. McCahill, who leads the investment management team for The MONY Group's (NYSE:MNY) commercial mortgage and equity real estate portfolio, has been promoted to senior vice president at the financial services...
Malan Realty Again Offers to Increase Board Size
March 15, 2000 BINGHAM FARMS, Mich. – Malan Realty Investors Inc. (NYSE:MAL) has reiterated its offer to provide representation on its board to Kensington Investment Group of Orinda, Calif.In an amended Form 13D, Kensington expressed its dissatisfaction with...
AIMCO Plans to Buy More Properties from Dreyfuss Bros.
March 14, 2000 Apartment Investment and Management Co. (NYSE:AIV), through an operating partnership, expects to acquire five residential communities from Dreyfuss Brothers Inc. by June 30.In December and January, AIMCO bought four other communities from Dreyfuss.In total, AIMCO...
G&L Realty Corp. 4th-Qtr FFO -$0.59/shr vs -$0.95/shr
March 14, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO ($2.3 mln)($4.3 mln)($6 mln)$0.8 mlnFFO/shr (diluted) ($0.59) ($0.95) ($1.36)$0.17 Extra Gain (Loss) ($0.2 mln) -- ($0.2 mln) -- Net Income (Loss) ($0.9 mln) ($3.1 mln) ($2.1 mln) $4.3 mln Net...
CB Richard Ellis Considers Korean Asset Buy
March 14, 2000 SEOUL (Asia Pulse) - CB Richard Ellis said it is considering buying assets from Korea Asset Management Corp., including land, buildings and other assets taken over in connection with bad loans.The move is based on...
Canada Regional Digest
March 14, 2000 Report: Vancouver needs more convention spaceThe Vancouver Sun, March 14VANCOUVER – Vancouver officials can reap twice as much convention visitor spending by expanding the amount of facilities available, according to a report from KPMG, which...
Southeast Regional Digest
March 14, 2000 TBS starts two buildings to cement Atlanta tiesThe Atlanta Journal-Constitution, March 14ATLANTA – Turner Broadcasting plans to add two new facilities that will total 330,000-square-feet at its 35-acre Techwood campus, where it currently has about...
LoopNet Hires Silicon Valley Vet as CFO
March 14, 2000 SAN FRANCISCO – LoopNet Inc., an online commercial mortgage lending site, has hired Robert Hull, formerly chief financial officer at Risk Management Solutions Inc. as the chief financial officer.Hull was with Risk Management, which provides...
Cornerstone Realty Sells 16 Properties for $136.5 Mln
March 14, 2000RICHMOND, Va. – Cornerstone Realty Income Trust (NYSE:TCR) completed the sale of 16 apartment communities, with 3,609 units, for $136.5 million.Proceeds of the sale will be used to pay down Cornerstone's credit line, fund a $35...
Kelvin Davis Leaves Colony, Joins Texas Pacific
March 14, 2000 Kelvin Davis, the chief operating officer and co-founder of Colony Capital Inc., has left to join its affiliate, Texas Pacific Group, in order to handle investments outside of real estate.The departure is totally amicable, according...
Kearny/Lankford Sell San Diego Office Building for $44 Mln
March 14, 2000 SAN DIEGO, Calif. – A partnership between Kearny Real Estate Co. and Lankford & Associates of San Diego has sold a recently completed office building in the Scripps Northridge Corporate Center for $44 million.The 188,275-square-foot...
Archstone to Invest $122 Mln in Long Island Complex
March 14, 2000 DENVER – Archstone Communities (NYSE:ASN) is about to close on a deal to buy 37 acres at the Roosevelt Raceway, a proposed mixed-use property in the Town of Hempstead in Long Island, N.Y.Archstone anticipates that...
Boeing Eyes Sale of Surplus Land in California
March 14, 2000 SEAL BEACH, Calif. – Boeing Realty Corp. is planning to sell 48 acres of undeveloped land next to its Space and Communications Group headquarters in Seal Beach.The property is zoned for light industrial/manufacturing. Boeing has...
U.S. Restaurants Properties 4th-Qtr FFO -$0.05/shr vs $0.08/shr
March 14, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO ($0.8 mln)$1.3 mln $24.9 mln $18.6 mln FFO/shr (diluted)($0.05) $0.08 $1.46 $1.23 Net Income (Loss)($12.2 mln) $4.5 mln $6.3 mln $1.2 mln Net (Loss)/shr($0.79) ($0.31) ($0.43) ($0.09) Revenue$19.8 mln $15.9...
PRICE TALK: Chase, G.E. Capital $704.2 Mln Conduit
March 14, 2000Chase Commercial Mortgage Securities Corp, 2000-1ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifePriceTalk(BP)BnchMarkA-1125.226.5AAAAAA5.7+106-109 (L+23-31)Treas.A-2392.426.5AAAAAA10+140-143 (L+38-41)Treas.B3721.25AAAA10+153-156Treas.C33.516.5AA10+165-168Treas.D10.615A-A-10+175-178Treas.E24.611.5BBBBBB10+210 areaTreas.F10.610BBB-BBB-10+255 areaTreas.X704.2N/AAAArAAA--+375*Treas.* At 100 percent constant prepayment rate.
Grand Court Lifestyles Defaults, Heads for Bankruptcy
March 14, 2000BOCA RATON, Fla. – Grand Court Lifestyles Inc. (NASDAQ:GCLI), an operator of senior living facilities, has failed to pay rent on offices it occupies in Florida and New Jersey and debt payments that were due March...
Commercial Assets, Asset Investors to Merge
March 13, 2000 Commercial Assets Inc. (Amex:CAX) and Asset Investors Corp. (NYSE:AIC) have agreed to merge. Asset Investors will be the surviving company and will issue 0.4075 shares of its common stock for each outstanding share of Commercial...
Marriott to Pay $39 Mln to Settle Limited Partnership Litigation
March 13, 2000WASHINGTON – Marriott International Inc. (NYSE:MAR) will pay $39 million to settle a lawsuit filed in Texas by a group of limited partners. On Feb. 24, Marriott International and Host Marriott Corp. (NYSE:HMT) tentatively agreed to...
Investment Bank Signs Huge Lease in San Francisco
March 13, 2000 SAN FRANCISCO – Chase H&Q has agreed to lease a proposed office tower in a deal that is being touted as the biggest single lease transaction in the area's history, the San Francisco Business Times...
Southeast Regional Digest
March 13, 2000 Biggest sale at CocoWalk could be mallSouth Florida Business Journal, March 13MIAMI – Chicago-based Transwestern Investment Co. LLC is reportedly negotiating with City Center Retail Trust, another Chicago firm, to buy Coconut Grove's CocoWalk and...
Proposed Philly Baseball Stadium Site Purchased, Newspaper Says
March 13, 2000 The 1.1 million square-foot former headquarters of SmithKline Beecham in Philadelphia, which was to be destroyed to make room for a new downtown stadium, has been purchased by a local developer, Amerimar Enterprises, according to...
AmeriVest Properties Registers for $10 Mln of Common Stock, Warrants
March 13, 2000DENVER – AmeriVest Properties Inc. (AMEX: AMV) today filed a registration statement with the SEC for a public offering of up to $10 million of its common stock and common stock purchase warrants. The offering will...
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