RECENT NEWS
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 Increases Credit Facility by $50 Mln
March 15, 2000 DENVER – Apartment Investment and Management Co. (NYSE:AIV) has secured an additional $50 million credit line from Bank of America, Fleet and lenders from its existing facility.The amendment to the REIT's previous $300 million credit...
Online Service Allows Service Providers to Bid for Contracts
March 15, 2000 DENVER – Martin Gibeau, who recently resigned as president of Stewart Title of Denver, has formed AmeriQuotes.com, an online service that allows property owners to receive quotes for services from a variety of providers.Here's how...
Chase Signs Monster Lease in Midtown Manhattan
March 15, 2000 Chase Manhattan Bank has agreed to lease 556,000 square feet at 1166 Sixth Avenue in Manhattan in a 20-year deal estimated to be valued at more than $500 million over its life.The lease is the...
Southeast Regional Digest
March 15, 2000 Continental Properties buys two more apartment complexesThe Daytona Beach News-Journal, March 15DAYTONA BEACH, Fla. – Continental Properties has paid $18.3 million for the 304-unit Indigo Plantation and the 170-unit Oaks of Lakebridge. Rents at both...
Fitch CMBS Upgrades Outpaced Downgrades in ’99
March 15, 2000 Fitch IBCA upgraded more individual tranches of commercial mortgage-backed securities last year than it downgraded.The rating agency conducted almost 200 reviews of more than $83.2 billion of CMBS. It upgraded 160 tranches within 55 deals...
U.K. Firm to Securitize Land Leases
March 15, 2000 LONDON – Standard & Poor's has assigned preliminary ratings to the first U.K. ground rent securitization, a 104 million pound ($164 million) transaction by Peverel Funding Ltd., a special-purpose entity formed by Peverel Properties Ltd.The...
Finalists Picked for San Francisco Offices
March 15, 2000 Divco West Properties and Westbrook Partners are among the finalists vying to buy 303 Second Street in San Francisco, according to the Wall Street Journal.The 700,000-square-foot office building, which is commonly known as Marathon Plaza,...
Swiss Re Leases 100,000 sf at 230 Park in Manhattan
March 15, 2000NEW YORK – Swiss Re Capital Partners has signed a 20-year lease for 100,000 square feet at 230 Park Avenue in Midtown Manhattan. The firm, a division of Swiss Reinsurance Co., will occupy four entire floors...
Minocan Buys Miami Office Building
March 15, 2000 By Paul Gereffi, IPGDirect.com CorrespondentMIAMI – Minocan Investments of Miami has purchased the 12000 Biscayne, a 150,000-square-foot office building in Miami. The purchase price could not be learned, but rents at the building, which is...
Summit Properties Ups Dividend by 5% to $0.4375/shr
March 15, 2000 CHARLOTTE, N.C. – Summit Properties Inc. (NYSE:SMT) has set a 43.75 cents/share dividend payable May 15 to shareholders of record April 14. The dividend repesents an annualized dividend of $1.75/share. That compares with $1.67/share that...
Security Capital Parent Sells Investment for $96.9 Mln
March 15, 2000 LUXEMBOURG – SC-U.S. Realty (NYSE:RTY) said it has sold its investment in Security Capital Group for $96.9 million to two investors. SC had been carrying the investment at $95.8 million. Go to Previous Story in...
Arden Sells $250 Mln of Senior Unsecured Notes
March 15, 2000 LOS ANGELES – Arden Realty Inc. (NYSE:ARI) said its Arden Realty LP has priced $250 million of senior unsecured notes under Rule 144A.The two tranches consisted of a $200 million tranche of 8.875 percent notes...
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...
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...
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...
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.
