RECENT NEWS
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...
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...
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...
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...
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...
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...
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...
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...
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...
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.
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...
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...
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...
Fidelity National Financial Clears One Hurdle for Merger with Chicago Title; Settles Lawsuit
March 13, 2000 IRVINE, Calif. – Fidelity National Financial Inc. (NYSE: FNF) has received regulatory approval from the California Department of Insurance to merge with Chicago Title Corp. The Company is waiting for regulatory approval from the Oregon...
Foreigners Look to Revive Bangkok’s Sofitel Hotel
March 13, 2000 By Choosak Jirasakunthai, The Nation BANGKOK, Thailand – Some foreign investors are interested in taking over the still unfinished 550-room Sofitel hotel project here on the riverbank – if the price is right. "There are...
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...
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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.
