RECENT NEWS
Lender Agrees to Offer Loans via Internet
March 8, 2000 LOS ANGELES – Financial Institutional Partners Mortgage Co., which originates small- to medium-sized multifamily and commercial mortgages, has agreed to offer for sale a minimum of $400 million of loans through 2dmkt.com, a website that...
Judge Issues Arrest Warrant for Hirschfeld
March 8, 2000 By Samuel Maull, Associated PressNEW YORK – A Manhattan judge issued a warrant today for the arrest of real estate developer Abe Hirschfeld after he failed to appear for sentencing on several contempt of court...
S&P Lowers Ratings of Prison Realty Trust
March 8, 2000 NEW YORK – Standard & Poor's lowered the corporate credit and bank loan ratings for Prison Realty Trust Inc. (NYSE:PZN) to single-B-plus from double-B and the REIT's senior unsecured debt rating to single-B-minus from single-B-plus....
Spieker Properties Ups Dividend 14.8%
March 8, 2000 MENLO PARK, Calif. – Spieker Properties Inc. (NYSE:SPK) has declared a 70 cents/share dividend that is payable April 20 to shareholders of record on March 31.This is equivalent to an annualized dividend of $2.80/share and...
Kensington Rejects Malan’s Offer for Board Representation
March 8, 2000 BINGHAM FARMS, Mich. – Kensington Investment Group Inc. has rejected a proposal by Malan Realty Investors Inc. (NYSE:MAL) to increase the size of its board in order to have a Kensington nominee represented on it.Go...
W.P. Carey Group Acquires Two Stellex Technologies Facilities
March 7, 2000 NEW YORK – W. P. Carey & Co. has acquired two office/manufacturing facilities on behalf of its private REIT, Corporate Property Associates 14. The properties were owned by Stellex Technologies Inc. The $19.3 million sale-leaseback...
Southeast Regional Digest
March 7, 2000 Southside's Greenbriar Mall up for saleAtlanta Journal-Constitution, March 7ATLANTA – Dundee Realty Corp. of Toronto is selling the 792,000-square-foot Greenbriar Mall because it is finding it tough to compete against companies that own multiple malls...
McCann-Erickson Ad Agency Takes Giant Lease at 622 Third, Newspaper Says
March 7, 2000 NEW YORK – The McCann-Erickson Worldwide advertising agency has signed a 21-year lease worth about $500 million, or around $53 per square foot, to move its headquarters to 622 Third Ave., a 39-story tower between...
Konover Property Trust 4th-Qtr FFO -$0.49/shr vs $0.11/shr
4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $7.9 mln$8.5 mln $34.9 mln $23.9 mln FFO/shr (diluted) $0.23$0.25 $1.02 $1.14 Net Income (Loss) ($14.9 mln) $3.7 mln ($8.1 mln) $3 mln Net/shr($0.49) $0.11($0.26) $0.14 Revenue$21.4 mln $19.4 mln $82.4 mln $71.8...
Jeffrey S. Berkes Returns to Federal Realty as VP of Strategic Transactions
March 7, 2000 ROCKVILLE, Md. – Jeffrey S. Berkes has rejoined Federal Realty Investment Trust (NYSE:FRT) as vice president of strategic transactions.In this position, Berkes will be responsible for all acquisitions, dispositions and other transactions involving the Trust's...
Petroleum Realty Acquires First BP Gas Station for $2 Mln
March 7, 2000 COLUMBUS, Ohio – Petroleum Realty Investment Partners L.P., backed by a $300 million credit facility through Lehman Brothers, today purchased its first sale-leaseback of a BP-brand gas station. Petroleum Realty, which plans to go public...
Amerivest Registers Shares, Hires Sheridan
March 7, 2000 AmeriVest Properties Inc. (AMEX:AMV) has registered 3 million common shares worth up to $15 million in preparation for a sale of its stock.In addition, the company has hired Sheridan Realty Advisors LLC to manage its...
Grubb & Ellis Forms Global Strategic Alliance With Knight Frank
March 7, 2000 NORTHBROOK, Ill. – Grubb & Ellis Co. (NYSE: GBE) has established a global strategic alliance with Knight Frank, an international real estate service firm, to create a common service delivery platform to provide consistent service...
CalPERS Hires Firm to Find CIO
SACRAMENTO, Calif. – The California Public Employees' Retirement System has retained Pendelton James Associates, an investment management consulting firm, to conduct an international search for the pension fund's new chief investment officer.The vacancy for the CIO position was...
GMAC Commercial Mortgage Forms Unit For Institutional Investors
March 7, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has created a new "institutional investor business unit" aimed at catering to the needs of life companies and institutional investors.Michael B. Goorvich, currently GMACCM's senior vice president of...
Partnership Registers to Sell Stake in Aimco
March 7, 2000 AEW Targeted Securities Fund II LP has registered its 681,800 common shares of Apartment Investment & Management Co. (NYSE:AIV) to be sold for up to $25 million, or about $37/share.Details can be found in a...
Kensington Group Seeks Malan Realty Board Representation
March 7, 2000 (NewsTraders.com) – Kensington Investment Group Inc., the holder of a 9.6 percent equity stake in Malan Realty Investors (NYSE:MAL), is pushing for representation on the struggling REIT's board of directors.In an SEC schedule 13-D filing...
Pre-workout Agreement No Protection from All Matters In Workout, Comment by Pircher, Nichols & Meeks
March 6, 2000 On September 15, 1999, the Second Appellate District of the California Court of Appeal, in Ernest Auerbach et al. v. Great Western Bank, held that a borrower was not entitled to damages for making payments...
Southeast Regional Digest
March 6, 2000 Blue Lake deadline loomingBoca Raton News, March 6BOCA RATON, Fla. – A 60-day due diligence period for the possible purchase of the 557-acre Blue Lake property will end March 12, two days before an election...
Morgan Stanley Marketing British CMBS Backed By Supermarkets
March 6, 2000A British commercial mortgage-backed securities deal backed by the cash flow from leases on 16 Sainsbury's supermarkets is on the market.The ?335 million (US$528.15 million) deal is being underwritten by Morgan Stanley Dean Witter. The bonds...
LoopLender Teams With Archon, Fidelity Federal, Offers Hybrid, Foating-Rate Loans
March 6, 2000 LoopNet Inc. has started offering visitors to its site hybrid and floating rate mortgages.The Internet company, which offers mortgages via its LoopLender site, has formed partnerships with Archon Financial, a unit of Goldman Sachs, and...
S&P Lowers Credit Rating of First Union Real Estate, Affirms Preferred
March 6, 2000 NEW YORK – Standard & Poor's has lowered the credit rating of First Union Real Estate Investments (NYSE:FUR). The rating agency lowered the REIT's corporate credit rating to B-plus from double-B-minus. In addition, S&P affirmed...
Tarragon Realty Gives Up REIT Status
March 6, 2000 NEW YORK – Tarragon Realty Investors Inc. (NASDAQ:TARR) has terminated its REIT status for this year. The move would allow the company to take advantage of the $40 million of net loss carryforwards, continue its...
Moody’s, Fitch Issue Pre-Sale Reports on GMAC Conduit Deal
March 6, 2000 Moody's and Fitch IBCA have published pre-sale reports for GMAC Commercial Mortgage Corp., 2000-C1, a $916 million commercial mortgage-backed securities deal. Go to Previous Story in the IPGDirect.com ArchiveGo to Fitch IBCA's Pre-Sale ReportGo to...
Canada Regional Digest
March 6, 2000 TrizecHahn mum on Montreal propertyThe National Post, March 4TORONTO – Sources say TrizecHahn Corp. has agreed to sell its Montreal properties to SITQ Immobilier. Both parties to the deal refused to comment. The portfolio includes...
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.
