RECENT NEWS
Crescent Hires Advisers to Find JV Partners
February 24, 2000 Crescent Real Estate Equities Inc. (CEI) has hired Chadwick Saylor & Co. and Warburg Dillon Read to help it structure joint ventures that would purchase interests in some of its properties.The REIT currently has seven...
Law Seeks to Enable Property Deals in Russia
February 24, 2000By Brian Humphreys, The Moscow TimesMOSCOW (AP) – A 1997 law standardizing registration procedures for property transactions is gradually transforming the Russian real estate market, making it more stable and predictable, industry observers say. Russian property...
Canada Digest
February 24, 2000Coke centralizing Ontario bottling operationsThe National Post, February 24TORONTO – Coca-Cola Bottling Co. plans to pour $150 million into a huge new bottling plant in Brampton, Ont., a suburb of Toronto. When the plant opens in...
Marriott Eyes $500 Mln-$600 Mln Settlement of Partnership Suit
February 24, 2000Marriott International (NYSE:MAR) and Host Marriott Corp. (NYSE:HMT) have tentatively agreed to pay $500 million-$600 million to settle lawsuits that were filed by investors in limited partnerships structured by the firms' predecessor in the 1980s.According to...
Banyan Stategic Realty Trust 4th-Qtr FFO $0.19/shr vs $0.21/shr
February 24, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $2.5 mln$2.8 mln $10.9 mln $10.4 mln FFO/shr (diluted) $0.19 $0.21 $0.81 $0.75Extra Gain (Loss) ($0.2 mln) -- ($0.2 mln) ($0.1 mln) Net Income $4.8 mln $1.4 mln $8.5 mln...
Southeast Regional Digest
February 24, 2000 Jacksonville project would add 110 full-time jobsFlorida Times-Union, February 24JACKSONVILLE – In two weeks, the city's Economic Development Commission members are expected to vote on assistance for a North Jacksonville deal. The project would mean...
Partnership Buys Virginia Buildings for $198/sf
February 24, 2000 An investor group has purchase the Westwood Tower in McLean, Va., for $41.5 million, or $198/sf, after re-tenanting costs are factored in.The partnership, Silver Harmony Westwood Tower LLC, financed the purchase with a $30 million...
CB Brokered AMLI’s Sale of Georgia Apartments
February 24, 2000ATLANTA – CB Richard Ellis (NYSE:CBG) represented AMLI Residential Properties Trust (NYSE:AML) in its $42.5 million sale of the Falls at Sope Creek in Marietta, Ga., to an affiliate of the Wilkinson Group.The sale of the...
RioCan Sells Stakes in Canadian, U.S. Properties for $29 Mln
February 24, 2000 TORONTO – RioCan Real Estate Investment Trust (TORONTO:REI u.TO) has completed the sale of its interests in three retail properties to its former partner, Schroeder Properties Ltd., for C$42 million (US$28.7 million).RioCan acquired the three...
Washington REIT 4th-Qtr FFO $0.45/shr vs $0.37/shr
February 24, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $16 mln$13.2 mln $56 mln $49.7 mln FFO/shr (diluted) $0.45 $0.37 $1.57 $1.39 Net Income $10.4 mln $9.9 mln $44.3 mln $41.1 mln Net/shr$0.29 $0.28 $1.24 $1.15 Revenue$32.9 mln $27.4...
Bentley Forbes in Sale-Leaseback of Medical Facilities
February 24, 2000 LOS ANGELES – The Bentley Forbes Group LLC has acquired two properties from Sunrise Medical Inc., which will lease them back.The properties are a 314,500-square-foot building in Stevens Point, Wisc., and a 218,300-sf building in...
Schottenstein Enters Confidentiality Pact w/Burnham Pacific
February 24, 2000 (NewsTraders.com) -- Schottenstein Stores Corp., which has traded contentious words with Burnham Pacific Properties (NYSE:BPP) in the past over the possible sale of Burnham, said today that it has entered into a confidentiality agreement with...
Franklin Select Sets $7.11/shr Liquidating Distribution
February 24, 2000 Franklin Select Realty Trust (AMEX:FSN) will make a liquidating distribution of $7.11 to shareholders of record on Feb. 29. The distribution will be made on March 10.The distribution is the result of the company's sale...
Head of GE Capital’s Japan Unit Named Vice Chair, COO of Fannie Mae
February 24, 2000 WASHINGTON – Daniel H. Mudd, president and chief executive of GE Capital Japan, has been named vice chairman and chief operating officer of Fannie Mae (NYSE:FNM). Mudd, who also joins Fannie's board, fills a post...
CarrAmerica Corrects Earnings Numbers
February 24, 2000 CarrAmerica Realty Corp. (NYSE:CRE) has filed a correction to information it released earlier this month regarding its the basic and diluted income per common share figures.The updated information can be found in a Form 8-K/A...
Greenwich Group Launches Online Capital-Matching Service
February 24, 2000 NEW YORK – The Greenwich Group International is staking a claim on the Internet.The New York real estate investment bank is launching CapitalEngine.com, which it says will help property owners raise capital via the world-wide...
EastGroup Properties 4th-Qtr FFO $0.58/shr vs $0.53/shr
February 24, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $9.7 mln$7.8 mln $35.4 mln $30.7 mln FFO/shr (diluted) $0.58 $0.53 $2.28 $2.06 Net Income $3.8 mln $7.7 mln $32.2 mln $27.3 mln Net/shr$0.24 $0.47 $1.99 $1.66 Revenue$22.7 mln $21.3...
GMAC Provides $120 Mln of Floating-rate Debt for Newark, N.J., Complex
February 23, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has provided $120 million of floating-rate interim financing for the acquisition of a Newark, N.J., office complex.GMAC's Intermediate Finance Group provided the financing to a venture involving Morgan...
Rockrose Pays $356/sf for Midtown Manhattan Offices
February 23, 2000 Rockrose Development Corp. has paid $49.5 million, or $356/sf, for the long-term lease on 645 Madison Ave. in Midtown Manhattan, according to the Wall Street Journal.The 139,000-square-foot building was purchased from a venture between Equitable...
SL Green Completes Buy of Interest in 100 Park Ave.
February 23, 2000 NEW YORK – SL Green Realty Corp. (NYSE:SLG) has completed the purchase of a 49.9 percent interest in 100 Park Avenue in Midtown Manhattan. The 834,000-square-foot building was owned by Prudential Insurance.The REIT's stake was...
Friedman Billings Starts Washington Federal At Accumulate
February 23, 2000 (NewsTraders.com) -- Friedman Billings Ramsey analyst Paul Miller initiated coverage of Washington Federal (NYSE:WFSL) today, attaching an "accumulate" rating and an $18 price target to the banking concern, dubbing it "a true traditional thrift."Miller contends...
Procter and Gamble to Replace Razed Plant with Research Center
February 23, 2000 Associated PressCINCINNATI – Procter and Gamble Co. plans to build a product research center on the site where it closed and demolished a former detergent plant last year. P&G said today it will build the...
Former Nichols Execs Accused of Taking $150 Mln
February 23, 2000 Associated PressKANSAS CITY, Mo. – Two former executives and a former attorney for a leading Kansas City real estate company were indicted today on charges alleging the theft of more than $150 million from the...
PIMCO Announces Portfolio Manager Change
February 23, 2000 Associated PressNEWPORT BEACH, Calif. (PRIMEZONE) – PIMCO Commercial Mortgage Securities Trust Inc. (NYSE:PCM ), a closed-end investment company that buys primarily commercial mortgage-backed securities, has appointed Scott A. Mather to assume day-to-day responsibility for managing...
Texas Wild West Town Goes on Sale Tomorrow
February 23, 2000 Associated PressLAJITAS, Texas – Just about this whole town hits the auction block tomorrow. Bidding will begin at 2:00 p.m. for the 2,700-acre Lajitas resort complex, which includes a saloon, more than 90 hotel or...
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