RECENT NEWS
Monmouth Real Estate Buys Ohio Warehouse
February 22, 2000 EATONTOWN, N.J. – Monmouth Real Estate Investment Corp. (NASDAQ:MNRTA) has paid $4 million for an 85,500-square-foot warehouse in Cincinnati that is net leased to a unit of Federal Express for 10 years.Monmouth owns 22 industrial...
Lodgian Sells 2 Hotels for $19.4 Mln
February 22, 2000 ATLANTA – Lodgian Inc. (NYSE:LOD) has sold the Comfort Suites in Greenville, S.C., and the Sheraton West Palm Beach hotel for $19.4 million.The firm plans to use proceeds to pay down its debt. The sales...
UBS, Fleet Provide $850 Mln of Debt to Crescent
February 22, 2000 UBS AG and Fleet Boston Financial are leading an $850 million secured credit facility for Crescent Real Estate Equities Co. (NYSE:CEI). The facility, which will be syndicated to other lenders in the coming weeks, replaces...
IRT Sells Florida Shopping Center for $10.4 Mln
February 22, 2000 ATLANTA – IRT Property Co. (NYSE:IRT) has sold Westgate Square, a 105,000-square-foot shopping center in Sunrise, Fla., for $10.4 million, or $99/sf.The sale will result in a gain of about $1.9 million for the first...
Jonathan Litt Begins REIT Coverage at Salomon
February 22, 2000 Salomon Smith Barney has initiated coverage of the REIT industry, under the helm of head real estate analyst Jonathan Litt, who was recently hired from PaineWebber Group Inc.Litt replaced David Sherman, who left Salomon after...
Southeast Regional Digest
February 22, 2000 Partnership pursues Blue Lake purchaseSouth Florida Business Journal, February 21BOCA RATON, Fla. – A partnership between D.C. lawyer Clifford Preminger and Tom Mulroy, a former senior vice president with Starwood Financial, is in serious negotiations...
Marriott Sued Over Real Estate Partnership
February 22, 2000 Associated PressSAN ANTONIO, Texas – Hundreds of investors in Courtyard by Marriott II LP are suing over what they claim was a bad business deal loaded with false promises. Among other claims, they say the...
Canada Digest
February 22, 2000 Singapore investors plan five luxury towersThe Vancouver Sun, February 19VANCOUVER – An investor group from Singapore says it is confident enough about B.C.'s improving economy that it plans to go ahead with two luxury condominium...
Lend Lease Forms Venture to Manage European Real Estate Securities
February 22, 2000 LONDON – Lend Lease Real Estate Investments has formed a venture to manage European real estate securities for institutional investors, high net worth individuals and retail investors.The venture is a move by the pension-fund adviser...
CarrAmerica Leases 143,000 sf in San Jose
February 18, 2000 WASHINGTON – CarrAmerica Realty Corp. (NYSE:CRE) has signed two tenants to leases at its Valley Technology Centre on Zanker Road in San Jose, Calif.TSMC North America has signed a 111,000-square-foot lease, and Pivot Interiors Inc....
New Plan Sees 2000 FFO Dropping to $2.02-$2.04/shr In 2000
February 18, 2000NEW YORK – New Plan Excel Realty Trust Inc. (NYSE: KO) expects funds from operations to drop this year to a range of $2.02-$2.04/share, from a projected $2.15/share in 1999.The REIT expects to report FFO for...
Arden Loses Operations Chief to Internet Firm
February 18, 2000 LOS ANGELES – Andrew Sobel, executive vice president and director of property operations of Arden Realty Inc. (NYSE:ARI), has resigned to become president of 555-1212.com Inc., an Internet start-up that provides telecommunications, information and related...
Southeast Regional Digest
February 18, 2000 Developer building second office towerAtlanta Journal-Constitution, February 18ATLANTA – Highwoods Properties has started construction on its second office tower in Sandy Springs – a 10-story, 250,000-square-foot office building that should be finished by January 2001....
GMAC Lends Apollo Venture $400 Mln
February 18, 2000GMAC Commercial Mortgage has provided $400 million of permanent financing to a venture led by Apollo Real Estate Advisors.The mortgage is secured by a portfolio of 126 retail, office and industrial properties throughout the country that...
Canada Regional Digest
February 18, 2000 Cisco expansion will mean 2,400 new jobsThe Ottawa Citizen, February 18 OTTAWA – Cisco Systems Inc. plans to add up to 600,000 square feet at its R&D facilities here. The expansion will create as many...
S&P Upgrades Regency Realty Debt Ratings
February 18, 2000 NEW YORK – Standard & Poor's upgraded to triple-B from triple-B-minus the debt ratings of Regency Realty Corp. and its operating partnership, Regency Centers LP.The ratings have been revised as follows: corporate credit rating to...
Marcus & Millichap Brokered $5.2 Bln of Properties Last Year
February 18, 2000 PALO ALTO, Calif. – Marcus & Millichap Real Estate Investment Brokerage Co. said it handled $5.2 billion of property sales last year, a record for the 29-year-old brokerage firm.The firm handled 2,047 investment transactions through...
Prueter Joins Agree Realty Corp. as VP
February 17, 2000 FARMINGTON HILLS, Mich. – Agree Realty Corp. (NYSE:ADC) has named David J. Prueter vice president of the company. Preuter will be responsible for the development and leasing of the company's new projects.Prueter had been director...
Correction
February 17, 2000 Warburg Dillon Read originated all but one of the large loans in LB-UBS, 2000-C1 which was detailed in the Feb. 15 article "Lehman, UBS Loans to Mall Owners Detailed." Lehman Brothers only originated one of...
Southeast Regional Digest
February 17, 2000 Decision on proposed St. John's Center expected in AprilFlorida Times-Union, February 17JACKSONVILLE, Fla. – Hallmark Partners should know by April if it can proceed with plans for a $75 million St. John's Center hotel, office,...
Hanover Capital 4th-Qtr Earnings $0.10/shr vs -$0.93/shr
February 17, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98Net Income $0.6 mln($5.9 mln) ($12.6 mln) ($4.9 mln) Net/shr$0.10 ($0.93) ($2.12) ($0.77) Revenue (Loss)$1.4 mln ($3.7 mln) ($6.7 mln) $0.6 mln
Canada Regional Digest
February 17, 2000 T-shirt maker to lay off 200, close plantMontreal Gazette, February 17 MONTREAL – Gildan Activewear Inc. will shutter its Montreal sewing plant and lay off more than 200 workers. Gildan, which employs 5,000 people, has...
FINAL PRICING: DLJ, Fannie Mae Multi-Family $458 Mln CMBS
February 17, 2000 Go To Previous Story with Initial Price Guidance in the IPGDirect.com Archive. Fannie Mae, $458 Million Multi-FamilyClassAmount($mln)Avg.LifeSpread(BP)BnchMarkA160.33.5+90Treas. curveB1307.5+115Treas. curveC97.710.4+145Treas. curveD6116.9+170Treas. curve
GMAC, Salomon to Buy Japanese Nonperformers Using Securitized Financing
February 17, 2000 By Orest Mandzy, IPGDirect.com Managing EditorGMAC Commercial Mortgage and Salomon Smith Barney are teaming up to float commercial mortgage-backed securities in order to finance their purchase of a portfolio of Japanese nonperforming loans.Few details of...
Equity One 4th-Qtr FFO $0.32/shr vs $0.29/shr
February 17, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $3.6 mln$2.9 mln $13.6 mln $10.6 mln FFO/shr (diluted) $0.32 $0.29 $1.25 $1.17 Net Income $6.4 mln $4.6 mln $13.6 mln $9.1 mln Net/shr$0.56$0.45 $1.26 $1.01 Revenue$11.4 mln $8.5 mln...
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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.
