RECENT NEWS
Missouri Officials Marketing Big Quaker Oats Plant
February 14, 2000 Associated PressST. JOSEPH, Mo. – City leaders are looking to attract a buyer for the soon-to-be-closed Quaker Oats plant here.They hope the 756,321-square-foot building will attract another employer like Quaker, which announced last month it...
Former Prudential Executive Joins Summit Properties
February 14, 2000 CHARLOTTE, N.C. – Robert R. Kilroy, a former managing director of Prudential Real Estate Investors, will join Summit Properties Inc. (NYSE: SMT) as executive vice president and director of development.Kilroy has been with Prudential since...
BofA to Originate Large Loans for Securitization
February 11, 2000 CHARLOTTE, N.C. – Banc of Amercia Securities has formed the CMBS Capital Markets Group, which will originate and securitize large mortgages.The new entity will be headed by Managing Director Ken Rivkin, who runs the bank's...
Intel to Build Microchip Plant in Arizona
February 11, 2000 Associated PressCHANDLER, Ariz. – The city council last night gave Intel Corp. the go-ahead to construct a massive microchip plant it hopes to have in operation within 18 months. The chip manufacturer planned to break...
Southeast Regional Digest
February 11, 2000 Project to seek telecom firmsAtlanta Journal-Constitution, February 11ATLANTA – Richard Martin and Midtown West Associates will build an 800,000-square-foot industrial and office park targeted at Internet firms seeking loft offices and space for switching stations....
Equity Office Sells Sarasota City Center for $112/sf
February 11, 2000 CHICAGO – Equity Office Properties Trust (NYSE:EOP) has sold an office complex in Sarasota, Fla., for about $27.7 million, or $112 per square foot.Local investor Osprey S.A. bought the Sarasota City Center – a property...
MassMutual Provides $75 Mln of Financing to Campbell Estate
February 11, 2000 LOS ANGELES – D.L. Babson has provided $75 million of fixed-rate financing on behalf of MassMutual Financial Group to the Estate of James Campbell of Kapoleia, Hawaii.The financing is secured by a portfolio of eight...
Seattle Firm Buys Renton Office Complex
February 11, 2000 By Brad Berton, IPGDirect.com Contributing EditorSeattle's Unico Properties has acquired another office complex in suburban Renton, continuing the rapid expansion of its Puget Sound income-property empire.Operating as University Street Properties V LLC in this case,...
Burnham Pacific Sets Annual Meeting, Gets Proposals
February 11, 2000 Burnham Pacific Properties (NYSE:BPP) has scheduled next annual meeting for July 11.The REIT, which has been under fire from firms that have been trying to buy it, was told earlier this week by its financial...
Chicago Title Gets Financing to Complete Merger with Fidelity National
February 11, 2000 CHICAGO – A bank group led by Bank of America has agreed to provide an $800 million line of credit to allow Chicago Title Corp. (NYSE:CTZ) to finance its merger with Fidelity National Financial Inc....
Klaff/Lubert-Adler Buy Defunct Retailer’s Real Estate
February 11, 2000 CHICAGO – A joint venture between Klaff Realty LP and the Lubert-Adler Funds of Philadelphia paid $5.9 million for an 11-property portfolio from the Hechinger Co. at a bankruptcy auction. Seven of the properties, which...
Baupost Takes 8% Stake in LNR Property
February 11, 2000 Baupost Group, a Boston investment manager, has acquired 2.1 million shares of LNR Property Corp. (NYSE:LNR), giving it an 8.14 percent interest in the real estate firm.The reasoning behind Baupost's investment in LNR could not...
Lend Lease Fund Completes Buy, Is Fully Invested
February 11, 2000 ATLANTA – An investment fund operated by Lend Lease Real Estate Investments has completed its $131.5 million purchase of Franklin Select Realty Trust (AMEX:FSN).The purchase gives Lend Lease's Value Enhancement Fund III Franklin's seven office...
Government to Eventually Sell Damaged Building in Charleston
February 11, 2000 By Susanna Potter, IPGDirect.com Editorial AssistantCHARLESTON, S.C. – The federal government plans to sell the L. Mendel Rivers Federal Office Building at 334 Meeting St. in Charleston. But the disposition process could take up to...
Kamco Plans Roadshow for Big Loan Sale
February 11, 2000 Associated PressSEOUL, South Korea – Korea Asset Management Corp. has launched road shows in the United States and Europe to sell bad loans and real estate purchased from South Korean financial institutions. Kamco will hold...
Jeff Harris Named President and COO of Post Properties
February 11, 2000 ATLANTA – Post Properties Inc. (NYSE:PPS) has named Jeffrey A. Harris president and chief operating officer, effective March 1. He succeeds John T. Glover, who will become the company's vice chairman.Harris, a 16-year company veteran...
Anthracite in Merger with GMAC-Affiliated Mortgage REIT
February 10, 2000 Anthracite Capital Inc. (NYSE:AHR) has agreed to merge with CORE Cap Inc., a private REIT managed by a unit of GMAC Mortgage Corp.If completed, the merger would add $1.4 billion of assets, primarily residential mortgages...
Canada Digest
February 10, 2000 Another spec building rises in Kanata tech parkThe Ottawa Citizen, February 10 OTTAWA – Kanata Research Park will soon get another building – its third speculative. The 150,000-square-foot building will be the first to overlook...
Southeast Regional Digest
February 10, 2000 Echelon plans more downtown apartmentsOrlando Sentinel, February 10ORLANDO, Fla. – , Echelon International Corp. expects to begin construction in June on its second downtown apartment complex. Plans for Echelon at Uptown call for a five-story...
City Sells Minnesota Office Building for $53.5 Mln, Paper Says
February 10, 2000 The city of St. Paul, Minn., has approved the sale of the Lawson Commons Building, a 13-story office building on St. Peter Street, for $53.5 million to local developer David Frauenshuh, according to the St....
ElderTrust 4th-Qtr FFO $0.42/shr vs $0.48/shr
February 10, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $3.2 mln$3.8 mln $13.6 mln $13.2 mln FFO/shr (diluted) $0.42 $0.48 $1.76 $1.68 Extra Gain (Loss) -- -- ($1.3 mln) -- Net Income (Loss) $0.4 mln $1 mln ($1 mln)...
Taubman Centers 4th-Qtr FFO $0.36/shr vs $0.33/shr
February 10, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $19.2 mln$17.7 mln $68.5 mln $61.1 mln FFO/shr (diluted) $0.36 $0.33 $1.28 $1.16 Net Income (Loss) $5.3 mln$5.7 mln $8.9 mln ($3 mln) Net/shr$0.10 $0.10 $0.16 ($0.06) Revenue$139.3 mln $126.4...
Merrill Lynch Leading $379 Mln U.K. Securitization
February 10, 2000 By Thomas J. Walsh, IPGDirect.com Senior WriterMerrill Lynch International is leading a ?235 million (US$379.4 million) securitization deal in England, among the first of what many industry watchers expect to be many overseas deals.Collateral is...
Moody’s Issues Presale Report On Mall of America CMBS Deal
February 10, 2000 Moody's has issued a presale report for Mall of America Capital Co. LLC, 2000-1. Go To Presale Report.The $312 million commercial mortgage-backed securities issue is backed by a floating-rate loan that Chase Manhattan Bank and...
Starwood Financial 4th-Qtr Loss -$0.80/shr vs $0.40/shr
February 9, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98Net (Loss) Income ($58.4 mln) $22 mln $15 mln $59 mln Net (Loss)/shr($0.80) $0.40 $0.25 $1.36 Revenue$89.5 mln $48.3 mln $264.8 mln $128.1 mln Shares outst.75.3 mln 55.2 mln 61.8 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.
