RECENT NEWS
Midwest Regional Digest, July 27
July 27, 1999 Penske to relocate car dealership Indianapolis Star/News, July 27BROOKLYN, Ind. – During last weekend's U.S. 500 at Michigan Speedway, United Auto Group Inc. leader Roger Penske said Indianapolis' largest car dealership wants to expand service...
Cornerstone Realty Gets Boost in Credit Line to $185 Mln
July 27, 1999RICHMOND, Va. – Cornerstone Realty Income Trust Inc. (NYSE: TCR), which recently completed its merger with Apple Residential Income Trust, said it renegotiated its credit facility with a group of lenders led by First Union National...
Immunex Leases Big Chunk of Seattle Building
July 27, 1999By Brad Berton, VertiNews Contributing EditorBiotech giant Immunex (NADSAQ:IMNX) has leased 58,500-square-feet at 1015 Third Avenue, the original Seattle City Light headquarters that was recently renovated by Expeditors International (NASDAQ: EXPD) for its home office. Immunex,...
Aegon Provides $25 Mln Mortgage for Arizona Office
July 27, 1999NEW YORK – Carey Diversified LLC has received a $25 million non-recourse mortgage from Aegon USA Realty for its purchase of the worldwide headquarters of America West Holdings Corp. in Tempe, Ariz.The 225,000-square-foot building was purchased...
Capital Automotive Q2 FFO $0.36/shr vs $0.23/shr
July 27, 1999McLEAN, Va., – Capital Automotive (Nasdaq: CARS), a finance company for automotive retail real estate, said funds from operations (FFO) for the second quarter ending June 30 rose to $10.3 million ($0.36 per basic and diluted...
HPT Q2 FFO $0.93/shr vs. $0.92/shr
July 27, 1999 NEWTON, Mass. – Hospitality Properties Trust (NYSE:HPT) said funds from operations (FFO) for the second quarter ending June 30 rose to $47.9 million ($0.93 per share), up from $38.8 million ($0.92 per share) last year.Cash...
Mid-Atlantic Regional Digest, July 27
July 27, 1999 Rand Corp. thinking of locating in PittsburghThe Pittsburgh Post-Gazette, July 27PITTSBURGH – The California think tank Rand Corp. is looking for a third location, and the Steel City is at the top of its list.Click...
Minority Developers Gain Foothold in Detroit
July 27, 1999 DETROIT (AP)- Several young black commercial developers hold major stakes in Detroit's development projects. The developers, in their 40s and younger, are participating in the city's more than $4.5-billion commercial real estate construction. Melvin (Butch)...
Western Regional Digest, July 27
July 27, 1999 Denver's Children's Hospital may be movingDenver Post, July 27DENVER – Children's Hospital board of directors has approved a feasibility study of the costs of maintaining its current location vs. finding a new one. If a...
LaSalle Hotel Q2 FFO $0.68/shr vs. $0.56/shr
July 27, 1999 WASHINGTON – LaSalle Hotel Properties (NYSE: LHO) said funds from operations (FFO) rose to $12.5 million ($0.68 per diluted share/unit) for the second quarter ending June 30 versus pro forma FFO of $10.2 million ($0.56...
Stein to Resign as President of TriNet
July 27, 1999 SAN FRANCISCO – TriNet Corporate Realty Trust Inc. (NYSE:TRI) said A. William Stein, the REIT's president and chief operating officer, has resigned his posts effective Aug.1Stein said he was unwilling to relocate to New York,...
Area Layoffs Result from Kaiser Explosion
July 27, 1999 GRAMERCY, La. (AP) – About 80 permanent workers will be laid off as a result of a series of explosions July 5 at the Kaiser Aluminum and Chemical Corp. plant here. Kaiser said on Monday...
Charles E. Smith Residential 2nd-Qtr FFO $0.81/shr vs $0.73/shr
July 27, 1999 ARLINGTON, Va. – Charles E. Smith Residential Realty Inc. (NYSE:SRW) said second-quarter funds from operations was $18 million or 81 cents/share, up from $14.2 million or 73 cents/share in the same quarter last year.Net income...
Unifi Ends Production at Archdale Plant
July 27, 1999 ARCHDALE, N.C. (AP) – Unifi Inc. will shut down its covered-yarn facility here, a move that will affect 236 production and management jobs, company officials said. Archdale officials said Monday the closing of the 122,573-square-foot...
McMahan Group Hires Hester from E&Y Kenneth Leventhal
July 27, 1999SAN FRANCISCO – Thomas Hester, a former senior manager with E&Y Kenneth Leventhal has joined The McMahan Group, a real estate strategic consulting firm.Hester will be responsible for helping the firm's clients implement strategies developed with...
Liberty Property Trust Q2 FFO $0.71/shr vs. $0.64
July 27, 1999 MALVERN, Pa. – Liberty Property Trust (NYSE: LRY) reported that funds from operations ("FFO") for the second quarter of 1999 increased to $51.6 million ($0.71 per share) from $42.6 million ($0.64 per share) for the...
Florida East Coast Industries Names Nazarian CFO
July 27, 1999 ST. AUGUSTINE, Fla. – Robert H. Nazarian, former treasurer of Northwest Airlines Inc., has been named executive vice president and chief financial officer of Florida East Coast Industries (NYSE:FLA).Florida East Coast, a regional freight railroad,...
Abrams Industries Unit Buys Jacksonville, Fla., Retail Center
July 26, 1999 ATLANTA – Abrams Industries Inc. (Nasdaq: ABRI) said its Abrams Properties Inc. unit paid $9 million for Crossroads Square Shopping Center in Jacksonville, Fla.The company plans to redevelop the 174,000-square-foot community shopping center using proceeds...
Highwoods Hikes Div to $0.55/shr Div.
July 26, 1999 RALEIGH, N.C. – Highwoods Properties (NYSE: HIW) declared a 55.5 cent per share common stock dividend payable Aug. 18 to shareholders of record Aug. 5.The dividend is up from 54 cents/share that was paid in...
Mid-Atlantic Regional Digest, July 26
July 26, 1999Opponents of 31st Street hotel circulate referendum petition The Virginian-Pilot, July 26VIRGINIA BEACH – Opponents of a new $50 million hotel-retail complex on the beach have collected more than 2,000 of the 17,000 necessary signatures to...
Northeast Regional Digest, July 26
July 26, 1999Up to 850 units in 16 buildings over 15 acres New York Times, July 25NEW YORK – For 90 years, Brighton Beach Baths was a maze of pools, miniature golf, lockers and lounges for its members....
Burnham Pacific Nixes Schottenstein Acquisition Offer
July 26, 1999SAN DIEGO – Burnham Pacific Properties Inc. said its board of directors voted to reject Schottenstein Stores Corp.'s unsolicited proposal to buy the outstanding stock of Burnham and the outstanding units of Burnham's operating partnership.J. David...
Southeast Regional Digest, July 26
July 26, 1999Aging boomers create demandThe Daytona Beach News-Journal July 25DAYTONA BEACH, Fla. – The gray hair and wrinkles are increasing for the baby- boom generation and this means more demand for health care facilities. To satisfy the...
Midwest Regional Digest, July 26
July 26, 1999Corporex plans Boston hotel/office/sports clubBusiness Courier, July 26CINCINNATI – Corporex Cos. has agreed to lease a 22-acre site in the Boston suburb of Reading, Mass., on which it will develop a hotel, office building and a...
Canadian Regional Digest, July 26
July 26, 1999 Business confidence at a highThe Globe and Mail, July 26 TORONTO – Canadian business leaders are increasingly optimistic about sales and other performance measures, with Ontario fueling the higher expectations, a survey shows. The Dun...
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