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LONDON-Land Securities has raised pounds 13 million ($20 million) with the sale of a refurbished retail warehouse park in Hendon, North London, to Lothbury Property Trust.
HOUSTON-Rent is 16.2% higher than a year ago and FFO is up 6.6%. The portfolio's overall occupancy rose just a shade to 91.8% while the leased retail fell 0.2% to 92.6%. Weingarten typecasts the Q1 run as another strong performance.
TROY, MI-In an attempt to help pay for a $4 billion pension fund debt, Delphi Corp. has filed with the SEC to create a REIT. The company hopes to raise up to $345 million through the sale of preferred stock.
MIAMI-The prepackaged Japanese food products company, currently set in about 16,000 sf at Miramar Park of Commerce, is adding approximately 18,000 sf. The space is occupied by Tropicana Products, which is moving down the street.
HOUSTON-Boxer Property Management buys a 76,093-sf office building at 8700 Commerce Park Dr. after it lingered on the market for 18 months. The half-filled office building no longer fit the portfolio, says the seller's broker.
SECAUCUS, NJ- Most of that space was taken up by Bank of America, which expanded by more than 10,000 sf and now occupies just over 57,000 sf at 300 Harmon Meadow Blvd.
CHICAGO-The city expects to save $12 million with free rent through September 2005, when a new 10-year deal for space at Equity Office Properties Trust's 30 N. LaSalle St. kicks in. With a $15 per sf net base rate, the deal is worth more than $43 million.
ROCHESTER, MN-The engineering, manufacturing and fulfillment services firm sells its 260,000-sf office and manufacturing facility in Rochester to W. P. Carey & Co. LLC and then leases it back under a 20-year bond-type net lease.
TROY, MI-The bulk of 24 Kmart stores will transfer ownership to a consortium including the home improvement giant, Wal-Mart and Kohl's. Funds from the transfer will help Kmart emerge from bankruptcy.