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CHICAGO-The largest US office REIT believes its own common stock is a better investment than most of the office property investments out there, having already acquired 14.1 million shares for $348.8 million since July.
NEW YORK CITY-Accounting and building-management personnel have been cut. Insiders say it's a sign of the times. TSP says it's preparing the firm for growth.
LOS ANGELES-The Modesti family, which has operated on the site for 30 years, sells one corner property and moves to another. Several offers surfaced for the prime corner, but the winner was Peretz Properties of LA.
NEW YORK CITY-Here's a twist on a constricting market. The Community Preservation Corp.'s mortgage lending subsidiary actually needs space to grow. It found it, apparently, at 63 Madison Ave. A 16-year deal with sublessor Bank of New York has just been signed.
BRADENTON, FL-Collaterial Mortgage Capital LLC of Birmingham, AL underwrote the 10-year, 5.43% interest loan for the 382-space Ridgewood Manufactured Home Community on Florida's West Central coast in Ellenton, FL, about 85 miles west of Downtown Orlando.
DALLAS-The news came bright and early this morning, just one day after the Dallas-based food giant filed a Chapter 11 petition in Delaware. The court hears motions tomorrow. The bridge loan is a lead-in for $150 million in permanent DIB financing.
HONOLULU-The Japan-based seller developed the property 10 years ago for $72 million, paying $33 million for the dirt alone. The buyer, publicly traded Alexander & Baldwin of Honolulu, plans to "condoize" the building, which has 5,500-sf floor plates and is 32% occupied.
PHOENIX-Mike Kumelski of Trammell Crow Co. is one of 10 nationwide selected for the national advisory board of ICSC's "Next Generation Program." The program will be rolled out at the May convention in Las Vegas.
ORLANDO-With interest rates at record lows, properties that can be purchased on an all-cash basis are commanding premium pricing, reports Robert W. Miller, SVP in the Orlando office of CB Richard Ellis Inc.
LONDON-Microsoft is rolling out its .Net technology with the help of a 10,000-sf new building at its Reading, Berkshire, site. It is Microsoft's fifth technology centre worldwide and the first in Europe