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LONDON-In the biggest-ever deal in the out-of-town retail sector a consortium led by Pillar Property and including Hercules Property Unit Trust; Morley Fund Management and the Junction Limited Partnership has paid pounds 695 million ($1.11 billion) for Kingfisher's Chatrtwell Land portfolio.
PHILADELPHIA-Delaware-based Morgan Properties and Pen-Del Real Estate teamed up to buy the industrial park near Philadelphia International Airport for about $11 per sf. The 1.8-million-sf manufacturing, warehouse and office complex is 70% leased and has room for further development.
KNOXVILLE, TN-The Stamford, CT firm closes on a sale/leaseback deal for a manufacturing facility here. Intex Supply will take over the space in March, bringing 120 employees from a nearby location.
SANTA BARBARA, CA-Pacifica Hotel Co. selects Mike Barnard for the position of vice president of acquisitions. In this capacity, Barnard will oversee lodging acquisitions and the continued growth of the company.
PHILADELPHIA-Craig J. Scheuerle steps up from VP to SVP in the local office; Charles R. Brown rises to VP at the King of Prussia, PA, office and Carl L. Neilson, investment specialist, also makes VP.
REDMOND, WA-A Virginia-based REIT has signed an agreement to buy Marriott Residence Inn at Redmond Town Center for $26.9 million, and plans to keep Marriott International as the hotel operator.
REDWOOD CITY, CA-The developer holds onto a minority stake and the business park's management. But, lender Credit Lyonnais confirms it's in the driver's seat after TMG Partners missed payment deadlines on a $150-million loan.
BALTIMORE, MD-Crown Central Petroleum Corp. puts its portfolio of 346 gas stations and convenience stores up for sale. The retail properties are spread out in the Mid-Atlantic and Southeastern areas of the country.
ROYAL OAK, MI-Beaumont Hospital in suburban Detroit, one of the busiest in the nation, is well on its way to getting nine more floors for patient care, with another wing on the books for 2006.