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CRANFORD, NJ-The REIT, which has seen its fortunes rise since its proposed merger with Prentiss Properties fell through late last year, will pay out the cash on July 23.

CHICAGO-Buying environmental insurance may become as common as purchasing title insurance at closing, the commercial and multifamily administrative conference of the Mortgage Bankers Association of America is told.

MIAMI-New second-quarter estimates show little appreciable change in industrial-warehouse markets in Broward and Miami-Dade counties over the first quarter this year, although Palm Beach County appears a little softer.

SAN FRANCISCO-Burrill & Co. will rent 20,000 sf for approximately $60 per sf, including furniture, for a little more than eight years. Burrill has put its smaller Montgomery Street office up for sublease until October 2002 at about $31 per sf.

CHICAGO-The Toronto-based office building owner cuts US and Canadian payroll by 15% but is consolidating accounting, payroll and information systems. The unified operations will be based in the Sears Tower and run by recently appointed chief financial officer Gregory Hanson.

LONDON-Pillar Property emerged as the UK's number one manager of retail parks in a new survey.

CAMBRIDGE, MA-This area's office market is suffering more than most in the recent economic slowdown and high tech bust. Its heavy emphasis on high-tech tenants has caused its vacancy rate to plummet with no signs of a recovery on the horizon.

PORTLAND, OR-The owner, operator and franchiser of Elmer's restaurants is reporting record earnings for its fiscal year, which concluded April 2 and included the addition of eight new restaurants.