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EDISON, NJ-National Paper is the second paper company and the 10th company overall to have been moved out of Brooklyn, NY by Weichert Commercial in the last year.
PORTLAND-Locally-based Elmer's financed the transaction by issuing $1.15 million in convertible debt. The seven-year notes bear interest at 10%, and are convertible to common stock after six months at $6.50 per share. The company's current share price is $4.87.
DETROIT-Eight "underperforming" stores in Michigan, most in the Detroit area, will be closed by the office supply retailer. Meanwhile, the company plans to open 50 new stores.
HOUSTON-Nashville-based Medical Properties of America likes the way Houston is shaping up. The city's dynamics have prompted the purchase of the 55,000-sf Tomball Professional Atrium amid talks for 20 more properties statewide.
NEW YORK CITY-Four of the companies are Hong Kong firms looking to establish a foothold in the US. Also, six current tenants have renewed their leases and three have expanded their space.
MIAMI-American Express Travel Related Services Co. is leasing 17,657 sf for five years at the Promenade building, 15100 NW 67th Ave., near Miami International and Opa-Locka Airports. The estimated value of the lease is $2.4 million.
WASHINGTON,DC-Leggat McCall Properties'eight-story, 180,000-sf office building at 2025 M. St. is now fully leased. The law firm of Akin, Gump, Strauss, Hauer & Feld LLP will move into its 19,000-sf suite this month.
BOSTON-The surprise election of Charles Yancey to City Council president dims the Red Sox hopes of receiving additional funding from the city. Yancey is a strong critic of the new ballpark plan.