Monday, February 28, 2011
Stewart's Shops Sales Topple $1 Billion for Sixth Straight Year
SARATOGA SPRINGS, N.Y. -- Stewart's Shops sales grew by $100 million last year -- up 4 percent from $1.3 billion in 2009 to $1.4 billion in 2010. It marked the sixth straight year the convenience retailer's sales topped $1 billion, The Saratogian reported, citing a company announcement.
Blackstone Said to Buy Centro's U.S. Malls for $9.4 Billion
Blackstone Group LP, the world’s largest private-equity firm, agreed to buy Centro Properties Group’s U.S. shopping centers for $9.4 billion, two people familiar with the matter said.
The purchase of 588 malls, at the price they were valued at as of Dec. 31, may allow Centro’s Australian operations to continue as an independent company, said one of the people, who declined to be identified before an official statement. The deal may be announced as early as today, the person said.
www.bloomberg.com
The purchase of 588 malls, at the price they were valued at as of Dec. 31, may allow Centro’s Australian operations to continue as an independent company, said one of the people, who declined to be identified before an official statement. The deal may be announced as early as today, the person said.
www.bloomberg.com
Wednesday, February 23, 2011
Broadstone REIT Acquires Five Net-Leased Medical Office Properties for $18.4MM
Broadstone Real Estate, LLC today announced that Broadstone Net Lease, Inc. (BNL) recently completed the acquisition of five triple net-leased medical office properties for a combined purchase price of $18.4MM.
Friday, February 18, 2011
Houston's Piecemeal Deal
As recently as one year ago, many owners would have hesitated to put a property up for sale under such conditions. But lately investors have been bidding up prices of trophy properties.
"We feel this is an opportune time to test the market given the abundance of capital looking for core assets in top markets like Houston," Robert Merck, head of MetLife's real-estate investments, wrote in an e-mail. He confirmed that MetLife was selling a stake in the building, but he wouldn't say what size.
Partial sales are attractive strategies to landlords, partly because there is a lot of investor interest in trophy properties. Some office buildings in top markets are up over 40% in value by some measures since the market hit bottom in 2009.
http://online.wsj.com
"We feel this is an opportune time to test the market given the abundance of capital looking for core assets in top markets like Houston," Robert Merck, head of MetLife's real-estate investments, wrote in an e-mail. He confirmed that MetLife was selling a stake in the building, but he wouldn't say what size.
Partial sales are attractive strategies to landlords, partly because there is a lot of investor interest in trophy properties. Some office buildings in top markets are up over 40% in value by some measures since the market hit bottom in 2009.
http://online.wsj.com
Thursday, February 17, 2011
Google Grows In Ireland With EUR99.9M Building Buy
Google Inc.is expanding its operations in Dublin by agreeing Thursday to pay EUR99.9 million for the city's tallest office building, in one of Ireland's largest property deals since the financial crisis.
The 67-meter Montevetro building in Dublin's Grand Canal Dock district, has 15 stories, 210,000 square feet of office space and can house about 2,000 staff.
Google Ireland head John Herlihy said the new building will give it extra space to relocate some teams at other Dublin sites, including its European headquarters on Barrow Street, and "have the space and flexibility to support our future operations.
http://online.wsj.com
The 67-meter Montevetro building in Dublin's Grand Canal Dock district, has 15 stories, 210,000 square feet of office space and can house about 2,000 staff.
Google Ireland head John Herlihy said the new building will give it extra space to relocate some teams at other Dublin sites, including its European headquarters on Barrow Street, and "have the space and flexibility to support our future operations.
http://online.wsj.com
Wednesday, February 16, 2011
Calkain Releases 4Q Net Lease Cap Report
The story of cap rate movement in 2010 is a tale of two trends. Beginning with promise and an increase in NNN deal making, the year quickly faded in the wake of poor global economic news – only to rebound and rally around mid-year in select markets (headlined by New York and Washington D.C.). Overall, cap rates in the second half of the year were lower than the first. In fact, sellers of credit rated NNN properties in core markets closed at cap rates rivaling the 2007 peak of the market. Numerous reasons have been offered as the cause but chief among these were a lack of quality supply, a more positive lending environment and improving market fundamentals.
Tuesday, February 15, 2011
CB Richard Ellis to Buy Majority of ING Real Estate Unit for $940 Million
CB Richard Ellis Group Inc., the world’s biggest commercial property broker, agreed to buy the majority of ING Groep NV’s global real estate investment management unit for about $940 million as the Dutch bank and insurer seeks to reduce property-related risk.
CB Richard Ellis will purchase businesses from ING Real Estate Investment Management, or REIM, with 44.7 billion euros ($60.5 billion) in assets, Amsterdam-based ING said in a statement today. ING also agreed to sell $100 million in equity stakes in REIM funds and the real estate investment management firm Clarion Partners. The U.S. company will be bought by Clarion management and Lightyear Capital.
http://www.bloomberg.com
CB Richard Ellis will purchase businesses from ING Real Estate Investment Management, or REIM, with 44.7 billion euros ($60.5 billion) in assets, Amsterdam-based ING said in a statement today. ING also agreed to sell $100 million in equity stakes in REIM funds and the real estate investment management firm Clarion Partners. The U.S. company will be bought by Clarion management and Lightyear Capital.
http://www.bloomberg.com
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