Business Specialties Investments
JPG Takes 2 Bethesda Office Buildings for $80M
May 8, 2008
By: Judy Feldman, Contributing Correspondent

The JBG Cos. has bought two North Bethesda, Md., properties for $80 million. Together, the class A buildings contain 346,000 square feet. The are located on the Rockville Pike near the Montgomery Mall.

Holiday Fenoglio Fowler’s senior managing directors Bob Donhauser and Bill Asbill, and director Cary Abod, helped the firm secure financing, a five-year fixed rate loan, from ING Real Estate.

Th market is tight for office space now, with rents in the Montgomery County area hitting a new high of $33.75 per square foot in Class A buildings, according to data from Cushman & Wakefield Inc., which also noted that Montgomery County has had a cooling job market this year and continued weakness in the financial sector, along with the rest of the country. But the unemployment rate in Montgomery County is still at an eight-year low of 2.7 percent. The Bethesda/Chevy Chase is the tightest among all the submarkets in the county with the vacancy rate dropping to 4.3 percent for class A buildings.

The JBG Companies, founded in 1960, is an active investor owner and developer in the Washington, D.C., metropolitan real estate market. It currently has more than $10 billion in assets under management.

 
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CBRE Investors Snaps Up 1MSF Suburban Dallas Office
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Acting on behalf of its Strategic Partners U.S. 5 fund, CB Richard Ellis Investors has just acquired The Colonnade, a 1 million-square-foot office property in Addison, Texas.
Pair of Senior Housing Deals Total $122M
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$8.9B Penn Gaming Merger Crumbles
July 03, 2008
By Barbra Murray, Contributing Editor After spending the last few months attaining all the requisite approvals from various gaming commissions and boards, Penn National Gaming has put the kibosh on its proposed $8.9 billion merger with PNG Acquisition Company Inc.,...

Colonial Properties Trust Sells 5 Apartment Communities for $82M
July 03, 2008
By Gail Kalinoski, Contributing Editor Colonial Properties Trust, a multi-family-focused REIT, is continuing its plan to dispose of older assets by selling five apartment communities in two transactions for a total of $81.8 million. The buyer or buyers were not...

H&R Sells 11 in Canada
July 03, 2008
By Thomas Peretti, Contributing Correspondent -- H&R Real Estate Investment Trust has announced the completion of the sale of eleven retail properties. The firm netted approximately $72 million from the transaction. The company expects approximately a $9 million return on...

LA Developer Partners with Vegas Officials for Museum, Hotel Redevelopment
July 03, 2008
By Tonie Auer, Southwest Correspondent -- Less than a year after entering the Las Vegas market with the acquisition of the Lady Luck Hotel and Casino, Los Angeles-based CIM Group won a deal with the city to develop land adjacent...

Lightstone Acquires Interests in 20 Outlet Centers in $456M Deal
July 02, 2008
By Barbra Murray, Contributing Editor Lightstone Value Plus REIT will soon have a stake in 20 factory outlet centers, now that it has signed on purchase from 22.54 to 25 percent interests in the properties from affiliates of Arbor Mortgage...

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