Finance REITs
Empire Closes $429M Sale
April 22, 2008

Empire Company Ltd. has announced that it and certain of its wholly-owned subsidiaries, including Sobey Leased Properties Ltd.,have closed the previously announced sale of 61 retail properties to Crombie REIT for $428.5 million. The properties represent approximately 3.3 million square feet of gross leasable area and consist of 40 freestanding grocery stores carrying various Sobeys banners and 21 strip plazas all of which are also anchored by Sobeys bannered grocery stores. The sale was reported by CPN when announced by Empire on Feb. 25, 2008. Empire has realized a pre-tax gain of approximately $165 million on closing of this transaction.

 
Recent REITs Headlines
Digital Realty Trust Announces Pricing of Common Stock Offering
July 16, 2008
Technology-related real estate firm Digital Realty Trust has announced the pricing of a public offering of 5,000,000 shares of its common stock at a price of $38.42 per share, for net proceeds of approximately $183.9 million after underwriting discounts, commissions and estimated offering expenses.
$1B in Loans on 6 Retail Properties for Macerich
July 15, 2008
The unfavorable lending market is not holding everyone back. The Macerich Co. recently closed $895 million in financing on five retail properties and secured a commitment for a $150 million loan on a sixth asset.
Inland, Bank of America in $152M Sale-Leaseback
July 15, 2008
Bank of America, NA and a joint venture involving Inland Real Estate Corp. have agreed on a sale-leaseback of four of the former’s office buildings.
General Growth Closes Part 1 of $1.8B Loan
July 14, 2008
Chicago-based General Growth Properties Inc. has wrapped up the initial phase of a new secured mortgage loan facility that is expected to total $1.75 billion. The retail REIT pocketed $875 million with the closing of the first segment of the loan.
Inland Takes $100M Interest in Wakefield 
July 10, 2008
Seeking capital to pursue healthcare real estate opportunities, NorthStar Realty Finance Corp. said today its healthcare real estate venture, Wakefield Capital L.L.C., sold $100 million in convertible preferred equity interest to Inland American Real Estate Trust Inc.
 

 

REal Talk with Adam Perrotta-July 17
July 17, 2008
By Adam Perrotta, News Writer --Today's news was a mixed bag, as yet another disappointing report on the real estate market and a major tenant pulling out of the World Trade Center was balanced out by some good news, including...

Merrill Lynch Backs Out of Plans to Move HQ to WTC
July 17, 2008
By Gail Kalinoski, Contributing Editor -- The Port Authority of New York and New Jersey confirmed today that Merrill Lynch has pulled out of plans to locate its headquarters at a new office tower to be constructed at the World...

Trio of Leading Retail Names Now Under One Roof with Closing of Hudson's Bay Deal
July 17, 2008
By Barbra Murray, Contributing Editor -- NRDC Equity Partners has wrapped up its acquisition of Hudson's Bay Co., which is, at 388 years old, the oldest continuing operating company in North America, as well as the largest department store chain...

Vegas Airport Awards $1.2B Construction Contract
July 17, 2008
By Tonie Auer, Southwest Correspondent -- Las Vegas's McCarran International Airport has awarded a $1.2 billion construction contract to Perini Building Co. Under terms of the deal, locally-based Perini will build a new terminal building, underground automated transit system and...

Report: Mexico's Foreign-Owned Factories Make Comeback
July 17, 2008
By Dees Stribling, Contributing Correspondent -- Mexico's maquiladoras, foreign-owned factories, have rebounded in recent years as engines of economic growth in the face of overseas competition, especially from China, according to a report by industrial real estate landlord ProLogis. Maquiladoras...

Top Brokers Do Deals in Bad Markets, Too
July 18, 2008
By Mike Myatt, Chief Strategy Officer N2growth --Many in the industry long for the frothy markets of 2005 when sellers experienced record low cap rates, buyers were aided by loose credit and a strong flow of funds from the capital...

Know Thy Customer
July 11, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --How well do you really know your customer? Let me put this as simply as I can. If you want to succeed in business you must be in touch with the demands of...

How to K.I.S.S Problems Goodbye
June 27, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Keep It Simple Stupid. One of the most effective ways to order your world is to simplify everything you encounter. The problem is that keeping it simple often becomes very difficult when our...

Does Appearance Matter?
June 20, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --So, do appearances really matter? They shouldn't, but the reality is that they most certainly do. As the old saying goes, "you only get one chance to make a first impression," and often...

Recognizing the Need for Change
June 13, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Since the title of today's column is "Recognizing the Need for Change," I'm going to switch things up a bit and ask you to answer a question posed by me. I first warned...