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Cole Real Estate Snaps Up 13 CVS Drugstores
Purchased for $71 million, the properties are brand new and occupied under single-tenant, triple-net-leased agreements.
ProLogis, AMB Merger Official
The two industrial powerhouses have agreed to join forces in a merger that is expected to have a pro forma equity market capitalization of $14 billion, a total market capitalization in excess of $24 billion and gross assets owned and managed of $46 billion. The transaction is slated to close in the second quarter of this year.
Economy Watch: Consumers Spending Again
U.S. consumers have been itching to spend, and in December they seemed to be out scratching that itch. According to the U.S. Department of Commerce, spending among consumers rose a seasonally adjusted 0.7 percent during the last month of 2010. That compares with an increase in November of 0.3 percent.
J.H. Snyder Partners with Washington Capital
The Vermont is a $150 million transit-oriented apartment project that will sprout up in the densely populated Mid-Wilshire district of Los Angeles.
MRA Completes $112.5M Multi-Family Sale
The Highlands at Plaza Square is a 415-unit Class A property located in downtown New Brunswick, N.J. It was purchased by Highlands Urban Renewal L.L.C., which is controlled by Manulife Financial Corp.
Economy Watch: GDP Growth Shows Strength
U.S. gross domestic product came in at an annualized growth rate of 3.2 percent for the fourth quarter of 2010, according to the Bureau of Labor Analysis’ advance estimate. That’s a little more than the historic norm for the last 30 years (3.05 percent growth per year), but not as much as expected nor as much as desired after a recession.
ProLogis, AMB in Merger Talks
The two firms are considering a potential teaming of equals in which the two firms would combine in an all-stock, at-market transaction.
MBA Talks Real Estate Finance
The Mortgage Bankers Association shared its annual assessment of the commercial real estate industry during its recent State of the Real Estate Finance Industry media conference call, during which the association also discussed its legislative and regulatory agenda. So what’s going on in the commercial real estate finance industry? In a nutshell, uncertainty about jobs and the economy.
Economy Watch: Split Conclusion on Crisis
What caused the financial crisis of the late 2000s? History will have to decide, because the Financial Crisis Inquiry Commission couldn’t quite come to a conclusion, even with the publication of a 545-page report after months of inquiries. The panel of 10 ended up offering a Democratic view of the crisis, with two Republicans dissenting.
NewMark Merrill Snags 1.2 MSF Assignment
The firm was chosen by World Premier Investments and United American Properties to oversee four of the partners’ shopping centers in California and Illinois.