Premium/Discount to NAV
KBS REIT II Purchases National City Tower
The shopping spree continues for KBS Real Estate Investment Trust II Inc. with the purchase of National City Tower, a 723,300-square-foot office building in downtown Louisville, Ky. KBS acquired the premier property from Meridian Realty Investments L.L.C. in a $115 million transaction that marks the REIT’s Kentucky debut.
Duke Spearheads Deals Totaling Nearly $1B
With plans to inch away a bit from the suburban office market and focus on industrial assets, the company has agreed to sell a 3.1 million-square-foot office portfolio to joint venture partner CB Richard Ellis Realty Trust and acquire a 4.9 million-square-foot group of predominantly industrial properties from Premier Commercial Realty.
ProLogis to Sell $505M Portfolio
Taking yet another step in its restructuring strategy, ProLogis has arranged to sell a portfolio of retail, mixed-use and ground lease assets located in the U.S.
HCP Closes $1.5B Public Offering
The healthcare property REIT will use a portion of the proceeds to help finance the acquisition of HCR ManorCare Inc.’s 338-property portfolio of real estate assets in a $6.1 billion deal.
CSC Scoffs at Simon’s $4.6B Acquisition Proposal
Simon Property Group Inc., the largest real estate company in the United States, extended an offer to acquire Capital Shopping Centres Group PLC, the United Kingdom’s leading shopping center REIT, for 425 pence per share in cash, or approximately $4.6 billion. CSC wasted precious little time responding to Simon with a very firm “No.”
First Potomac Buys D.C. Office Building for $49.5M
This is the REIT’s seventh office purchase this year and its third in the D.C. area. First Potomac has bought a total of 1.3 million square feet in office properties in 2010.
Pebblebrook CFO Talks Turkey as REIT Passes $600M Mark
Pebblebrook made its first acquisition in June with the purchase of the 269-room Doubletree Bethesda Hotel and Executive Meeting Center in suburban Washington, D.C. With the closing of the 306-room Sofitel Philadelphia transaction, the REIT now owns eight hotels in seven metropolitan areas.
SL Green to Acquire $390.8M in Investments from Gramercy Capital
SL Green has been particularly active this year in continuing its portfolio-repositioning strategy in New York. Recent deals include the $250 million recapitalization of Three Columbus Circle as well as an agreement to sell the 292,000-square-foot office building at 19 W. 44th St.
The REIT Effect, with Jay Leupp
Grubb & Ellis Alesco Global Advisors President Jay Leupp offers his observations and predictions on what’s coming for REITs during REITWorld 2010.
Phillips Edison-Arc Taps Addy as COO
Mark Addy is back in a role he previously held at shopping-center firm Phillips Edison, having served as COO from 2004 to 2010. Prior to that, he was senior vice president.