REITs
Liberty to Develop 205,000-SF Project
GlaxoSmithKline is in the market for a new headquarters facility in Philadelphia and Liberty Property Trust plans to deliver it. At a cost of $81 million, the REIT, along with Synterra Partners, will develop a 205,000-square-foot office building at the Navy Yard Corporate Center for the research-based pharmaceutical company.
ProLogis, AMB Downgraded After Merger Announcement
Fitch Ratings placed ProLogis on Rating Watch Positive, while AMB Property Corp. was placed on Rating Watch Negative. RBC Capital Markets also downgraded ProLogis from “outperform” to sector perform”.
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.
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.
South Florida Retail Center Fetches $66M in Sale to REIT
New owner Federal Realty Investment Trust cited the property’s densely populated Broward County trade area as well as its significant redevelopment potential.
CNL Acquires 29 Senior Housing Communities
The real estate investment trust marks its entry into the market with a transaction valued at $630 million.
Harrison Street Launches Securities Division
The acquisition of Transwestern Securities Management, a division of Transwestern Investment Co., brings the firm to a combined assets under management of more than $2.7 billion.
Duke Wins Bid for Industrial Portfolio
In an all-cash transaction, the REIT acquired two properties totaling 582,840 square feet in the teeming Port of Houston.
FACE Files Registration Statement for All-Cash REIT Status
The company plans to mine the U.S. market for triple net-leased real estate, as well as mortgages secured by such properties.
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.