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Investment firm W. P. Carey & Co., through its non-traded REIT affiliate, has acquired three facilities totaling 1.4 million square feet from Berry Plastics Corp. for about $87 million. All the facilities are being leased back to Berry Plastics on a long-term basis.The deal includes Berry Plastics’ headquarters and its largest production facility in Evansville, Ind., a factory in Baltimore, Md., and another facility in Lawrence, Kan. New York-based W. P. Carey and Berry Plastics inked a similar sale-leaseback transaction in 2003, though not as large, totaling $33 million.Berry Plastics makes a diversity of plastic packaging products, including containers, closures,…

Having purchased $400 million worth of properties last year, Crescent Hotels & Resorts is upping the ante for 2008 with plans to make $600 million in acquisitions. The Fairfax, Va.-based company will finance the purchases by raising equity through a new fund. In 2007, Crescent acquired 19 hotels, and this year the firm has wasted precious little time in snatching up additional properties. During the first week of 2008, the company bought the legendary 307-room Georgian Terrace Hotel in Atlanta; the 117-room Hotel Carteret, located just minutes from Manhattan in Carteret, N.J.; and the Baymont Inn & Suites International Drive/Orlando,…

Maybe old dogs can indeed learn new tricks. A report released today by Deloitte L.L.P. suggests that the commercial real estate industry has learned from past booms, and that the lack of overbuilding compared with previous cycles is a factor in keeping commercial properties attractive as an asset class. The Deloitte report, 2008 Real Estate Capital Markets Industry Outlook: Top Ten Issues, notes that although commercial returns are cooling and will probably be noticeably lower this year than last, “when compared to other investment categories (stocks, bonds, etc.), commercial real estate remains an attractive investment vehicle due to its stability…

Parkway Properties Inc. has acquired the Gateway Center, a 16-story, 228,000-square-foot, Class A office tower in Downtown Orlando for $55 million through its Parkway Properties Office Fund L.P.Parkway president & CEO Steven Rogers said two more acquisitions are expected this quarter to complete the $500 million investment fund. He said only that the purchases would involve two other office properties for a total combined purchase price of over $180 million. The closings are expected to occur in the first quarter. “We are pleased with our investment in this high-quality asset in the Orlando CBD near our Citrus Center building,” Rogers…

I recently received an e-mail from a CEO who was unceremoniously “asked” to resign by his board of directors. He asked me to author a piece on the value of employment agreements in hope of preventing other CEOs from unnecessarily subjecting themselves to a forced resignation scenario. So, in this week’s column I’ll outline a few items meant to help you protect your career longevity. At the senior executive level jobs are both harder to come by and harder to keep. There is simply more at risk by the time you reach the C-suite than at any other point in…

Glimcher Ventures Southwest L.L.C. has joined forces with El Paso Grill & Bar-B-Que (pictured) in a joint venture to expand the restaurant chain with $50 million in capital in five new locations. The joint venture is geared to maximize the aggressive growth and expansion opportunities of the restaurant. Glimcher will fund the real estate development portion of the company’s expansion and El Paso Grill & Bar-B-Que will continue to handle operations.Expansion will begin as early as this year with the openings of restaurants in California and New Mexico as well as three new locations in Arizona opening mid-2008. The addition…

Mission Bay Plaza, a 273,000 square-foot shopping center in Boca Raton, Fla., has become the latest addition to a joint venture involving Ramco-Gershenson Properties Trust and ING Clarion Partners. Ramco-Gershenson sold the Class A property to the joint venture for $74 million, netting $63 million after its equity contribution.Located on a nearly 25-acre parcel in an affluent area in the western section of Boca Raton, the 19-year-old Mission Bay Plaza is presently 97 percent occupied. Its tenant roster includes a 64,000 square-foot Albertson’s supermarket, a 42,000 square-foot Toys ‘R’ Us store, a 32,000 square-foot L.A. Fitness facility and a 22,000…

Washington, D.C-based D4 Investments has opened an office in Bucharest, Romania, where it will launch its real estate and development company’s Eastern European operations. The firm was founded last year by former American Ambassador to Romania David Funderburk; Don Rosacker, a U.S. government relations specialist and business executive; and Dan Costea, a leading Romanian real estate lawyer. Rosacker, the managing partner, told CPN today that “We are excited to use our deep relationships and knowledge of the nation and region to bring significant investment while providing great returns for our stakeholders,” he said. The company has raised 100 million euros,…

With the ink barely dry on Wednesday’s Chapter 11 filing, an attorney representing Irvine, Calif.–based Atherton-Newport Investments L.L.C. has told CPN that it’s in everyone’s interest for the bankruptcy process to proceed expeditiously. “The company is not now talking to the press,” Joseph A. Eisenberg, of Jeffer, Mangels (pictured), Butler & Marmaro L.L.P., Los Angeles, told CPN. Eisenberg explained that the Chapter 11 filing was triggered by two lawsuits about 40 days ago by two separate note-holders. About 200 investors had invested a total of $40 million in ANI through unsecured notes, Eisenberg said; there are also property-level investors.Pointing out…

Dranoff Properties Inc. CEO Carl Dranoff (pictured) outlined plans today for the first phase of a decade-long, master-planned development program in Newark, N.J. The New Jersey Perfoming Arts Center and Dranoff Properties confirmed this morning that they have signed a letter of intent to develop Two Center St., a high-rise residential tower adjacent to the major regional arts venue. Carl Dranoff, the Philadelphia-based developer’s founder & CEO, told CPN this morning that he expects groundbreaking in the next 12 to 18 months, to be followed by two years of construction. Development costs will be in the $200 million to $250…