Grubb & Ellis to Provide Property Management for Cooler Building at Distribution Corridor

September 19, 2011 / Elizabeth Buckley, Commercial Property Analyst
Grubb & Ellis to Provide Property Management for Cooler Building at Distribution Corridor Grubb & Ellis (NYSE: GBE) will be providing property management and leasing for a state-of-the-art 300,000-square-foot freezer/cooler building in the I-55 Distribution Corridor. The assignment comes after the company’s preferred provider relationship with GearingStone, LLC, a Dallas-based commercial special servicing company, which was awarded the asset management contract. A partnership between Gearing Capital Partners, Inc. and Minneapolis-based CarVal Investors acquired the asset in May. “The dual contract is a prime example of the synergistic relationship... »

A&B Properties Acquires Office Building in Washington

September 15, 2011 / Albert Hamon, Mergers and Acquisitions Reporter
A&B Properties Acquires Office Building in Washington A&B Properties, Inc. has acquired the Siemens Building, a 147,000 square-foot, two-story office building located in Issaquah, Washington, for $19.7 million. A&B Properties is the real estate subsidiary of Alexander & Baldwin, Inc.(NYSE:ALEX) “This office building is well-located, approximately 16 miles east of downtown Seattle and in close proximity to the headquarters and offices of several prominent companies,” said Christopher Benjamin, president of A&B Properties. “The Seattle MSA is an attractive market featuring a diversified... »

2 Leases in a Row by Industrial Real Estate Firm

September 15, 2011 / Elizabeth Buckley, Commercial Property Analyst
2 Leases in a Row by Industrial Real Estate Firm Industrial real estate firm Prologis, Inc. (NYSE: PLD) has signed two leases totaling 410,200 square feet (38,100-square-meters) in Prologis Park Kawajima, a multi-story speculative development near Tokyo. This new 1.55-million-square-foot (144,000-square-meter) facility, which integrates seismic resistance technology, is now 70 percent leased at completion. This adds to Prologis’s lease in Brazil for 309,400 square feet (27,750 square meters) with a leading Brazilian retailer. The first lease consists of 327,200 square feet (30,400 square meters) with... »

Office Property Sale Boosts Parkway’s Balance Sheet

September 14, 2011 / Elizabeth Buckley, Commercial Property Analyst
Office Property Sale Boosts Parkway’s Balance Sheet Parkway Properties, Inc. (NYSE: PKY) has sold its office property at 1301 Gervais for a gross sale price of $19.5 million, helping the real estate company to improve its balance sheet. The office property is a 298,000 square foot office property located in the central business district of Columbia, South Carolina. The building was 92.7 percent occupied as of September 1, 2011. Steven Rogers, President and Chief Executive Officer of Parkway said: “The sale of... »

CB Richard Ellis Group Acquires Retail Property Specialist

September 12, 2011 / Albert Hamon, Mergers and Acquisitions Reporter
CB Richard Ellis Group Acquires Retail Property Specialist CB Richard Ellis Group, Inc. (CBRE) has acquired Michael Peddar & Company, a UK-based retail property specialist that focuses on the luxury goods and lifestyle sectors. The transaction follows other strategic acquisitions in the retail arena. In June, CBRE purchased Euro Mall Centre Management, a substantial retail property manager in Central and Eastern Europe. This followed the acquisition of Espansione Commerciale, the market leader in shopping centre leasing and property management in Italy, in late... »

$90m Credit Facility for Caraustar Industries Inked

September 12, 2011 / Elizabeth Buckley, Commercial Property Analyst
$90m Credit Facility for Caraustar Industries Inked GE Capital, Corporate Finance is the administrative agent for a $90 million asset-based credit facility for Caraustar Industries Inc., which manufactures recycled and converted paperboard products. GE, which served as lead arranger and bookrunner, said in a statement that the loan will be used to refinance debt and support working capital needs. GE previously closed $115 million in senior secured credit facilities for Evolution1 (formerly Evolution Benefits, Inc.), a portfolio company of Genstar Capital, LLC,... »

$17m Acquisition Boosts DCT Industrial’s Orlando Portfolio

September 12, 2011 / Albert Hamon, Mergers and Acquisitions Reporter
$17m Acquisition Boosts DCT Industrial’s Orlando Portfolio Industrial real estate company DCT Industrial Trust Inc. (NYSE: DCT) has announced that it has acquired a three-building portfolio in Orlando with a total land area of 421,000 square feet. The portfolio, located in the Southwest submarket of Orlando, is a regional distribution hub for many retailers and suppliers. DCT Industrial announced the acquisition following a similar announcement involving 5330 Pecos Street, a well-located bulk distribution building in Denver, which was acquired for $6.7 million... »

Hitachi, Prologis Faring with ‘Fashion Night Out’ Through New Deal

September 08, 2011 / Elizabeth Buckley, Commercial Property Analyst
Hitachi, Prologis Faring with ‘Fashion Night Out’ Through New Deal Prologis, Inc. (NYSE: PLD), has inked a new build-to-suit agreement with Hitachi Transport System, the leading 3PL company in Japan, for a 233,400-square-foot (21,680-square-meter) distribution facility in the southern part of Japan. Prologis is a global owner, operator and developer of industrial real estate, which announced last month the corporate credit rating upgrade to Baa3 from Ba1 given by Moody’s Investors Service. The new three-story facility, Prologis Park Tosu 2, will be built at an... »

$3.2b Acquisition Boosts GE’s Position in Power Conversion, Automation Sector

September 06, 2011 / Albert Hamon, Mergers and Acquisitions Reporter
$3.2b Acquisition Boosts GE’s Position in Power Conversion, Automation Sector GE (NYSE: GE) has completed its $3.2 billion acquisition of Converteam, a provider of power conversion and automation systems and high-efficiency power electronics, motors and generators. With Converteam’s solutions, customers in a variety of industries can replace or improve mechanical processes with high-efficiency electric alternatives that promote less maintenance and lower emissions. GE said the acquisition furthers its “commitment to create a center of excellence for power conversion technology, which is designed to fuel strong... »

9/11 Firefighters’ Possible Cancer Risk May Be Managed by GE Healthcare’s PET/CT+MR

September 02, 2011 / Elizabeth Buckley, Commercial Property Analyst
9/11 Firefighters’ Possible Cancer Risk May Be Managed by GE Healthcare’s PET/CT+MR Amid reports that 9/11 firefighters who inhaled toxic dust and smoke from the rubble of New York’s World Trade Center face 19 percent higher risk of getting cancer of all kinds, GE Healthcare has released the PET/CT +MR technology which holds promise in management of cancer, neurodegenerative and cardiac diseases. Dr. David Prezant of the Fire Department of the City of New York said a study showed an increase in cancer among 9/11 firefighters. Reuters... »

Major Deals News

Major deals’ news are about the most recent and major transactions done by leading key players in the real estate industry. Major deals include acquirement, leases, major investments, and buy-outs of any commercial real estate property in the United States.