| Senior-housing developer to sell 26 of its properties
Merrill Gardens, the Seattle-based company that has become one of the nation's largest developers of senior housing, said Friday that it will sell 26 of its retirement communities for $346 million. The company said that it wants to concentrate its portfolio on the West Coast and will be using the money from the sale to open new properties. Chartwell Seniors Housing, a Mississauga, Ontario-based real estate investment trust, will buy the properties, which are in Alabama, Arizona, Florida, Georgia, Louisiana, Oklahoma, Tennessee and Texas. "As a Northwest timber family, our roots are all here in the West," President Bill Pettit said. "Market conditions allowed us to sell these eastern regions and create a much broader acceptance of senior housing in the West." Even though Washington is a northern state, its seniors don't leave for warmer climates at the rate that retirees flee the Northeast and the Midwest, he said.
Passco, Perdew to Invest Up to $90M in Self-Storage
Passco Companies Development, LLC is breaking into self-storage -- in a good way. Looking to tap into the lucrative market for specialized real estate, Irvine-based Passco has formed a joint venture with a self-storage expert to launch a company that expects to develop up to $90 million in the facilities across the nation. Patriot Self-Storage Management LLC, headed by President and CEO Hal Perdew, will focus on the development, management and leasing of self-storage facilities nationwide, said Passco Cos. President William H. Winn. Patriot Self-Storage will initially invest $70 million to $90 million to build 25 or more self-storage facilities in secondary and tertiary markets in Florida, Georgia, South Carolina, North Carolina, Arizona, Minnesota, Texas and Alabama, among other states. The JV is gearing up for two land acquisitions and subsequent development projects in Florida.
Chartwell Seniors Housing Real Estate Investment Trust Treasury ...
Chartwell Seniors Housing Real Estate Investment Trust ("Chartwell") (TSX:CSH.UN) of Mississauga, Ontario today announced that it has agreed to sell, subject to regulatory approval, 14,100,000 Units for $14.25 per Unit for aggregate gross proceeds of $200,925,000 and $75,000,000 of 5.9% subordinated unsecured convertible debentures due May 1, 2012 (the "Debentures") to a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis. Chartwell has granted to the Underwriters an option (the "Underwriters Over-allotment Option"), exercisable in whole or in part up to 30 days after closing, to purchase up to an additional 15% of the Units issued on the same terms as set forth above. This offering is expected to increase Chartwell's market capitalization to approximately $1.4 billion, based on the offering price for the Units.
Passco Enters Self-Storage Market
Irvine, Calif.-based Passco Companies Development has formed a joint venture with an existing company to enter the self-storage market. The new enterprise, Patriot Self-Storage Management, expects to develop up to $90 million in facilities nationwide. Patriot will initially invest $70 million to $90 million to build 25 or more self-storage properties in secondary and tertiary markets in Albama, Arizona, Florida, Georgia, Minnesota, North Carolina, South Carolina and Texas, among other states. The joint venture is gearing up for two land acquistions and subsequent development projects in Florida. The company's president and CEO, Hal Perdew, heads JV partner Perdew Development. He was previously regional vice president for Public Storage Pickup and Delivery, a subsidiary of Glendale, Calif.-based Public Storage, the world's largest self-storage real estate investment trust.
Terry Bortnick Joins CVX Properties, Inc. as its President
ORANGE COUNTY, Calif., March 29 /PRNewswire/ -- CVX Properties, a Scottsdale Arizona based REIT, has acquired Terry Bortnick as its President. Bortnick formerly was the president of REZA Investment Group. Terry joins the team at CVX Properties, Inc. with over 19 years of real estate experience. Michael Roberts, founder and CEO of CVX Properties, Inc., says Bortnick is a dynamic charismatic leader that will lead CVX Properties in their bid to becoming one of the leading Real Estate Investment Trust's in the country. "Terry brings an astute blend of knowledge, .
Legacy systems given the boot by Kathmandu
Outdoor equipment retailer Kathmandu is rolling out Australian-built business software to modernise its inventory and point-of-sale systems. Group information systems manager Bryan Moore says the enterprise resource planning package from Melbourne's Pronto Software will better assist with the company's plans to add 30 stores to its existing 50-store chain. "Basically we outgrew the old one," he says. The software, to be tested at the end of the month, would also let Kathmandu "smarten up its retail offering" and offer better deals to its loyalty club members. Mr Moore says the Pronto package is a significant investment for the company. Similar systems are believed to have sold for millions of dollars. Founder Jan Cameron sold half her stake in Kathmandu to Quadrant Private Equity and Goldman Sachs JBWere for $276 million last year.
Don’t Rollover that 401(k) Just Yet!
While it is generally good advice to roll-over qualified employer retirement plan assets to an IRA, that may not be good advise for anyone whose 401(k) plan contains employer stock with "net unrealized appreciation (NUA)." NUA is the difference between the stock's current market value and average cost of the stock in the plan. If this stock is transferred from an employer-sponsored plan to an IRA, the transfer is tax free, but any subsequent distributions from the IRA are taxable as ordinary income. If, on the other hand, a transfer is made to a regular brokerage account, only the cost basis of the stock is immediately subject to income taxation. The remaining value, or NUA, is subject to long-term capital gains treatment. For example, let's say Peter is 55 and taking early retirement from his company.
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