| Prudential Buys VideoJet Building
WOOD DALE, IL-Prudential Real Estate Investors, based in Parsippany, NJ, has purchased the VideoJet Technologies headquarters building from Wells Real Estate Investment Trust Inc., based in Norcross, GA. Terms for the sale of the 250,000-sf flex building at 1500 Mittel Blvd. were not disclosed. Prudential purchased the property on the behalf of a single client, says Sharon Ward, vice president for dispositions for Wells. Prudential did not respond to a request to be interviewed. Prudential vice president Collete English Dixon represented the company in the transaction. Paul Lundstedt and John Gavin, both with Cushman & Wakefield, assisted Wells in the sale. .
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.
PS Business Parks, Inc. to Release First Quarter 2007 Earnings and ...
GLENDALE, Calif.--(BUSINESS WIRE)--PS Business Parks, Inc. (AMEX:PSB) announced today that it intends to release its first quarter 2007 earnings after the close of business on Monday, April 30, 2007. A conference call is scheduled for Tuesday, May 1, 2007, at 10:00 a.m. (PDT) to discuss the first quarter results. The toll free number is 1-800-399-4409; the conference ID is 5422443. The call will also be available via a live webcast on the Company's website. A replay of the conference call will be available through May 8, 2007 at 1-800-642-1687, as well as via webcast on the Company's website. Company Information PS Business Parks, Inc., a member of the S&P SmallCap 600, is a self-advised and self-managed equity real estate investment trust ("REIT") that acquires, develops, owns and operates commercial properties, primarily multi-tenant flex, office and industrial space.
Zacks Analyst Interview Highlights: Four Seasons, Winston Hotels ...
CHICAGO--(BUSINESS WIRE)--Zacks.com releases the latest Analyst Interview. Today's interview is with senior analyst Sean P. Smith, who discusses Four Seasons (NYSE: FS), Winston Hotels (NYSE: WXH) and Starwood Hotels (NYSE: HOT). A synopsis of today's Analyst Interview is presented below. The full article can be read at http://at.zacks.com/?id=2678. Among companies in your coverage, are any considered to be good buyout candidates? Well, we've actually already seen a couple that have received buyout offers and accepted – everything from large hotel chains such as Four Seasons (NYSE: FS) to smaller real estate investment trusts [REITs] such as Winston Hotels (NYSE: WXH). Currently, there is a lot of speculation on the Street concerning Starwood Hotels (NYSE: HOT) due to the recent departure of their CEO.
Wells Real Estate Funds Named to Top Real Estate Brands
NORCROSS, Ga. (April 2, 2007) Wells Real Estate Funds, one of the nations leading office landlords, has been named one of the top real estate brands in a new survey by the Lipsey Company. Wells cracked the rankings for the first time, placing 16th in Lipseys 2007 Top 25 Commercial Real Estate Brands. Lipsey surveyed over 25,000 practitioners including representatives of REITs, institutions, mortgage bankers, commercial brokers, asset managers, property managers and other professionals. We are honored to be mentioned with many of the greatest names in our industry, said Leo Wells, president of Wells Real Estate Funds. This is a real tribute to the dedication of our more than 400 people nationwide. Wells Real Estate Funds (www.wellsref.com), founded in 1984, is a national real estate investment management company, based in suburban Atlanta, which purchases and manages real estate on behalf of Wells-sponsored investment programs. Wells portfolios, including Wells Real Estate Investment Trust (Wells REIT) and Wells Real Estate Investment Trust II (Wells REIT II), now include more than 39 million square feet of space in 166 buildings, primarily Class-A office properties, geographically diversified across 28 states and Washington, D.C. The combined portfolios are 96 percent leased.
City firm buys seniors' homes in US
A Mississauga-based seniors real estate trust has purchased 26 retirement homes in various parts of the United States for $346 million, the vendor has announced. Merrill Gardens of Seattle has announced that it has sold more than two dozen of its properties to Mississauga's Chartwell Seniors Housing REIT (Real Estate Investment Trust). Merrill said it wants to concentrate on its prime west coast market and will use the revenue from the sales to buy more homes there. The purchase brings the total amount of Chartwell's American property holdings to 35 per cent of its total. The vast majority of its retirement properties are in Canada. "We are extremely pleased to be acquiring this well-positioned and high-quality portfolio," said Stephen Suske, vice-chair and CEO of Chartwell.
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.
Ready to take short-term pain for long-term gain
I bought in at staff rates when my then girlfriend (now my wife) worked for the bank, and I thought they would be a worthwhile investment -- I was 19. I held the shares, bought a few more as they rose in price and still have them to this day. They are at $48-odd now -- I bought them originally at $4. What are your investment goals? To have enough revenue-generating assets to allow my career decisions to be desire driven, not financially driven. That is, my investments could make my home loan repayments and other outgoings, which in turn would let me do what I want to do for a career as opposed to what I need to to do in order to pay the bills. What's the best investment decision you've made? Starting my own business, Origin Wines, with a business partner/friend.
How high can you go?
I AM old enough to remember the collapse of Estate Mortgage. Thousands of retirees lost their nest eggs through a mortgage trust that paid above-average income returns, invested in dodgy property developments and collapsed when the property market slowed. Sound familiar? While not a mortgage trust, the parallels with Fincorp are all there. The lure of high returns can be irresistible for self-funded retirees wanting to earn every dollar they can to pay for their retirement. But sometimes chasing the very top returns just isn't worth it. Also, it is imperative you understand where your money is going to earn that high return for you. A "term deposit" sounds safe but if your money is lent to property developers (who can't raise funds from traditional financiers) prepared to pay a higher interest rate, then the risk levels rise dramatically.
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