Staff and Wire Reports

Staff and Wire
Kmart store closings -- the complete list
Kmart Corp. today announced it plans to close 284 under-performing stores. Here is the complete list: 3356 Big Kmart 1767 Hwy. 31 S. Birmingham AL 3528
Kmart Revamps Agreement to Sell Stores to Home Depot
Discount retailer Kmart, which last month agreed to sell home improvement retailer The Home Depot as many as 24 stores for roughly $365 million, has now revised the transaction to include no fewer than 13 stores for $173 million in cash, and up to19 stores for $288.5 million in cash.
Green Park, Quantum Close $496 Million Finance Restructuring
Green Park Financial and Quantum First Capital have completed the finance restructuring of a $496 million Fannie Mae Master Credit Facility for an affiliate of Olympus Real Estate Partners. The credit facility is secured by 52 apartment communities operated by WMC Management on behalf of the borrower, the successor owner to Walden Residential Properties.
Jones Lang LaSalle Names Colin Dyer CEO
Chicago-based commercial real estate service firm Jones Lang LaSalle has hired a new CEO. Colin Dyer, 51, who is now CEO of WorldWide Retail Exchange, will become the next CEO of the 17,000-employee firm on Sept. 7. Jones Lang LaSalle manages roughly 725 million sq. ft. of commercial real estate space globally.
Albert Sussman, Former Executive Vice President of ICSC, Helped Shopping Center Industry Achieve Cohesiveness
Albert Sussman, former executive vice president of the International Council of Shopping Centers (ICSC), passed away on Tuesday after a brief illness.
Wells Sells Tampa Office Building for $31.2M
One of the nation’s most prolific buyers of office buildings is now a seller. Wells Real Estate Investment Trust has sold a four-story, Class-A office
Equity One Buys Florida Shopping Center for $21.98 Million
Equity One, a shopping center REIT, has purchased the Medical & Merchants at San Pablo Shopping Center in Jacksonville, Fla., for $21.98 million. Anchors
Cushman & Wakefield Acquires Western Property Management Firm
Real estate brokerage Cushman & Wakefield has bought West Coast project management firm PMLA. The terms of the deal were not disclosed. The purchase marks
Big Apple Posts Lowest Unemployment Rate Since 2002
The New York City economy added 3,800 new private sector jobs in April. Conversely, 1,000 government jobs were eliminated, according to the New York State
Sonnenblick Arranges $12.8M in Financing for The Governor Hotel
The Sonnenblick-Eichner Co. has arranged $12.8 million worth of first mortgage acquisition and renovation financing for The Governor Hotel, a 100-room
California Mixed-Use Project Sells for $36.2 Million
Sperry Van Ness has completed the sale of the Plaza At Huntington Beach for $36.2 million. The 301,947 sq. ft. combination retail center and 15-story
IDI Services Group Snags Huge Management and Leasing Contract for USAA
Atlanta-based IDI Services Group has won a contract to manage and lease 2.65 million sq. ft. of office space for insurance and financial services firm
MeriStar Purchases D.C.-area Ritz-Carlton
Hotel REIT MeriStar Hospitality Corp. has completed its acquisition of the Ritz-Carlton, Pentagon City in Arlington, Va., for $93 million. The 366-room
American Financial Buys $769 Million Office Portfolio
American Financial Realty Trust has purchased a portfolio of 158 properties from Bank of America Corp. for $769 million. The 8.1 million sq. ft. portfolio
AIMCO Posts Lackluster First Quarter Net Income
Denver-based apartment REIT AIMCO announced its first-quarter results yesterday, and the news was not good: Net income for the quarter dropped from $21.8
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