GVA Williams launches new asset management unit GVA Williams, based in New York, has formed Williams Property Advisors, a multi-disciplined property management affiliate founded to redefine the approach of financial and physical property management throughout the United States.
The newly formed enterprise will offer clients a myriad of specialized services through a single contract. Services provided by Williams Property Advisors will include real asset management for property owners, including devising new profitability methods, assisting with refinancing and developing exit strategies where appropriate.
Real estate veteran forms new Illinois-based company
J.D. Salazar, a Chicago real estate executive, formerly of Paine/Wetzel Associates, has formed Champion Realty & Development LLC, a commercial and industrial real estate company that will reach "outside the box" to provideand consulting services to corporate America. With headquarters in Hinsdale, Ill., Champion will draw upon the resources of professionals both inside and outside the industry mainstream.
Kranzco Realty Trust reports 6% increase for fourth quarter, 1997
Funds from 1997 operations for Conshohocken, Pa.'s Kranzco Realty Trust climbed from $1.77 per common share for 1996 to $1.88 per common share for the year ended Dec. 31, 1997, representing 6% growth over the previous year. The REIT also reported that $125 million, an amount well in excess of internal goals, was invested in shopping center acquisitions, expansions and property improvements. Two 10-year leases were also signed with major retailers, Filene's Basement and Trader Joe's, valuing approximately $9.4 million combined.
LaSalle Partners enters mutual fund market with first of series
Stuart L. Scott, Chairman and CEO of LaSalle Partners Inc.,, introduced LaSalle Partners U.S. Real Estate Fund, a new mutual fund that is the first in a series to follow. LaSalle Partners Real Estate Securities will act as the fund's investment adviser. The new fund will seek total return primarily through investments in U.S. real estate securities, notably equity REITs and real estate companies. The fund was researched and designed to meet the diverse needs of financial intermediaries and their individual and institutional clients. LaSalle reports a long-term outlook with very low expected portfolio turnover.
CT&T broadens services by adding national field services firm
Helping fulfill its strategy of building a comprehensive real estate services firm for the 21st century, Chicago Title and Trust Co. acquired Universal Mortgage Services Inc. The Ohio company, with offices in Cleveland and Salt Lake City, provides nationwide property inspection, preservation and maintenance services.
COMPS InfoSystems Inc. expands services in Florida
Hillsborough, Pinellas and Polk counties in Fla. are the latest areas covered by COMPS InfoSystems Inc., the commercial real estate information services provider.
Prentiss Properties Trust announces stock placements
The self-administered and self-managed REIT, Prentiss Properties Trust of, made two direct placements of registered common stock. The company priced 1,816,006 common shares of beneficial interest at $27.25 per share. Prudential Securities Inc. and Salomon Smith Barney underwrote and sold the registered common shares in two separate transactions. Net proceeds from both transactions will result in gains of approximately $47 million. Prentiss Properties Trust reports a strong acquisition pace for 1998, with approximately $160 million of its $227 million acquisitions announced last month completed in 1998. Prentiss' goal is to maintain and increase shareholder value and overall growth throughout the year.
Boston Properties constructing two new buildings in Cambridge
The Cambridge Center project at Kendall Square in Cambridge, Mass., has a new, two-building phase ofunder way. Boston Properties Inc. has started construction of a new, 221-room Residence Inn by Marriott, as well as a 170,000 sq. ft. headquarters building for Cambridge Technology Partners.
* Crown American Realty Trust, a Johnstown, Pa.-based REIT, led the enclosed mall peer group in 1997 shareholder returns. Operating results rose 8.6%.
* New York-based SL Green Realty Corp. reported pro forma FFO totaling $25.2 million, or $1.71 per share (up from $1.33 in 1996) on revenues of $59.4 million.