NREI News - National Real Estate Investor

Grubb & Ellis Reports Net Loss in the First Quarter

May 19, 2004, By Parke Chapman

Grubb & Ellis (OTC: GBEL) reported a $3.7 million net loss for the first quarter of 2004. The Northbrook, Ill.-based real estate services firm posted...

Property Values in Office, Apartment Sectors Drop in First Quarter

May 19, 2004, By Parke Chapman

Property values for office buildings in the top 50 U.S markets dropped by 1.8% over the first quarter of 2004, reports real estate research firm Reis...

IDI Services Group Snags Huge Management and Leasing Contract for USAA

May 18, 2004, From staff and wire reports

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...

Citigroup to Buy Principal Financial Group’s Residential Mortgage Division

May 13, 2004

Citigroup has agreed to buy Principal Financial Group’s residential mortgage division for $1.26 billion. Des Moines-based Principal Residential Mortgage...

Mack-Cali President Resigns

May 12, 2004, By Parke Chapman

Timothy Jones, president of Mack-Cali Realty Corp., has resigned "to pursue private investment opportunities," according to the firm, and CEO Mitchell...

American Financial Buys $769 Million Office Portfolio

May 12, 2004, From staff and wire reports

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...

MeriStar Purchases D.C.-area Ritz-Carlton

May 12, 2004, From staff and wire reports

Hotel REIT MeriStar Hospitality Corp. has completed its acquisition of the Ritz-Carlton, Pentagon City in Arlington, Va., for $93 million. The 366-room...

Virgo Leases a Full Floor at Empire State Building

May 12, 2004, By Parke Chapman

Virgo Business Centers has leased the 59th floor of the Empire State Building. The company, which leases full-service, subdivided office suites, will...

AIMCO Posts Lackluster First Quarter Net Income

May 7, 2004, From staff and wire reports

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...

Apollo Picks Up Polish Retail Portfolio for $840M

May 5, 2004, From staff and wire reports

In one of the largest deals in Poland’s history, investment fund manager Apollo Real Estate Advisors has bought a portfolio of shopping centers for $840...

Jury: Silverstein Payout Limited to One Attack

May 4, 2004, By Parke Chapman

World Trade Center leaseholder Larry Silverstein was dealt another legal setback yesterday. A Manhattan jury ruled that the largest insurer of the Trade...

Florida Apartment Portfolio Sells To Local Investor Group

May 4, 2004, From staff and wire reports

A 1,000-unit portfolio of apartment properties in Ft. Myers, Fla., has sold for $71.3 million. Naples Realty Group bought the entire portfolio of B+ units...

CNL Hospitality Files for IPO

May 4, 2004, From staff and wire reports

Hotel and resort operator CNL Hospitality Properties Inc. has filed for an IPO of common stock worth up to $600 million with the SEC. CNL, an unlisted...

ProLogis to Buy Keystone for $1.6B

May 4, 2004, By Parke Chapman

Industrial REIT ProLogis has agreed to buy Keystone Property Trust for $1.6 billion. ProLogis partnered with Eaton Vance Fund Affiliates in the transaction,...

New York Developer Buys Puerto Rico Mall

May 3, 2004, From staff and wire reports

Urban real estate developer Thor Equities has bought an enclosed mall in San Juan, Puerto Rico, for $61.5 million. The Centro Gran Caribe property consists...

The New Fashion: Long-Term Renewals

Apr 29, 2004, From staff and wire reports

After two straight decades of three-year lease renewals, Bill Blass Ltd. has committed to its first long-term renewal this week. The fashion designer...

GE Real Estate Buys U.K. Property Firm for $362.5M

Apr 27, 2004, From staff and wire reports

GE Real Estate has agreed to buy Haslemere, a European property investment company, for $362.5 million. The announcement comes only weeks after GE snapped...

San Diego Industrial Property Trades For $12M

Apr 27, 2004, By Parke Chapman

Real estate development and management firm The Koll Co. has bought a multi-tenant property in San Marcos, Calif., for $12 million. With the acquisition...

Wells REIT II Marks Third Dividend Increase

Apr 27, 2004, From staff and wire reports

The second Wells real estate investment trust (REIT) has raised its dividend from a 5% annualized return to a 6% annualized return. This marks Wells REIT...

EOP Puts New Orleans Portfolio On the Market

Apr 23, 2004, From staff and wire reports

Office REIT Equity Office Properties Trust is putting its entire New Orleans portfolio on the market, reports Real Estate Alert. The total value of all...

ProLogis: Developer Restraint Buoys Industrial Market

Apr 21, 2004, By Parke Chapman

Construction starts in the industrial sector in 2003 were nearly 40% below the sector’s peak in 2000, according to a report from industrial REIT ProLogis...

Report: Summer Months A Boon For U.S Hotels

Apr 21, 2004, By Parke Chapman

U.S hotels should experience some much-needed demand this summer, reports PricewaterhouseCoopers. The company predict that weekend lodging occupancy in the U.S is will hit 69.1% between Memorial Day and Labor Day. If PricewaterhouseCoopers is right, the summer of 2004 will be a high-water mark for occupancy in the past four years. Last summer, occupancy reached 67.7%, while in the summer of 2000 it hit 72.1%....