American Realty Capital Continues Expansion of Executive Team with Appointment of In-House Counsel

American Realty Capital announced the appointment of Jesse Galloway as its Assistant General Counsel. Mr. Galloway will advise ARC’s senior management team on real estate related legal issues. He will work closely with the Company’s outside legal counsel in representing ARC in its commercial real estate and financial transactions, including legal activities related to American Realty Capital Trust, the non-traded, public REIT which ARC advises,... 

Washington Real Estate Investment Trust Acquires The Kenmore for $58.3 Million

Washington Real Estate Investment Trust has acquired The Kenmore, a 374-unit, 270,000 square foot apartment building located in Washington, DC for $58.3 million. The property is located at 5415 Connecticut Avenue, proximate to the intersection of Connecticut Avenue and Military Road, a half mile south of Chevy Chase Circle in the established, affluent Upper Northwest submarket in close proximity to Friendship Heights and Chevy Chase. The property... 

General Growth Repays $391 Million of Mortgage Loans

General Growth Properties, Inc. announced that it repaid $391 million of near term maturity mortgage loans, following another closing with respect to the staged funding of its $1.75 billion secured loan facility today. This brings the total loan facility amount currently outstanding to $1.41 billion. All remaining seven properties were added to the collateral pool which now completes the 24 property collection of assets. The company plans to add additional... 

The Locke Group and Sovran Self Storage Close Acquisition of Lock-N-Key Portfolio

The Locke Acquisition Group LLC announced today that it represented Sovran Self Storage, Inc. in its acquisition of Hendry Investments Inc.’s 21 self storage facilities operated under the trade name Lock-N-Key. Sovran Self Storage is a Real Estate Investment Trust listed on the NYSE under the symbol SSS. Sovran will operate the properties under its brand: Uncle Bob’s Self Storage. The portfolio, valued at $143 million, was acquired by Sovran through... 

Price Legacy Corporation Declares Series 1 Preferred Stock Dividend

Price Legacy Corporation announced today that its Board of Directors declared a dividend of 29 cents per share payable on August 15, 2008 to Price Legacy 6.82% Series 1 Cumulative Redeemable Preferred (OTC: PLREP) shareholders of record on August 8, 2008. The Company is a subsidiary of PL Retail LLC, a joint venture between Kimco Realty Corporation (NYSE: KIM) and clients of DRA Advisors LLC.

Spartan gets 6-year tax break on new machinery

Spartan Steel Coating has been given a 50 percent property tax break for six years on a $13.5 million investment in new machinery at its plant in Frenchtown Township. The township board voted 7-0 to approve the industrial facility’s tax exemption Tuesday afternoon following a brief public hearing. The six years starts in 2008. Dave Brandau, operations manager for the firm, said he was surprised the firm didn’t get the full 12 years allowed...