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Volume 3 - Number 22 | November 15, 2006
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TOP STORY: Air Freight Growth Behind AMB Portfolio Buy
By John McCloud
AMB Property Corp.'s $181 million acquisition of a 2.1 million-sf portfolio of 25 modern airfreight buildings at three US international airports adheres to the Northern California REIT's strategy of focusing investment on markets benefiting from explosive growth in global distribution. It also reflects the company's preference for infill locations that limit options for competition from other developers.
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Family Firm Capitalizes on Hot Investment Climate
By John McCloud
In what participating brokers term the largest single industrial transaction in Central Connecticut history, a developer took advantage of a heated New England investment market to sell a portfolio of industrial space for a premium price. Winstanley Enterprises LLC of Concord, MA sold 13 buildings spanning the Interstate 91 corridor between Hartford and New Haven to HRPT Properties Trust a Newton, MA-based REIT, for $97 million.
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Partners Form $300M Development Fund for I-95 Corridor
By John McCloud
A new joint venture has been formed between White Marsh, MD-based Creaney & Smith Group LLC and the global merchant banking group of Boston's Prudential Real Estate Investors to capitalize on the conversion of military bases between southern New Jersey and Virginia's Tidewater areas. Chicago-based Jones Lang LaSalle's real estate investment banking practice has secured an initial $300 million in transaction capacity for the JV, CSG Partners
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Data Points: Industrial Real Estate Outlook
The demand for industrial warehouse and distribution space brought the industrial vacancy rate to a five-year low of 9.7% at the end of Q3. Based on projections through December, a record 204 million sf of industrial space will be added to the market this year.
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