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Volume 3 - Number 13 | July 5, 2005
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INSIDER: Trustreet's Curtis McWilliams
By Michelle Napoli
Orlando-based Trustreet Properties Inc., the result of the merger of the former U.S. Restaurant Properties Inc., CNL Restaurant Properties Inc. and 18 CNL Income Funds, is the only REIT to focus exclusively on the restaurant property sector. And it's no small stake. With $2.6 billion of assets in 49 states, it owns about 1,800 triple-net leased properties and more than 300 mortgage loans on similar properties.
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Sector Watch: Fitch 'Negative' on Top Three Grocers, S&P Downgrades Them
By Michelle Napoli
Supermarkets are increasingly coming under fire, as Fitch Ratings affirmed its ratings of the country's three largest grocers—Kroger Co., Albertson's Inc. and Safeway Stores Inc.—but revised the outlook on two, resulting in all three having a negative outlook. Other analysts noted the increasing competition pressuring the supermarket industry.
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WolfBlock Guides $260M 1031 Exchange
By Michelle Napoli
The law firm WolfBlock Brach Eichler is representing the Solomon Organization in a $260-million 1031 exchange, believed to be one of the largest such tax-deferred exchanges in the region this year. Part forward exchange and part reverse exchange, the transaction involves Mountainside, NJ-based Solomon disposing of three multifamily properties in Pennsylvania and New Jersey and buying a portfolio of 12 apartment complexes.
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