PHILADELPHIA-Jenkintown, PA-based American Financial Resource Group transformed into a REIT Sept. 10 in a private offering that raised $400 million. Its portfolio begins with a predecessor's 87 properties, primarily bank branches, and expects to add 250 more this month.
ATLANTA-The class C multifamily property on Campbellton Road was built in 1970 and was 94%-occupied at the time of the sale. It consists of a mix of two-bedroom apartments and two- and three-bedroom townhouses. Rental rates average about $675 a unit.
PHILADELPHIA-Multifamily properties in suburban Jenkintown and King of Prussia receive awards from the independent Apartment Association of Greater Philadelphia. Boston-based Metropolitan Properties of America owns both complexes.
ATLANTA-Seven separate leases, valued at an estimated $8.22 million and ranging from 12,700 sf to 2,800 sf, are filling the 21-story, 560,000-sf, class-A building in Buckhead that was completed late last year by New York-based Trizec Properties Inc. Average rental rates range from $26.90 per sf to $28.12 per sf.
PHILADELPHIA-The West Conshohocken, PA-based company appoints Donald Chase senior vice president of investments, covering Pennsylvania and the Midwest; John DiCola to senior vice president of investments for New Jersey, and promotes Jennifer Pancoast to senior vice president of marketing.
ATLANTA-The locally based investment group buys the 90,215-sf property in North X Northwest Office Park from Ridgefield, CT-based VitalWorks for $6.55 million. Built in 1983, the building is fully occupied, primarily by the previous owner's former affiliate, PracticeWorks.
ATLANTA-Roswell, GA-based Foundation Development paid M-J Properties of Atlanta $36,585 per acre (84 cents per sf) for the tract near Cascade and Fairburn Roads where Foundation plans at least 200 units.
ATLANTA-The Goodlettsville, TN-based discount chain that has leased more than 22 million sf, over the past five years, primarily in the Southeast, has run afoul of the SEC by overstating earnings by $100 million. CEO Cal Turner Jr. has resigned.
PHILADELPHIA-Cedar Income Fund pays $34.42 per sf for the 523,000-sf shopping center in Camp Hill, PA, 83% leased with an 89,000-sf vacant Montgomery Ward store. This is the Port Washington, NY-based REIT second Pennsylvania mall acquisition.
ATLANTA-The Raleigh, NC-based shopping center REIT will notify common stockholders Sept. 23, calling for a special meeting and vote on its proposed merger into a Prometheus/Kimco joint venture that is strongly opposed by preferred stockholders.