June 5, 2007 | Vol. 5 No. 11

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Volume 5 - Number 11 | June 5, 2007

TOP STORY: Boulder, Orix Announce $150M JV
By Michelle Napoli
A joint venture between Chicago-based Orix Real Estate Capital Inc. and Boulder Net Lease Funds LLC of Northbrook, IL plans to invest $150 million of equity in single-tenant office and industrial properties by year’s-end.

Insider: CRIC Capital’s Ethan Nessen
By Michelle Napoli
NET LEASE forum spoke to Ethan S. Nessen, managing partner of CRIC Capital LLC, about movements in the debt market. The topic is on the minds of many in the net lease property sector, which has increasingly looked to conduit financing for its deals.

Update: $151M of Exchange Funds Tied Up in QI Bankruptcy
By Michelle Napoli
Some 300 investors and about $151 million of their equity, intended for reinvestment via 1031 exchanges, are tied up in bankruptcy proceedings.

JV Launches $225M Tender Offer for Wells REIT Shares
By Michelle Napoli
Two publicly traded REITs, including Lexington Realty Trust, have joined forces to go after shares in a non-traded REIT that is readying for an IPO. Neither side is commenting on the initiative.

Data Points: Drugstore Property Investment Sales Trends

Short Takes: Cole Readies for Secondary Stock Offering

Recent Transactions: AFR Closes Fireman’s Fund HQ Sale

Ratings Update: S&P Changes Watch on Toys “R” Us to Positive