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Volume 3 - Number 14 | July 19, 2005
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TOP STORY: MetLife Nabs One Mellon Center Leasehold
By Michelle Napoli
Beating out considerable interest from pension fund advisors, publicly traded companies and private capital players, MetLife Inc. has purchased the leasehold interest in One Mellon Center, a 1.5 million-sf tower in downtown Pittsburgh. Key in the deal was Mellon Financial Corp.'s bondable net lease on the entire building, which doesn't expire for 23 years.
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INSIDER: Boulder Funds' Randy Blankstein
By Michelle Napoli
Boulder Net Lease Funds LLC of Northbrook, IL, launched by principals of net-lease brokerage Boulder Group, recently closed the fundraising portion of its first private equity fund. As president Randy Blankstein explains, the equity didn't ultimately come from numerous parties among its targeted investor groups.
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Macfarlan Finishes Equity Raise For Magellan Property Deal
By Michelle Napoli
Macfarlan Real Estate Investment Management of Dallas has completed its equity raise for a property it purchased for $35 million last year, the 232,500-sf national service center of Magellan Health Services Inc. in Maryland Heights, MO, northwest of St. Louis. Macfarlan raised a total of $14.4 million of equity from more than 120 individual investors through a privately placed securities offering for the single-property limited partnership.
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Sale-Leaseback Market: Transaction Volume Rising
By Michelle Napoli
The sale-leaseback structure appears to continue building momentum and is attracting diverse capital. In Greenwich, CT, a partnership of Houston-based Hines, the Willett Cos. of Rye, NY and Warren Private Clients of Dublin paid $87.5 million for an office building that will continue to be occupied solely by Unilever under a triple-net lease. This deal is but one in a wave of recent sale-leasebacks.
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