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Volume 3 - Number 4 | February 15, 2005

TOP STORY: LXP Said To Be Closing In On $1B Wells Portfolio
By Michelle Napoli
Get ready: If this deal closes, it could easily be one of the biggest dispositions of net-lease properties to take place this year. Just as Wells Real Estate Investment Trust Inc. told its shareholders it would be doing in a letter right before the New Year, the non-listed REIT is closing in on a significant sale—about 20% of its total portfolio of properties, or roughly 6 million sf of space said to be valued at $1 billion. Word on the street is that listed REIT Lexington Corporate Properties Trust is the buyer, though the companies aren’t talking.

INSIDER: Kimco Exchange Place’s Robert James
By Michelle Napoli
Robert P. James, director of real estate for Kimco Realty Corp., runs the REIT’s Manhattan-based taxable subsidiary Kimco Exchange Place, which was formed in 2000. Among the kinds of properties Kimco Exchange Place has brokered around the country are grocery-anchored shopping centers in which parent Kimco owned an interest, such as Maricopa Fiesta in Maricopa, AZ, and single-tenant assets occupied by such well-known brands as Carl’s Jr., Pizza Hut and Wendy’s.

Big Box Update: Opposition Ensues in Many Locations, But Investors Want The Assets
By Michelle Napoli
From the eastern stretches of Long Island, NY all the way west to California, anti-big box sentiment has been brewing in many municipalities for years. And while sometimes the protests and regulations that stymie big box retailers’ development plans have more to do with a town’s general desire to define its own destiny—what it will look and feel like for many years down the road, regardless of a particular retailer—these days the anti-big box movement seems more and more to target the mother of them all, Wal-Mart.

Sale-Leaseback Integral Part of Private Equity Firm’s Franchisee Buy
By Michelle Napoli
The sale-leaseback of almost $100 million of restaurant properties was an integral part of a recent restaurant franchisee acquisition by a private equity firm, those involved in the deal say.

DataPoints: High Cap Rate Properties in a Low Cap Rate World


Short Takes


Recent Transactions


Ratings Update



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