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Volume 4 - Number 21 | November 7, 2006
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TOP STORY: GE Taking Trustreet Private in $3B Deal
By Michelle Napoli
In a deal that will mean one less net lease REIT for the public stock market but will boost the assets of its private acquirer from about $500 million to $3.5 billion, GE Capital Solutions has agreed to buy Trustreet Properties Inc.
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GPT, Inland Mergers Involve Single-Tenant Portfolios
By Michelle Napoli
Late October was a busy time for mergers in the single-tenant property marketplace. In addition to the deal between GE Capital Solutions and Trustreet Properties Inc., Government Properties Trust Inc. announced a merger with an Australian listed property trust and Developers Diversified Realty Corp. reported plans to acquire an Inland entity.
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At Deadline: AFR Inks $880M+ Deal for Boston Tower
By Michelle Napoli
American Financial Realty Trust plans to sell State Street Financial Center, a 1.05 million-sf downtown Boston office tower occupied by State Street Corp. under a modified gross lease, for more than $880 million. That price, says a spokesperson for the Jenkintown, PA-based REIT, represents the total value of the building, although AFR only owns a 70% interest.
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Transaction News: Wells Fargo Picks PREI for $370M SLB
By Brian K. Miller
Wells Fargo & Co. has sold 333 Market St. to Principal Real Estate Investors for $370 million or about $596 per sf. The publicly held financial services company has leased back the 620,000-sf building on a long-term, net lease basis.
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