| NNN Realty Advisors Stockholders Approve Merger
SANTA ANA, Calif., Dec. 6 /PRNewswire/ -- NNN Realty Advisors, Inc. stockholders, who met earlier today in a special meeting in Costa Mesa, California, have voted to approve and adopt the previously announced agreement to merge with Grubb & Ellis Company (NYSE: GBE) . Approximately 97.2 percent of the votes cast were in favor of the transaction, which represents approximately 79.2 percent of the shares of NNN Realty Advisors common stock outstanding. Upon completion of the proposed merger, NNN Realty Advisors stockholders will receive 0.88 shares of Grubb & Ellis common stock for each share of NNN Realty Advisors common stock outstanding. The merger agreement was first announced on May 22, 2007. NNN Realty Advisors, Inc. NNN Realty Advisors is a nationwide commercial real estate asset management and services firm that sponsors real estate investment programs to provide investors with the opportunity to engage in tax-deferred exchanges of real property and to invest in other real estate investment vehicles, including public non-traded real estate investment trusts and real estate investment funds.
Will condo wave swamp the market?
The national real estate hangover spooked some Seattle buyers and the national lenders who fund condo projects, leading developers to shelve building plans. Others, however, insist the Seattle market will hold up. For example 83 percent of the more than 1,200 new downtown condo units that came on line in 2007 sold. All of the more than 1,400 downtown units built from 2000 through 2006 have sold, according to market research firm Realogics. .
FAMSA plans distribution center in S.A.
Grupo FAMSA, Mexico's largest furniture, appliance and electronics retailer, is preparing to increase its presence in the U.S. market. The company, which operates in 71 Mexican cities and four U.S. states, announced Tuesday it is building a 198,000-square-foot distribution center at Interstate 35 and Fischer Road, just south of Loop 410 in Von Ormy. "It's a convenient location among the markets we have in Texas," said Federico Uribe, director of marketing for FAMSA USA. "The cost of real estate is also convenient in San Antonio." FAMSA operates more than 300 stores in Mexico and 25 in the U.S. But the company plans to open 300 additional stores in the U.S. in upcoming years. "We're expanding in the Valley, so being closer to the Valley is another reason to have the center here," Uribe said.
Del.: Eminent domain bill delayed
DOVER, Del. (AP) - A House committee on Wednesday tabled a bill limiting government's use of eminent domain to public purposes after representatives of local governments and the real estate industry asked for more time to comment. The two-paragraph bill prohibits any governmental entity from condemning private property through the power of eminent domain for anything other than "public use." The measure specifically states that "the public benefits of economic development, including an increase in tax base, tax revenues, employment or economic health, shall not constitute a public use." The bill was introduced by Rep. Dennis Williams, D-Wilmington, amid controversy, and a lawsuit, over concerns that Wilmington officials plan to use eminent domain to acquire property along the city's riverfront to facilitate private development plans.
Greater Bay Bancorp Company Profile - View Greater Bay Bancorp (GBBK ...
Greater Bay Bancorp offers a greater way to bank. Founded in 1984 and headquartered in East Palo Alto, CA, Greater Bay Bancorp (NASDAQ: GBBK) is the holding company for Greater Bay Bank. The bank has about 41 branches in the San Francisco Bay area that offer deposit accounts, time deposits, IRAs, traveler's checks, and a variety of loans, including commercial, real estate, and consumer loans. It has other subsidiaries that offer insurance, employee benefits, and consulting services. The bank had 2005 revenue of about $602.7 million and employs about 1,900 people. In April 2005, its ABD subsidiary signed an agreement to acquire Lucini/Parish Insurance, Inc. Greater Bay Bancorp Executives Byron A. Scordelis [President & CEO] Colleen Anderson [President, Community Banking Group] James P.
CA Retirement fund to buy 275 million stake in Silver Lake Partners
An announcement may come as soon as today, said the person, who declined to be named because the talks are secret. The stake is worth about $275 million, valuing Menlo Park, California-based Silver Lake at $2.75 billion, the New York Times reported earlier today, citing unidentified people briefed on the deal. Calpers, which covers the benefits of more than 1.5 million Californian state and local government employees, has more than 400 private equity investments. Sacramento, California-based Calpers plans to reduce that number by concentrating assets in fewer fund managers. The California Public Employees' Retirement System (CalPERS) provides pension fund, healthcare and other retirement services for approximately 1.5 million California public employees. As of October 2007, it owns $254.8 billion worth of stock, bonds, funds, private equity and real estate.
|
