Saturday, December 15, 2007

NAIOP Triad chapter picks 2008 officers

The Triad chapter of the National Association of Industrial and Office Properties (NAIOP) has chosen its officers and board of directors for 2008.

The officers include: Angela Hutchins of New Atlantic Contracting Inc., president; Reggie Beeson of Highwoods Properties, treasurer; Algenon Cash of Wharton Gladden & Co., membership chair; Andy Harding of Dixon Hughes PLLC, sponsorship chair; John Martin Jr. of ECS Carolinas, program chair; Marlene Sanford of TREBIC, government affairs; and, Kaler Walker of Starmount Co., immediate past president.

On the board of directors are: Brad Breitling, Liberty Property Trust; Rick Dehnert, Highwoods Properties; Brian Maas, ECS Carolinas; Katie Pepper, Walter Robbs Callahan & Pierce Architects; Bill Phipps, Richardson Corp.; Bill Sinclair, John S. Clark; Jonathan Smith, North State Property; and, Tiffany Stone, Meridian Realty Group.

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source: bizjournals.com

Colo. apartment vacancies dip

Population growth in Colorado caused apartments to continue filling up in the third quarter, according to the Colorado Department of Housing.

Colorado apartment vacancies declined in the third quarter compared to the same period of 2006, while average rents dropped a few dollars.

The report includes Colorado markets, except for metro Denver. The Denver area's apartment market, with a third-quarter average vacancy rate of 5 percent, was covered in a separate report.

The vacancy rates for apartments in the rest of Colorado dropped to 5.7 percent in the period, from 7.2 percent for the third quarter of 2006.

All areas west of the Front Range saw average apartment vacancies of less than five percent in the third quarter, compared to the same period a year earlier. Grand Junction's vacancies dropped to 1.8 percent on average from 2.8 percent; Glenwood Springs' stayed even at 2.4 percent; and Durango's inched up to 4.1 percent from 3 percent.

"When you talk about demand for apartments, it relates directly to population growth," said Kathi Williams, director of the Colorado Division of Housing. "For the past several years, we've been adding more supply than we've had demand for. Since we quit building multifamily product, we're beginning to absorb existing inventory."

Gordon Von Stroh, business professor at the University of Denver and author of the report, added that out-of-state baby boomers renting apartments in Colorado as second homes also has contributed significantly to absorption of apartment units.

"Parents from Kansas City, Omaha and elsewhere in the Midwest are coming to Denver to be with their children and grandchildren," Von Stroh said. "They're keeping their home in Omaha and renting an apartment here."

Average apartment rents statewide dipped to $821.41 in the third quarter from $824.54 for the same period of 2006. They increased, though, from $805.94 in the first quarter.

Median rent decreased to $781.13 from $788.02 a year earlier. It increased from $765.12 in this year's first quarter.

Median, or middle, rent is the rent midway between the highest and lowest. Real estate professionals consider it significant because it's not skewed by the highest and lowest rents.

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source: bizjournals.com

Sears enters confidentiality pact with Restoration Hardware

Sears Holdings Corp. has agreed to enter into a confidentiality agreement with Restoration Hardware Inc., a California home furnishings chain that Sears has offered to buy for $6.75 per share.

The Dec. 7 agreement, disclosed in a filing with the U.S. Securities and Exchange Commission Monday, allows for Sears to complete due diligence on a possible transaction with Restoration Hardware, which operates a Greater Baltimore location at the Mall in Columbia. Sears Holdings (NASDAQ: SHLD) is the Hoffman Estates, Ill.-based operator of Sears and Kmart stores.

Restoration Hardware had previously said it would provide the information if Sears signed the same confidentiality and standstill agreement agreed to by other suitors.

Sears Holdings' bid tops an accepted offer from Catterton Partners, a private equity firm with a definitive agreement to buy Restoration Hardware for $6.70 per share. Restoration Hardware is reserving the right to review competing proposals through Thursday.

Separately, Restoration Hardware reported a net loss of $15.2 million for the third quarter, compared with a loss of $5.7 million in the same quarter last year. Sales for the quarter ended Nov. 3 were $173.7 million, up from sales of $157.1 million a year ago in the same period.

Gary Friedman, president and chief executive officer, said revenue did not achieve management expectations as weakening consumer spending and traffic continued to affect third-quarter business, particularly for high-ticket items.

Corte Madera, Calif.-based Restoration Hardware (NASDAQ: RSTO) operates more than 100 locations in the United States and Canada.

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source: bizjournals.com

Zoning board weighs Under Armour expansion

Under Armour Inc., one of Balitmore's fastest-growing companies, cleared a potential obstacle Tuesday to its plans to nearly double its work force as part of a proposed South Baltimore expansion.

Baltimore City's zoning board considered the expansion plan, first reported by the Baltimore Business Journal Dec. 7, during a public hearing Tuesday and is scheduled to vote on it later in the day.

Under Armour (NYSE : UA) plans to lease 140,000 square feet at 1450 Beason St., a 7.2 acre property now owned by Overflo Public Warehouse Inc. across Key Highway from its headquarters at the Tide Point business park. Tide Point developer Struever Bros. Eccles & Rouse has a contract to buy the property and spend about $14 million to renovate the property for Under Armour.

In order to do so, Struever Bros. needs permission from the city to use the industrially-zoned land for office and retail use. During the hearing Tuesday of the Board of Municipal and Zoning Appeals, no one spoke in opposition to the plan and board Chairman Douglass Austin suggested to Struever Bros. lawyer Stanley Fine the project would be approved.

Provided the city zoning board votes to approve the project, Struever Bros. hopes to start work within the next month and turn the space over to Under Armour in April.

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source: bizjournals.com

Roark adds Weyerhaeuser's Distribution Center

Roark Capital Group has bought Weyerhaeuser's Distribution Center (WDC) in Assonet, Mass., for an undisclosed amount.

WDC is a wholesale distributor of building products, with a specialization in engineered wood products. WDC's operations were acquired by a subsidiary of Wood Structures Inc., a company owned by affiliates of Atlanta-based Roark Capital. Biddeford, Maine-based Wood Structures makes roof trusses, floor trusses and wall panels, and distributes engineered wood products for residential and commercial buildings.

"WDC is very complimentary to Wood Structures," said Lawrence J. DeAngelo, managing director at Roark. "This distribution center will allow Wood Structures to extend its geographical reach beyond its core markets into Western Massachusetts, Vermont, and Eastern New York. The acquisition will also play a significant role in our growth strategy."

Roark's franchise businesses include Carvel, Cinnabon, Schlotzsky's, Moe's Southwest Grill and Seattle's Best Coffee International, McAlister's Deli, Money Mailer, Fast Signs and Batteries Plus.

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source: bizjournals.com