| Washington Real Estate Investment Trust Acquires 2440 M Street for ...
ROCKVILLE, Md.--(BUSINESS WIRE)--Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) has acquired 2440 M Street, a Class A medical office building with a three-level parking garage in northwest Washington, D.C. for $50.0 million. 2440 M Street is well-positioned in the District's West End business district, just three blocks from George Washington University Hospital and 1½ miles from Georgetown University Hospital. The property is 96% leased to 49 tenants and consists of 110,000 net rentable square feet and 252 parking spaces. WRIT expects to achieve a first-year, unleveraged yield of 6.0% on a cash basis and 6.5% on a GAAP basis. The acquisition was funded with cash from operations and WRIT's line of credit. 2440 M Street presents an excellent opportunity for WRIT to invest in a Class A medical office building located in the District.
A 30-YEAR DEAL?
With the blessing of Jersey City Mayor Jerramiah Healy, the developer of the largest project to come to Journal Square in decades is seeking one of the biggest tax abatements ever handed out by the city. Harwood Properties of Jersey City has filed an application seeking a 30-year tax abatement with payments in lieu of taxes amounting to 10 percent of gross annual revenues. The standard in recent years has been 20 years, paying 16 percent PILOTs. "Journal Square has seen better days and it's obviously an area that needs a boost," said Healy. "This incentive (the abatement) will be a shot of adrenaline to the renaissance that will come about due to this project." There have been exceptions to the 20 years/16 percent norm.
BUY TO LET LANDLORDS PREPARED TO RIDE OUT THE STORMS
Despite interest rates rising drastically over the last six months and rental yields evaporating, record levels of established landlords are apparently looking to expand their 'portfolio' as they remain committed to buy to let as a 'long term investment'... A survey carried out by the Homebuyer Show (02-04 March, ExCel, London) reveals Experts at the Homebuyer Show stress that with property prices at record levels, interest rates rising and rental yields falling back, buy to let is not an investment option for making a 'quick buck'. However, for investors looking to the long term, both the capital value of the property and the rental income are likely to go up, making buy to let a balanced investment. Simon Zutshi, Founder of Property Investors Network, who will be exhibiting and speaking at the Homebuyer Show comments: "The key thing to remember is that buy to let is a long term investment.
Korean store chains move to Palisades Park
The sign outside Kumkang, a new shoe store on Palisades Park's main street, has bright red lettering in English on one side, and Korean on the other. But the overall effect of the store, with its brightly lit aisles and chic industrial facade, is unmistakable in any language: It has the finely tuned, carefully reproduced look of a retail chain, and not just another American retailer. .
Amusement industry may make a beeline for Maharashtra : report
MUMBAI: By enticing the amusement sector with major economic and land sops with its latest tourism policy, Maharashtra has played a smart card in its bid to entice a return of industry and to secure its place as Indias most developed state. As an industry, the amusement, leisure and entertainment sector is burgeoning, with national investment commitments of Rs. 28 billion (as of 2006) and a growth rate of 25%.
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