Other News in Brief: PASSCO Closes $40M Sale of Its Kauai Village in Hawaii; Deutsche Bank to...

PASSCO Closes $40M Sale of Its Kauai Village in Hawaii

PASSCO has sold Kauai Village (pictured), a 110,000-square-foot retail center located at 4-831 Kuhio Highway in Kapaa, Hawaii for $40 million. The sales price also includes center remodeling and repair costs. David Lee, chairman, and Richard Walter, president of Faris Lee Investments represented the buyer, a group of California investors pooled together and led by Diversified Equity Investment Corp. Built in 1990, Kauai Village was 85 percent occupied at the close of escrow. The eight-acre property fronts the Kuhio Highway and is located on east Kauai, an area that boasts the largest population on the island. The center has two primary anchor stores, Safeway and Long's Drugs.

Deutsche Bank to Acquire Minority Interest in Aldus Equity

RREEF Alternative Investments, the alternative investments business of Deutsche Bank's Management division, has signed an agreement to purchase a minority stake in the business of Aldus Equity, an alternative asset management and advisory boutique specializing in customized private equity investing. The strategic partnership will focus on developing private equity fund of funds products for institutional and high net worth investors. The transaction is expected to be completed in the first half of 2007.

Washington, D.C., Superior Court Clears Way for Completion of Washington Office Building

Katten Muchin Rosenman L.L.P. said today that it has won a ruling on behalf of its client, Lincoln Property Co., clearing way for completion of a 328,000-square-foot office complex located at the corner of 15th and L Streets, N.W., in downtown Washington, D.C. Claiming that the on-going construction violated its right to quiet employment, a tenant in the building filed a motion on Jan. 4 for a temporary restraining order and preliminary injunction to stop the construction. The D.C. Superior Court denied the motion on Jan. 10th and therefore cleared the way for the project's completion. The project involves the renovation of the existing office building and the development of a new Class A office building on the adjoining lot. Upon completion, the two properties will be tied together to create a single, integrated office complex.

Boston Properties, Madison Equities to Build Office Tower in Manhattan

In a joint venture with Madison Equities, Boston Properties has acquired the eight-story, 97,679-square-foot 247-259 W. 54th Street from a local family for $38.75 million, the New York Post reported today. The deal was brokered by Eastern Consolidated. The property is adjacent to two parcels on the same street that the firms are also acquiring. The deals are expected to close within the next few weeks. The firms plan on building a new 850,000-square-foot office tower.

Cominar Increases Cash Portion of Initial Offer for Units of Alexis Nihon

In connection with its previously announced transaction with Alexis Nihon Real Estate Investment Trust, Cominar Real Estate Investment Trust said today that it has agreed to increase the consideration under its cash offer from $17 to $18.50 per Alexis Nihon unit tendered. Additionally, the maximum amount of cash available under its offer will also increase from $127.5 million to $138.75 million. The other material terms of the proposed transaction remain the same.

Storm Risk Solutions to Provide Clients with Financial Protection

Storm Risk Solutions, a new company assisting large and mid-sized corporations in managing the financial impact of adverse weather on their cash flow, will make its debut this spring. Founded by David Riker, the company will provide clients with access to financial protection, helping them invest for growth rather than reserving for potential weather-related loss. The firm's value proposition will allow companies in the energy, construction, aviation, ski, outdoor entertainment and agriculture sectors to analyze and track the impact of seasonal volatility on their business results.

Holliday Fenoglio Fowler to Arrange Sale of Sears Crosstown in Memphis

The New York and Atlanta offices of Holliday Fenoglio Fowler have been exclusively engaged on behalf of the seller for the sale of Sears Crosstown in Memphis. Serving as the former site of a Sears Roebuck & Co. catalog distribution center, the 1.45 million-square-foot, 10-story property was built in 1927 and is located at 495 North Watkins Street.