| INDUSTRIAL PROPERTY JOURNAL |
Volume 3 - Number 6 | March 15, 2006
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Phoenix—A record-breaking drought that has even cacti dying for water appears to have done little to dry up investor and developer interest in Phoenix industrial properties. Robert Stephens, senior director with Cushman & Wakefield of Arizona, says the industrial market is booming, with leasing and construction moving at a breakneck pace. Others agree. Grubb & Ellis Co.’s 2006 Investment Opportunity Monitor ranks the Arizona city as one of the nation's top three industrial markets in terms of potential returns on investment during the next five years.
The drought is not the only thing breaking records. Grubb reports that the 2005 net absorption of 7.88 million sf was a record high, besting the previous high of 7.53 million sf in 2000. It was also nearly double the four million sf absorbed in 2004. The activity drove the overall vacancy rate in December down to 7.7%, significantly lower than the 11% rate the year earlier. The figure would have been even lower without the completion of some 4.5 million sf of new construction, Grubb reports. The brokerage notes that another 4.2 million sf was under construction at the end of the year.
Most market watchers say the impetus for growth is the ease of access to California and other West Coast markets--without California rates. Target Corp., Wal-Mart Stores Inc. and Williams-Sonoma Inc. all have distribution centers in Greater Phoenix ranging in size from 1.1 million sf to 1.7 million sf. Last year, Amazon.com leased a 323,000-sf distribution building and The Home Depot Inc. leased a 535,000-sf building.
Developers obviously anticipate demand for more mega centers. Buzz Oates Enterprises Inc. of Sacramento is building a 505,000-sf spec facility near the Home Depot site. Los Angeles-based EJM Development has three spec buildings totaling 667,000 sf in development not far from the Target project, another three totaling 829,000 sf on a site two miles north of those and a 331,398-sf structure midway between the two groups. A joint venture between New York City’s KTR Capital Partners LLC and Phoenix-based Tratt Properties LLC is preparing to break ground on Riverside Center, a 1.7 million-sf Class A industrial park on 100 acres in Southwest Phoenix.
Phoenix is one of the fastest growing metropolitan areas in the country. The population grew by 45% between 1990 and 2000. The growth rate has been averaging about 4% per year since then, according to the US Census Bureau. In addition, the Phoenix area reported the highest rate of job growth for 2004 among metro areas with more than one million workers, notes the Blue Chip Job Growth Update from Arizona State University in Tempe. With the addition of 69,700 new jobs, it ranked second only to Washington, DC last year, according to Transwestern Commercial Services of Houston.
With population growth continuing and property likely to remain both tight and expensive in Southern California, the Phoenix area seems poised for even more development. Anthony Lydon, a senior vice president with Grubb & Ellis|BRE Commercial LLC, sees even more reason for optimism because of the city's proximity to Mexico. As Mexico improves its education, infrastructure and capacity to provide services globally, he says, trade between the US and its neighbor to the south should grow exponentially. Arizona’s location gives it an edge over California with regard to Mexican trade, Lydon explains. California has direct connection only with the Baja Peninsula, but Arizona links with the heart of Mexico.
Not surprisingly, the region's rents and land prices are escalating rapidly, particularly in the Southwest submarket, where much of the new growth is occurring. Industrial rents rose about 15% last year to more than $0.60 per sf, according to both Grubb and Trammell Crow Co. Patrick Feeney, a senior vice president at CB Richard Ellis in Phoenix, says the price of industrial land in the I-10 corridor heading south toward Tucson doubled in the past year from $1.50 per sf to nearly $3 per sf.
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Logistics Center |
Cohen Asset Management Inc. of Los Angeles, meanwhile, sold a 208,293-sf warehouse in central Phoenix to an entity formed by Chicago's Lincoln Advisory Group Ltd. for $9.9 million or about $46 per sf. A local investment group, 2757 E. Chambers LLC, paid $88 per sf or $2.51 million for a 28,520-sf warehouse near downtown Phoenix.
The Phoenix area has seen especially strong growth in the high-tech, telecom and biotech industries. The high-tech/telecom sector accounted for 10% of the metro area's Gross Area Product last year, second only to tourism, Transwestern reports. Colliers International says high-tech manufacturing appears to be making a comeback, as evidenced by the Intel Corp.'s decision to build a new $3 billion semiconductor fabrication plant in nearby Chandler, AZ. The brokerage says Arizona can also expect to see continued growth in the biotech arena as expansion continues on the Translational Genomics Research Institute campus in downtown Phoenix. TGen’s mission is to make and translate genomic discoveries into advances in human health.
Transwestern reports the sales volume of flex/high-tech buildings escalated to $273 million in 2005, up from $187 million in 2004 and $84 million in 2003. The average flex/high-tech sale price rose 11% to $121 per sf in 2005, compared to $109 per sf a year earlier. In a significant deal, Baltimore-based Alex Brown Realty Inc. purchased the 151,490-sf Scottsdale Technology Center from Crown Realty & Development of Irvine, CA for $20.5 million or about $135 per sf. The three-building complex was about 70% occupied at time of sale, according to James B. Fijan and Jerry Roberts of CBRE. Fijan and Roberts represented both sides in the transaction.
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Glendale, CA—Shurgard Storage Centers Inc. has acquiesced to an aggressive pursuit by Public Storage Inc., a locally based REIT. Earlier this month, Shurgard agreed to a $5 billion acquisition offer.
Under the terms of the agreement, Public Storage, the largest owner of self-storage properties in the world, will pay $3.2 billion for about five million shares of its Seattle-based rival's stock and assume $1.8 billion in debt. The deal is based on the Wall Street closing price of $63.42 a share for Shurgard stock on March 6. The stock began the day at $53.27 a share.
The chase started last July when Public Storage made an unsolicited--and unwelcomed--bid to buy Shurgard for $2.5 billion. The offer, which represented a 14% premium for Shurgard stockholders, was quickly rejected. Shurgard chairman and CEO Charles Barbo said at the time that his firm’s strategic plan provided “superior, compelling long-term value to shareholders,” adding that “the proposal by Public Storage is clearly an opportunistic attempt to deprive our shareholders from fully realizing that long-term value."
Public Storage persisted with the acquisition effort, making moves to go around Shurgard management and appeal directly to shareholders. In September, after filing documentation with the SEC indicating its intention to continue pursuing the firm, Public Storage CEO Ronald L. Havner Jr. stated, “We are more convinced than ever that the combination of Public Storage and Shurgard is clearly good for all Shurgard shareholders.”
At the time, Shurgard was trying to recover from serious financial missteps that made it difficult to raise capital and left it vulnerable to takeover. Deloitte & Touche terminated its role as the company's auditor in Nov. 2003, charging that it had little faith in the accuracy of management financial claims. Following an investigation, the company restated earnings for most of 2003 and 2004.
With 1,480 storage facilities in 37 states, it might seem that Public Storage would have no need for Shurgard's portfolio of 630 storage centers. Last year, Public Storage increased revenues by 4.9%, same-store net operating income by 7.2% and funds from operations per share by 23%. It ended 2005 with a cash balance of $493.5 million, on the high side for a REIT. Given that the company wanted to grow, it could have acquired an equal number of properties from smaller owners under less hostile circumstances.
But Shurgard has something Public Storage doesn't: a European presence. One quarter of Shurgard’s portfolio or 160 properties are located in Belgium, Denmark, France, Germany, the Netherlands, Sweden and the UK. According to company claims, it is the largest self-storage owner in the European economic community.
Industry analysts say this is the key to the deal. Robert Winet, a Palm Springs, CA-based expert witness, risk management consultant to the self-storage industry and a partner at Public Storage before it went public, calls Shurgard's European holdings its most coveted asset. He says the concept of self-storage has only begun to catch hold across the Atlantic. In fact, Shurgard boasts that a project it opened in Belgium in 1994 constituted Europe's introduction to the product type.
While most experts believe there is opportunity for Public Storage to grow domestically, many point out that the same factors that have led to higher US commercial real estate prices are boosting the price of self-storage properties as well. The higher prices make the properties far less attractive to REITs, which are under pressure to show consistent increases in yields. Though European real estate prices are often higher than those in the US, so are rental rates. For example, a five-foot-by-five-foot ground floor unit at a Shurgard facility in downtown San Francisco runs $119 a month, while a smaller five-foot-by-four-foot unit in London's Kensington district runs the equivalent of about $195 a month. Europe is also considerably denser than the US, with a greater number of potential customers within any given radius.
Additional factors are also affecting the US market. Several new players have entered the fray. Retail developer Kimco Realty Corp. of New Hyde Park, NY has begun building a self-storage portfolio and Indianapolis-based Simon Property Group, the nation's largest mall owner, has more than a half dozen self-storage facilities in development. The interest of the two firms coincides with a trend toward building storage centers on retail, rather than industrial sites to take advantage of proximity to clientele.
The replacement of Barbo by David Grant as chairman and CEO appears to have played a significant role in Shurgard’s change of heart about the sale to Public Storage. The company's board of directors arranged the transition during the accounting crisis, but it did not take effect until this past Jan. 1. Barbo founded Shurgard in the early 1970s and was reportedly reluctant to see it disappear.
Grant, in a statement issued after signing the agreement, emphasizes the value that will be created for Shurgard shareholders through savings generated by the merger. “After reviewing a number of strategic alternatives, it is clear that this transaction is the best option to create long-term value for our shareholders. There are very few real estate asset classes that are as scalable as self-storage and none that benefits as much from economies of scale," he explains.
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Chicago—ProLogis is entering the inner city market with a suburban-style project. The Denver-based developer, which already has properties beyond the city limits, plans to build an 800,000-sf industrial park in the heart of the Southside.
Prologis and its joint venture partner, Chicago-based Urban Investment Research Corp., paid Union Pacific Corp. $23 million for a shuttered intermodal rail yard less than five miles southwest of the Chicago Loop. The Chicago Sanitary and Ship Canal and I-55, locally known as the Stevenson Expressway, border the 48.5-acre site.
The proposed project features up to seven distribution buildings ranging from 80,000 sf to 180,000 sf. However, it could also accommodate fewer buildings and a 300,000-sf build-to-suit, the developers note.
ProLogis senior vice president David Riefe says the partnership will start the venture on spec, a potentially risky move since the project runs contrary to the market's general geographic trends. Because of the needs of big-box retailers, current and proposed development of large distribution centers is highly concentrated in the south suburban corridors, Grubb & Ellis Co. notes. Future development is expected to push farther west of I-55 into the agricultural lands of Kendall County.
Grubb says the lack of suitable building sites and freeway congestion tends to push industrial development away from the urban core. The new industrial park, just outside downtown Chicago, will be particularly vulnerable to traffic tie-ups. But Riefe says congestion is not a major concern.
That is because the project is targeted at companies serving the city's central business district, including local distributors and suppliers that are being displaced by gentrification in other parts of the city. The property has access to three railroads, including Union Pacific, Burlington Northern Santa Fe and Canadian National, as well as the ship canal and Midway International Airport. That will enable barging of products downloaded from ships that reach Chicago via the St. Lawrence Seaway and facilitate delivery of merchandise to the property. Riefe says all companies that distribute to inner Chicago face traffic congestion, but speculates there will be fewer delays around the new park than around outlying sites.
The city has yet to approve the ProLogis and UIRC plan. Douglas A. Kiersey Jr., another ProLogis senior vice president, says the partnership will probably seek some form of subsidy from the city to complete the project. But he says the project’s potential to create economic activity on an abandoned site that is already zoned industrial and create jobs for inner-city residents should generate support for it. In addition, UIRC, which specializes in redeveloping underutilized industrial property, has a strong record of local revitalization. UIRC partner Bismark Brackett says his firm's projects have created about 1,500 new jobs for the city.
Pending approval, ProLogis hopes to start construction by summer. Kiersey and Riefe estimate it will take three to four years to complete. Though the site has industrial zoning, a zoning adjustment will be necessary because of the project's size. Edward Wabick, a principal at Paine/Wetzel Oncor International, has the marketing assignment.
Although the project represents ProLogis's entry into Chicago’s urban market, Riefe says it won't be its last. He reports the REIT is actively pursuing other in-fill opportunities in the Windy City. Riefe acknowledges that the complexity of redeveloping older urban properties deters most companies from attempting it. But he says the financial resources available to ProLogis and the willingness to partner with experienced local developers like UIRC give his company an edge over the competition.
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Absorption of industrial space fell sharply in the fourth quarter of 2005, while completions inched up to their highest level in four years, Grubb & Ellis Co. reports. This kept the overall average vacancy rate at 8.2%, but ended a six-quarter string of falling vacancies. Asking rental rates in 2005 rose by a modest 2.8% for warehouse-distribution space and 4% for R&D-flex space. Despite the sudden plateau in the vacancy rate, the market should tighten in 2006 as increasing imports, greater use of supply-chain management techniques and economic growth generate demand for space.
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NORTHEAST
New Jersey: The average weighted asking rental rate decreased from $5.72 per sf on a triple-net basis at the end of the third quarter to $5.63 per sf at the end of the fourth. Averages declined in both the Central and Northern markets to $4.99 per sf and $6.09 per sf respectively. Despite the fact average asking rents went down, there are enough key players in the market to keep driving demand. . . . Baltimore: Rental rates are on the rise throughout most of the metro area. In third quarter, they hovered around $4.50 per sf triple net. They rose to $4.85 per sf in the fourth quarter. . . . Philadelphia: Rental rates grew to $4.54 per sf in the quarter, an increase of more than 5% from a year ago. Excluding Exit 8A, rental rates ended the year at $4.51 per sf.
SOUTHEAST
Charlotte, NC: Rental rates for the quarter averaged $4.04 per sf, a slight decrease from the third quarter. . . . Atlanta: With little demand for space, quoted rental rates have remained depressed. The average quoted rate for bulk space was $3.12 per sf at the end of the quarter, with flex quoting $8.25 per sf. . . . Tampa, FL: Both the bulk and flex markets saw rental rate growth in 2005. The average quoted bulk rate was $4.60 per sf at the end of 2005, up $0.34 per sf from the previous quarter and $0.24 per sf from the end of 2004. Flex rates saw additional growth, increasing $0.81 per sf to $9.15 per sf in 2005.
MIDWEST
Chicago: The average asking net rental rate decreased slightly during the quarter to close the year at $4.44 per sf, 1.6% lower than the year-end 2004 rate of $4.51 per sf. The North DuPage submarket showed a 4% decline in asking rates when compared to last year at this time, as property owners aggressively competed for new tenants. The North Chicago submarket retained the highest average asking rental rate throughout the year and closed fourth quarter at $5.51 per sf. . . . Kansas City, MO: Average quoted rental rates for bulk distribution buildings with 5% of finished office space increased to $3.69 per sf during the quarter. This trend is expected to continue, though concessions will continue to be provided. . . . Denver: The average asking triple-net rental rate fell 3.6% to $5.70 per sf over the course of the year.
SOUTHWEST
Houston: After holding steady for six consecutive quarters, average quoted rents for bulk space increased 7.7% to $3.20 per sf in the quarter, up from $2.97 per sf 12 months earlier. Office warehouse rents averaged $4.92 per sf and service center rents averaged $7.12 per sf. . . . Dallas: Average asking rates are at $3.69 per sf triple net, an improvement from reported numbers a year ago when rents averaged $3.43 per sf. Northeast Dallas, with its increasing demand and strong absorption, had the strongest asking rate at $4.13 per sf. South Dallas, dominated by bulk warehouse, represents the low end of the spectrum, averaging $2.52 per sf. . . . Phoenix: With high demand and falling availability, average sf asking rental rates rose $0.08 per sf during the year to $0.60 per sf This is a 15.4% increase during the year, with further solid increases likely in 2006.
SOUTHERN CALIFORNIA
Inland Empire: Strong demand led to an increase of 9.2% in asking rates in 2005. The average increased to $4.89 per sf in Redlands and $6.12 per sf in Corona/Norco. Inland Empire West recorded an average rate of $5.08 per sf, while the East was slightly lower with $4.56 per sf. . . . Los Angeles: Low vacancy rates are putting upward pressure on rates and the average asking rate increased for the fifth consecutive quarter, to $6.49 per sf, 8.1% higher than a year ago. The South Bay experienced the largest year-over-year increase with 16.0%, followed by the San Fernando Valley, the most expensive market in the county with an average rate of $7.76 per sf, at 8.3%. . . . San Diego: After experiencing a 4.4% increase at the beginning of 2005, the average asking rate remained relatively flat throughout 2005, but near year-end it rose to $8.61 per sf. Rates were highest in the I-15 Corridor market ($11.04 per sf) and lowest in the South Bay ($6.84 per sf).—Source: Trammel Crow Co.
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Maryland University Forms Research Group
College Park, MD-The University of Maryland, College Park has established Research Parks Maryland, one of the first statewide university research park groups in the country. The umbrella organization, designed to foster collaboration among members and monitor research-related federal and state legislative initiatives, includes M Square, a 130-acre research park next to the College Park campus and research parks associated with Johns Hopkins University and three other University System of Maryland institutions in Baltimore, Baltimore County and Montgomery County.
First Industrial Top Industrial Buyer for 2005
Chicago—First Industrial Realty Trust Inc. was the largest buyer of industrial real estate in the US for 2005, according to First Industrial president and CEO Michael W. Brennan, who attributed the record to a $2 billion dollar increase in the company's joint venture capital. He says First Industrial also broke in-house records with $2.3 billion in new investments and net gains of $101 million. Occupancy of company-owned properties increased in fourth quarter to 92.4%, marking the 11th consecutive quarter of growth. Brennan predicts double-digit growth in funds from operations in 2006.
Manufacturers Expect Revenue Growth This Year
New York City—Nearly three out of four chief financial officers in the manufacturing sector expect revenue to increase at their companies this year, according to a survey by Bank of America Business Capital. The company polled CFOs from 600 mid- and large-size US manufacturing companies. The survey found 38% of respondents expect growth from increased capital spending and 30% expect a merger or acquisition in 2006. In addition, 68% of companies that sell to foreign markets expect those sales to increase in 2006. About 58% of total respondents believe the US economy will grow this year, compared to 77% in last year's survey. About 33% expect US manufacturing to expand this year, compared to 44% last year.
US Railroads Flourish in 2005
Washington, DC—US freight railroads reported strong earnings for 2005, the US Commerce Department reports. Union Pacific Corp., the nation's largest railroad, reported net income grew 70% last year to $1.03 billion, while revenue jumped 11% to $13.6 billion. Burlington Northern Santa Fe Corp., the second-largest railroad, earned a record $1.5 billion, an increase of 93% over the previous year, while revenue was up 19% to $13 billion. CSX Corp., the third largest, reported that net income rose an astonishing 237% to $1.2 billion, while revenue increased 7% to $8.6 billion. Fourth-ranked Norfolk Southern Corp. saw net income rise 39% to a record $1.3 billion, while revenue rose 17% to $8.5 billion.
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Denver Considering 500-Acre Foreign Trade Zone
Denver—The Mile High City wants to expand its foreign-trade zone into an industrial park. The expanded zone would encompass more than 500 acres served by the Great Western Railway and include Great Western Industrial Park, which is being developed by locally-based Broe Cos. Denver has two existing foreign trade zones totaling 13 acres.—John McCloud
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SALES
Hudson, MA—Calare Real Estate Fund III LP, a subsidiary of locally based Calare Properties Inc., purchased 200 Homer Ave. in Ashland, MA for $9.8 million or $29 per sf and 678 Andover St. in Lawrence, MA for $2.85 million or $47.50 per sf. The Homer Street property features three interconnected industrial buildings totaling 340,000 sf on 12.9 acres. The complex recently underwent a $2 million renovation. The Andover Street property is a 60,000-sf flex building constructed in 1981. In the Ashland deal, William Sullivan and Craig Johnston of RW Holmes Realty Co. represented the seller, Ashland Technology Trust and found the buyer. In the Lawrence transaction, William Baker and Scott Gredler of Cushman & Wakefield Inc. represented the seller, Dolan-Jenner Industries Inc. of Acton, MA and found the buyer.
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Teterboro, NJ—Rreef acquired Mohawk Distribution Center on Route 46 here from San Francisco-based AMB Property Corp. for an undisclosed amount. The 27-acre property was built in 1954. It was fully renovated in 2005. It has approximately 617,000 sf of state-of-the-art warehouse and distribution space and contains 36 loading docks, two drive-in bays, ceiling heights of 16 feet to 24 feet and 80 trailer parking spaces. Michael Hines, Michael Blunt and William Waxman of CB Richard Ellis represented both sides.
McKenzie, TN—Binswanger negotiated the sale of a 334,600-sf industrial building on 41 acres to the Hollingsworth Cos. of Springfield, TN for $3.05 million. The seller was Houston-based Hines Interests LP. The buyer plans to retrofit the building and market it for lease. The one-story, fully air-conditioned building on Highway 22 features concrete block and insulated metal panel walls, reinforced concrete floors, 23-foot to 26-foot ceiling heights and 9,600 sf of office space.
Southaven, MS—Dallas-based Hillwood Investment Properties acquired the 619,000-sf Helen of Troy facility in the Airways Distribution Center here. It will offer the building for lease beginning May 1. Hillwood is building a new 1.2 million-sf distribution center at the nearby DeSoto Trade Center outside of Memphis. With two spec buildings available at DeSoto, the company will have more than 1.4 million sf of available distribution space in DeSoto County. Daniel Wilkinson with Colliers Wilkinson Snowden and Richard Burnette with the Burnette Co. will handle leasing at Airways.
San Diego—A vacant 25-acre industrial parcel in Otay Mesa, a community in Southeast San Diego, sold for $4.47 million to Piper Ranch LP of La Jolla, CA. The acquisition was financed with a $2.46 million loan from Interamerica Investments Inc. The seller was Pilot Travel Centers LLC of Knoxville, TN. Robert Hixson, Richard Kwasny and Shane Harmon of CB Richard Ellis represented both buyer and seller. The land is part of a 78.9-acre parcel that Pilot acquired in May 2005 for $10.5 million.
LEASES
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North Brunswick, NJ—Seagis Property Group of West Conshohocken, PA signed an 112,000-sf lease with the Parksite Group at Seagis Corporate Park at Route 1, a 350,000-sf industrial complex that Seagis acquired in November. The Parksite Plunkett-Webster division, which represents DuPont Tyvek® Weatherization Systems, Trex® Easy Care Decking®, Azek® Trimboards, specialty Cedar, Nichiha Fiber Cement and various other building products, will relocate its regional operations from South Plainfield, NJ this summer. Seagis is renovating the complex, with completion scheduled for the second quarter. Thomas Sullivan and Scott Belfer of the East Brunswick office of CB Richard Ellis represented Parksite in the lease. Jason Goldman, Frank Caccavo and Andrew Siemsen of the Iselin office of Cushman & Wakefield of New Jersey represented Seagis.
San Leandro, CA—Portfolio Productions, a furniture company, took 223,000 sf in the former Scott Mechanical building here. The deal followed the sale of the nine-acre, 502,000-sf property to an affiliate of Aegis Equity Partners of Oakland, CA for $14.2 million. The lease is valued at $6.5 million. CB Richard Ellis handled both the sale and lease.
FINANCINGS
Austin, TX—The Dallas office Holliday Fenoglio Fowler LP placed a 10-year, fixed-rate loan through conduit lender Ixis Real Estate Capital for four industrial buildings acquired by the Scher Investment Group of Santa Barbara, CA. The securitized loan will be serviced through HFF. All four properties are located in Austin's Northeast industrial submarket and managed by Austin-based Hill Partners Inc. They include the 119,416-sf Cameron Technology Center, the 61,173-sf Cross Creek Business Center, the 54,300-sf Rutland Business Center and the 100,000-sf Walnut Creek Business Center.
Riverside, CA—Buchanan Street Partners, a real estate investment bank based in Newport Beach, CA, secured $18.5 million in construction financing from Bank of America on behalf of Birtcher Development & Investments LLC. Birtcher plans to develop three industrial buildings totaling 269,000 sf of industrial space at General Drive Business Park. The buildings will range from 79,000 sf to 116,000 sf. Birtcher, which is based in Irvine, CA, intends to sell the buildings to owner/users. The building site has access to four freeways and is located in a commercial industrial infill zone. Buchanan also secured a forward equity commitment from Spokane-based Cornerstone Realty Advisors.
DEVELOPMENT
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Ann Arbor, MI—New York City-based Ashley Capital LLC acquired 57 acres at the intersection of I-94 and Route 23. It plans to create the Ann Arbor Business Center, with approximately 585,000 sf of warehouse/distribution space. Construction will start in the spring of 2007. Signature Associates-Oncor International represented Ashley in the deal.
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Indianapolis—Duke Realty Corp. named David Hudson vice president of development and leasing for its Houston office, which it is just opening. Hudson, who has a background in tenant representation and industrial property, comes to Duke after 12 years in the Houston headquarters of Trammell Crow Co. Duke also hired Matt Hrubes as a senior industrial leasing representative. He will have responsibility for marketing and leasing as well as procurement and sale of industrial land in the St. Louis, MO market. Before joining Duke, Hrubes was a second vice president with Colliers Turley Martin Tucker.
San Diego—BioMed Realty Trust Inc. promoted Matthew G. McDevitt to the newly created position of regional executive vice president. McDevitt will oversee the company's East Coast acquisitions, development and leasing activities. He served as vice president, acquisitions since the company's inception in August 2004. Prior to joining BioMed, McDevitt was president of McDevitt Real Estate Services Inc., a full service real estate provider focused on the life sciences industry.—John McCloud
