Related Cos. gets $1.4B investment

Related Cos., a real estate developer with strong connections to South Florida, has netted a nearly $1.4 billion equity and debt investment -- the first outside investment in the company.

Goldman Sachs and MSD Capital LP have bought equity stakes totaling 7.5 percent in New York City-based Related. Three international entities have also agreed a debt placement, including an affiliate of the investment arm of the government of Abu Dhabi, Mubadala Development Co., and the Olayan Group of Saudi Arabia.

Related said the investors were specifically chosen to fund future growth, and as part of the deal, each investor will co-invest in future development opportunities. This could lead to expansion of its South Florida portfolio, which already includes the CityPlace mixed-use complex in West Palm Beach, Las Olas Beach Club and One Miami.

Related said its management structure will not change.

The company said the investment will boost its growth plans and give it added flexibility.

"As the industry continues to move toward bigger, more complicated development transactions, these new financial partnerships ensure that Related has a ready and deep source of capital to take advantage of virtually any opportunity regardless of size or scale, Related Chairman and Chief Executive Officer Stephen M. Ross said in a news release.

Ross and Jorge Perez, CEO of the Related Group of Florida, have been in preliminary talks with Miami Dolphins owner H. Wayne Huizenga to buy the team and Dolphin Stadium from him. Huizenga reportedly wants $1.1 billion to $1.2 billion for the team, which Forbes magazine has valued at $942 million.

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source: bizjournals.com

Larish named director of leasing at GBT

Ken Larish has been named director of leasing for Brentwood GBT Realty Corp., a developer of retail projects across the Southeast.

Larish was previously a partner in the law firm Bone McAllester Norton PLLC. Larish's law practice concentrated on complex corporate and real estate transactions which included leasing.

Prior to joining the Bone McAllester Norton law firm, Larish was general counsel for RM Crowe Co., a Texas-based real estate development, acquisition and holding company. He also practiced at the law firm of Baker Botts LLP in the Dallas office.

Tracy Simmons was promoted to easing associate and will be working closely with Larish on all current and upcoming projects.

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source: bizjournals.com

Whitestown wins out as site for Medco pharmacy

Medco Health Solutions Inc. has selected the AllPoints at Anson industrial park in Whitestown, Ind., as the location for its newest automated-dispensing pharmacy.

The company, one of the nation's largest distributors of pharmaceuticals, announced in early November that it had chosen the Indianapolis area instead of Louisville for the facility, which will create about 1,300 high-paying jobs.

At that time, Medco narrowed its selections to three counties in central Indiana. The company selected Boone County in part because of its low property taxes and low cost of utilities, according to a news release. Medco said it was attracted to Indiana because of the state's "business-friendly environment, modern transportation infrastructure, skilled labor pool and proximity to several schools of pharmacy."

As Business First reported last month, officials with Greater Louisville Inc., the metro chamber of commerce, have blamed a slow-moving bureaucracy in Kentucky for missing out on the $140 million facility.

The Kentucky Economic Development Finance Authority board gave the project preliminary approval for as much as $30 million in state tax incentives for up to 10 years.

The Indiana Economic Development Corp. offered Medco as much as $18.25 million in tax credits and up to $850,000 in training grants. Boone County offered a $5 million cash grant for infrastructure and technology purchases, and Whitestown offered $7.8 million in property tax abatements.

Medco is buying a 28-acre parcel in AllPoints at Anson, a 616-acre development that eventually will be home to 7.4 million square feet of industrial space.

This will be Franklin Lakes, N.J.-based Medco's third automated-dispensing pharmacy; it's others are located in Willingboro, N.J., and Las Vegas.

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source: bizjournals.com

River Ridge gets interim executive director, approves land sales

Dan James, president and CEO of James Construction Co. of Charlestown, Ind., has been named interim executive director of the River Ridge Development Authority.

The authority is conducting a nationwide search to find a permanent director. It opted not to renew the contract of Marc Elliott, the current director. His contract expires Dec. 31.

James has served on the authority's board of directors since 2000 and was president of the board for 2002 and 2003.

The authority is responsible for converting the former Indiana Army Ammunition Plant in Clark County into River Ridge Commerce Center, a 6,000-acre office and industrial park.

At the authority's meeting Monday night, it approved the sale of two land parcels.

As Business First reported last week, Jeffersonville manufacturer Complete Metal Fabrication is buying 3.5 acres. The company wants to build a 22,400-square-foot plant on half of the tract and reserve the rest for future expansion.

Mister "P" Express Inc., a trucking firm that has operated from River Ridge since 1994, is buying the 12-acre site that the company now leases. The company wants to build a 30,000-square-foot building to house offices and truck bays.

Mister "P" Express currently leases about 12,000 square feet of office space and three garage bays. Those facilities, a portion of which are on the 12-acre site, eventually will be demolished.

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source: bizjournals.com

CBRE names managing director, retail

Kimberly Lord has been promoted to managing director of retail services in Hawaii for CB Richard Ellis, the company announced Tuesday.

Lord, who joined the firm in 2001 as a partner, was previously senior vice president of retail asset services.

"When it comes to retail in Hawaii, Kim is the best in the business," said Joseph Haas, senior managing director in Hawaii. "Her efforts of creating a seamless combination of asset and brokerage services accrue enormous benefits to our clients that are resonating throughout the CBRE retail client community."

Lord helped to develop a retail specialty group within CBRE called the Resort Retail Services Division, which focuses on resort properties, tourism centers, hotels and tenant representation.

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source: bizjournals.com