Bell Sells $136 Million in Properties to Berwind; Additional Transactions May Add Up to More Than $280 Million.Business Editors/Real Estate Writers GREENSBORO Greensboro, city (1990 pop. 183,521), seat of Guilford co., N central N.C.; inc. 1829. The city is a financial, insurance, and distribution center for the region. , N.C.--(BUSINESS WIRE)--April 25, 2001 Steven D. Bell & Company, headquartered in Greensboro, is in the process of selling 12 apartment properties in the Southeast valued at more than $136 million to the Berwind Property Group of Philadelphia. The Bell company is also executing a series of acquisitions, many with proceeds from the sale to Berwind, that may result in a total transaction value of close to $280 million. Steven D. Bell & Company, with regional offices in Chattanooga, Tenn., Atlanta and Asheville, NC, owns or manages both commercial and residential property valued at more than $1.8 billion in 42 Southeastern cities. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Chief Executive Officer Steve Bell Steve Bell is the name of:
This process may enable many of the former owners of the properties sold to Berwind to defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. taxes on the sale of the various assets and to soon acquire new Bell-sponsored real estate assets in the Southeast. A total of 2,846 apartment units make up the 12 properties sold to the Pennsylvania company The Pennsylvania Company was a major holding company, owning and operating much of the Lines West territory (west of Pittsburgh and Erie, Pennsylvania) of the Pennsylvania Railroad, including the Pittsburgh, Fort Wayne and Chicago Railway, the PRR's main route to Chicago. . Bell has committed to purchase 1,094 apartments in the Atlanta and Chattanooga areas and is looking at several large retail properties with the portfolio sales proceeds. These new assets are expected to cost more than $145 million when the acquisitions are completed from July through September. The combination of the sale of the 12 properties and new purchases should have a total collective value of more than $280 million, making this the largest series of such transactions in Bell's history. Ed Harrington, president of the Bell company, commented, "The sale to Berwind and the subsequent transactions are important from both the standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the of sheer size and wonderful linkage linkage In mechanical engineering, a system of solid, usually metallic, links (bars) connected to two or more other links by pin joints (hinges), sliding joints, or ball-and-socket joints to form a closed chain or a series of closed chains. with Berwind." The first part of the deal closed in early April, involving properties in Belmont, NC (Abbey abbey, monastic house, especially among Benedictines and Cistercians, consisting of not less than 12 monks or nuns ruled by an abbot or abbess. Many abbeys were originally self-supporting. In the Benedictine expansion after the 8th cent. Court), Huntsville, AL (Charleston Oaks), Chattanooga, TN (Oak Crest), Raleigh, NC (Treybrooke), two in the Atlanta area (Home Ridge and Stewart's Mill Landing) and Nashville, TN (Rivergate Meadows). The second phase of the sale to Berwind will close in mid-May, involving three properties in the Atlanta area (Ashley Forest, Carriage Place, Breckenridge Hills), one in Huntsville, AL (Hunnington) and one in Lakeland, FL (Lake Gibson There is also a Gibson Lake in Georgian Bay Township, in the district of Muskoka, Ontario, Canada. Lake Gibson is a lake near Thorold, Ontario, Canada. At the west end of the lake is Morningstar Mill park, operated by the city of St. Catharines. Highway 406 crosses over the lake. Parke). Berwind Property Group is a privately held real estate investment company headquartered in Philadelphia. It is one of the 200 largest private companies in the U.S. The Berwind portfolio includes about 20 million square feet of office, residential, retail, hotel and industrial properties all over the nation. Berwind has chosen Bell to handle daily management of the properties, based on the Greensboro company's extensive experience in property management. |
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