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Jun 16, 2008 -- FIMA, Inc. (PINKSHEETS: FIMA), an emerging diversified land development company, announced today that the Company has officially retired 19.5 Million shares of Company stock. This share retirement reduces the number of outstanding shares from 65.71 Million to 45.21 Million, or 29.6%. The shares were acquired by the Company from prior management following the 2007 merger with Fishing Buddy, Incorporated. The management of FIMA, Inc. determined that it would be in the best interest of its shareholders to reduce the total number of outstanding shares rather than hold them for later resale. According to a FIMA spokesperson, "We decided upon this course of action largely as a result of careful analysis of our ongoing operations and consideration of our needs as we move forward with our expansion plans. We became convinced that retiring such a substantial block of shares provided the greatest benefit to our shareholders, and this has always been our overriding concern. We have significantly expanded the scope of our operations and experienced recent success through some of our subsidiaries. Therefore, we hope to continue to pursue our goals without the need for additional outside financing."
Jun 16, 2008 -- A real estate trust owned by CB Richard Ellis Investors (NYSE: CBG | Quote | Chart | News | PowerRating) entered into a joint venture to buy a 605,000-square-foot warehouse on Phoenix's west side that was developed by Duke Realty of Indianapolis, Ind. The warehouse is fully leased to Amazon.com on an undisclosed, but long-term basis, according to a news release. The joint venture is an 80-20 partnership between the trust and Duke Realty, which will continue to manage the facility. Amazon utilizes the space at 6835 W. Buckeye Road for distribution. The facility has 88 dock doors located for access to I-10. About 14,000 square feet of office space is included in the purchase. CB Richard Ellis did not disclose the price except to say that the purchase is part of an arrangement whereby CB Richard Ellis Realty Trust will buy up to $800 million of newly developed industrial projects from Duke Realty during the next three years. "Businesses continue to expand in and relocate to the Phoenix metro area, which has above average industrial demand and an excellent transportation network," said Chuck Hessel, director of investments for CB Richard Ellis Realty Trust, in a news release. "We are excited to add this state-of-the-art, high quality industrial property to our portfolio, and we look forward to building a relationship with Amazon.com."
Jun 16, 2008 -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading provider of industrial real estate supply chain solutions, today announced that it has acquired 262 acres of land for future development in Joliet, IL, serving the Chicago market. The investment was completed through First Industrial's Strategic Land and Development Joint Venture, FirstCal 3, with the California State Teachers' Retirement System (CalSTRS), the second-largest public pension fund in the nation. First Industrial plans to develop "First Park Joliet" on the site, which at full build-out, may accommodate 3.2 million square feet of state-of-the-art distribution space. The site is located at the intersection of U.S. Route 6 and Empress Drive near the intersection of Interstates 55 and 80, and the BNSF Logistic Park Chicago intermodal facility. "As the largest inland port in the nation, Chicago is a critical hub for the massive flow of goods consumed in a multi-state area," said Chris McGrath, vice president of development for First Industrial. "First Park Joliet is strategically located to provide our customers ready access to multiple modes of transportation to distribute their products to both super-regional and local markets." "First Park Joliet will aid our customers in delivering their products to end users more efficiently," added Martin Edmondson, regional development officer. Mr. McGrath and Mr. Edmondson led the First Industrial team on the acquisition and will oversee the development of the site. First Industrial would like to thank Edward C. Wabick, Gerald F. Sullivan and J. Louis DeSanto of Paine/Wetzel Oncor International for their assistance in brokering the acquisition. In the Chicago market, First Industrial currently owns and manages approximately 6.9 million square feet of industrial space, has an additional 1.6 million square feet under construction, and another 5.6 million square feet of potential build-out on First Industrial's landholdings. Throughout North America and Europe, First Industrial owns, manages, and has under development more than 100 million square feet of industrial space.
Jun 16, 2008 -- Alexandria Real Estate Equities, Inc. (NYSE: ARE | Quote | Chart | News | PowerRating) today will shuttle more than 100 life science executives from around the world on a tour of Green and LEED certified buildings and environmentally sustainable operations in the San Diego life science cluster market. This unique BIO Bus Tour is being held in conjunction with the Biotechnology Industry Organization's International 2008 Convention taking place in San Diego, California. Alexandria has a dominant market position in its San Diego life science cluster market. It currently owns and operates approximately 2.2 million square feet of office/laboratory space in that market, including approximately 440,000 square feet of embedded future ground up development. "As the pioneer at the vanguard of the sustainability initiative in our office/ laboratory niche, Alexandria continues to build on its world class expertise and experience in its life science cluster strategy, leading the way toward implementing sustainable materials and operational performance with green technologies in the laboratory environment," said Joel S. Marcus, Chief Executive Officer of Alexandria. "We are proud to have been the first company in California to have a Core and Shell laboratory project to be LEED Silver certified and we continue to innovate with the design and construction of state-of-the-art office/laboratory spaces that meet the needs of the industry. There is also great interest in net zero energy consumption which Alexandria is heavily focused on as well." Alexandria's high performance green buildings are equipped with high efficiency chillers and boilers, non-chemical water treatment systems and recycled materials. The buildings utilize day lighting, spectrally selective glazing, motion sensors and dimming controls. These efficiencies reduce HVAC (heating, ventilating and air conditioning) electricity consumption and decrease water use. Mr. Marcus continued, "We have proven that life science entities do not have to sacrifice functionality in order to be environmentally efficient. In fact, our leading green initiatives help lower tenant costs and operating expenses while continuing to provide entities with a state-of-the-art work environment that fosters continued translation of leading edge science and breakthrough products which contribute significantly to better human health."
Market Wrap for June 16: The stock market settled unchanged on Monday, as strength in financials offset weakness in consumer staples and telecom. The tech-heavy Nasdaq Composite handily outperformed the broader market with a gain of 0.8% thanks to strength in large-cap names. Much of the action, however, was outside of the stock market, with crude prices going on massive $7 swing from peak to trough. Crude oil futures soared 3.7% to an all-time high of $139.89 per barrel in premarket trading -- which occurred despite reports that Saudi Arabia is going to increase its output by 200,000 barrels a day, increasing worldwide supply by 0.2%. There was not a specific catalyst for the advance, although a declining dollar (-0.7%) and reports of a North Sea rig fire played a role in the buying interest. Then on no specific news, crude reversed in the red, settling the day with a loss of 0.8% at $133.82 per barrel. Financials (+1.1%) outperformed throughout the session, and settled the day with the largest advance. In economic news, June manufacturing activity in the New York region contracted by a larger-than-expected amount, according to the NY Empire State Index. The reading slipped 5.5 to -8.7, which fell short of the consensus estimate of -2.0. The stock market responded negatively to the report. In overseas trading, European stocks posted a modest decline of 0.4%, while the DJ World Ex-US Index rose 1.1% thanks to strength in Asian markets.
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InvestSource, Inc. is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. InvestSource, Inc. affiliates, officers, directors and employees may also have bought, or may buy the shares discussed in this opinion and may profit in the event of a rise in value. InvestSource, Inc. will not advise as to when it decides to sell and does not, and will not, offer any opinion as to when others should buy or sell; each investor must make that decision based on his or her judgment of the market. Please consult your broker before purchasing or selling any securities mentioned herein. InvestSource has agreed to be compensated 15,000,000 restricted shares of FIMA for services rendered. To view full disclaimers, please go to http://investsourceinc.com/php/disclaimer.php (disclaimers).
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