Barnwell Q4, 2007 earnings decrease

Barnwell Industries Inc. named several factors for its decrease in quarterly and yearly net earnings and called 2007 a year of "new acquisitions."

Honolulu-based Barnwell (Amex: BRN) reported net earnings of $3.5 million for the year ended Sept. 30, compared to $14.6 million the year prior.

The company reported earnings of $401,000 for the fourth quarter, compared to $1.8 million for the same quarter in 2006.

Morton Kinzler, chairman and chief executive officer, attributed the decrease in earnings to the closing of a real estate transaction in 2006 which brought in over $6 million in revenues. Other factors included deferred tax benefits, earnings from real estate consulting services and the decrease in oil and natural gas operating profits.

Kinzler said 2007 was a year of acquisitions including the minority ownership interest in Hualalai Resort and Kona Village Resort as well as lot rights in Kaupulehu.

"

Real Estate Designers offers totally innovative solutions for your software
development, Internet programming,

real estate web design and hosting needs. Our service includes domain name
registration and real estate web design. Real Estate Designers provides the
complete solution including design, application development and marketing.

"

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.

source: bizjournals.com

Judge considers tenants' CAM lawsuit

A Honolulu circuit court judge is considering a case in which a group of tenants at a downtown office building is asking the landlord to reveal details of the building's increase in common area maintenance expenses.

The Ocean View Center tenants -- which include four law firms and a construction company -- want landlord OVC Properties LLC to disclose the details behind increases in the building's management fees.

The two sides were in court Wednesday as First Circuit Judge Bert I. Ayabe heard arguments on the tenant's motion for a summary judgment. Ayabe took the case under advisement.

The lawsuit filed in May claims that several months after buying the building the landlord raised the CAM charges, or operating expenses, because of increases in insurance premiums and administration costs. The building's operating expenses for 2007 are $1 per square foot per month.

The case is being watched closely tenants of many other Oahu properties who have complained that maintenance fees are being raised arbitrarily.

The tenants -- Oliver, Lau, Lawhn, Ogawa & Nakamura; Erik D. Eike; Ning, Lilly & Jones; Park Park Yu & Remillard; and Dick Pacific Construction Co. -- asked for detailed information on operating expenses but claim that they were not permitted to review the details unless they signed a confidentiality agreement.

"

Real Estate Designers offers totally innovative solutions for your software
development, Internet programming,

real estate web design and hosting needs. Our service includes domain name
registration and real estate web design. Real Estate Designers provides the
complete solution including design, application development and marketing.

"

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.

source: bizjournals.com

Realtors assist homeless during the holidays

The Greensboro Regional Realtors Association announced Thursday it had collected enough hats, gloves and other winter staples to fill 180 gifts bags as part of its Holiday for the Homeless.

The program, in its 11th year as part of the GRRA's Realtors Community Service Committee, collected money to buy gifts and winter wear for residents of Greensboro's Urban Ministries Shelter. The program has reached out to almost 1,700 residents of Urban Ministry's Weaver House.

The items will be folded, sorted and placed in gift bags on Friday at the GRRA headquarters on Oak Branch Drive for distribution at the Urban Ministries Shelter.

"

Real Estate Designers offers totally innovative solutions for your software
development, Internet programming,

real estate web design and hosting needs. Our service includes domain name
registration and real estate web design. Real Estate Designers provides the
complete solution including design, application development and marketing.

"

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.

source: bizjournals.com

Tea Room sells for $2.7M

The Tea Room at the Denver Dry Goods Building in downtown Denver has sold for $2.7 million, according to broker/owner Dee Chirafisi at Kentwood City Properties.

Chirafisi, who represented both buyer and seller in the deal, believes the transaction is the largest closed sale of a downtown residence this year.

Denver attorney Dianne Miller of Miller Rosenbluth LLC purchased the 4,000-square-foot tea room-turned-loft from entrepreneur Rutt Bridges. The seller bought the loft in 2000 for $1.15 million.

The sale closed Dec. 7.

"The sale of the Denver Dry Tea Room shows the strength of the market for unique, historic properties in Denver," Chirafisi said. "It also shows the diversity of the downtown housing market."

Located on downtown's 16th Street Mall, between Stout and California streets, the Denver Dry Building was designed by venerable Denver architect Frank Edbrooke. The three-story structure was completed as a department store in 1888. The store closed in 1987.

In the 1990s, the structure was refurbished as office and retail space as well as market-rate housing, under the guidance of the Denver Urban Renewal Authority.

The Denver Dry now includes 350,000 square feet of space in six stories, and retail tenants such as Starbucks Coffee, Aveda Institute, Wolf Camera and TJ Maxx clothing store.

"

Real Estate Designers offers totally innovative solutions for your software
development, Internet programming,

real estate web design and hosting needs. Our service includes domain name
registration and real estate web design. Real Estate Designers provides the
complete solution including design, application development and marketing.

"

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.

source: bizjournals.com

Boston firm pays $4.5M for local office building

STAG Capital Partners has purchased a building at 4646 Needmore Road, home to Electronic Data Systems Corp.

Boston-based STAG purchased the building, located on 10 acres of land, from Dallas-based KDC Legacy Ltd. Partnership for $4.5 million on Dec. 10, according to Montgomery County records.

Electronic Data Systems (NYSE: EDS) is a leading supplier of a diverse portfolio of business and technology soluionts to help its clients boost performance. The company fully leases the 131,000-square-foot building.

STAG Capital Partners said in a news release Thursday that it acquires single-tenant, net leased properties third-party transactions and corporate sale-leasebacks to add to its existing portfolio of real estate assets.

Tenants in these properties have included private-equity- sponsored companies and both investment and sub-investment grade corporations. Property types include warehouse, flex, manufacturing and office buildings.

"

Real Estate Designers offers totally innovative solutions for your software
development, Internet programming,

real estate web design and hosting needs. Our service includes domain name
registration and real estate web design. Real Estate Designers provides the
complete solution including design, application development and marketing.

"

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.

source: bizjournals.com