In brief: Foreclosure dismissal | Strike authorization vote | Ventas

By Staff, Oct. 29, 2009

Bank wants to dismiss foreclosure suit

Palos Bank & Trust will ask a Cook County Circuit Court judge to dismiss a $9.5-million foreclosure case filed against the Bobak’s Plaza Shopping Center in southwest suburban Orland Park, a lawyer for the bank confirms. “The owner of the property has brought the loan current,” says attorney Thomas Brown of Palos Heights law firm Swanson & Brown Ltd., which represents the bank. Tinley Park developer Jay Bradarich said Tuesday he had found a replacement grocery tenant for the well-known Southwest Side sausage shop. That store closed in 2008 after changing names two years earlier. The 65,541-square-foot center is at 11333 W. 159th St. The foreclosure case was filed Sept. 18.

Logistics firm expands space

Carol Stream-based Demar Logistics leased 90,733 square feet in a distribution center about a block from its offices, where it has 201,090 square feet. The additional space for Demar is at 910 Kimberly Drive, also in west suburban Carol Stream, according to Cushman & Wakefield Inc., which represented building owner TA Associates Realty of Boston. Demar was represented by Timothy Gallagher of Gallagher Realty.

Hotel workers take step toward strike

Union workers at five downtown hotels run by Starwood Hotels & Resorts Worldwide Inc. voted to authorize a strike about two months after the expiration of a labor contract covering the hotels. Unite Here Local 1, which represents the workers, said 89% of its members at the hotels who cast their ballots voted to give union negotiators the authority to call a strike or boycott of the hotels. The vote covers the Sheraton Chicago Hotels & Towers, the Westin Michigan Avenue, the W Chicago-Lakeshore, and W Chicago-City Center and the Tremont Hotel, which employ about 1,000 people. A union contract for about 6,000 downtown employees, including Starwood's, expired Aug. 31, “and a settlement between area workers and hotel employers is far from sight,” the union says in a news release. In a statement, Jim Franczek, Starwood's chief negotiator, says “the strike vote only detracts from the hard work we all need to be doing at the negotiating table.”

Ventas tops estimates, raises forecast

Ventas Inc.’s third-quarter funds from operations (FFO) beat analyst estimates, and the health care real estate investment trust again raised its earnings forecast for the year. Chicago-based Ventas, which owns senior-living facilities, reported “normalized” FFO of $103.4 million, or 66 cents a share, compared with $96.2 million, or 68 cents a share, in the third quarter of 2008. Analysts had estimated FFO of 63 cents a share, according to Bloomberg L.P. FFO, which adds such items as depreciation back to net income, is considered a key performance measure for REITs. Normalized FFO excludes items that can vary from period to period. Ventas raised its full-year forecast for normalized FFO to $2.62 to $2.65 a share, up from $2.55 to $2.62 a share.