City Office REIT (CIO -2.9%) upsized its underwriting offer to 5M shares at $12.40/share for total gros proceeds of $62.0M. The underwriter greenshoe is for another 750K shares.
Net proceeds to be used for the acquisition of office properties, the repayment of amounts outstanding under its secured credit facility and general working capital purposes, including funding future acquisitions and investments.
Weis Markets (NYSE:WMK) appointed R. Gregory Zeh, Jr. as Vice President and Chief Information Officer (NYSE:CIO) and will report to Chief Operating Officer Kurt Schertle.
As CIO, Mr. Zeh will be responsible for development and implementation of solutions that provide business value, engaging customer experiences, and effective management of technology risks and will also oversee the Company's day-to-day information technology functions, working in support of marketing and merchandising, supply chain and in-store management retail applications.
Most recently, he served as a Chief Financial Officer for Mazzone Management Group, LTD.
As for rents, high-demand submarkets saw rent gains of 3.2%, well above the U.S. average.
The current development pipeline is at its highest level of the cycle at 96.8M square feet, with more spec developments set to break ground this year in spots like San Francisco, Seattle, Dallas, and D.C.
While 46.8M square feet of deliveries will push completions above the long-term average, they are still well below 2008's peak.
Looking at the sales market, it's slowed, with transaction volumes up just 1% in Q1 following five straight years at a far faster rate of growth.