FINANCE

Cedar Shopping Centers acquires Colonial Commons for $49.1 million

BY CSA STAFF

Port Washington, N.Y. — Cedar Shopping Centers said Tuesday it has closed on the acquisition of Colonial Commons in Lower Paxton Township, Pa. The property was purchased for approximately $49.1 million from affiliates of Centro Properties Group.

The 487,000-sq.-ft. shopping center covers approximately 37 acres, is 93% leased and is anchored by Giant Food Stores. Other tenants include Dick’s Sporting Goods, L.A. Fitness, Ross Dress For Less, Marshalls, JoAnn Fabrics and David’s Furniture.

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News

Apple chief out on medical leave

BY CSA STAFF

CUPERTINO, Calif. — Steve Jobs, CEO of Apple Inc., has taken a medical leave of absence, Apple announced Monday.

According to an SEC filing, Jobswill remain involved in major strategic decisions during this leave of absence, and COO Tim Cook will be responsible for Apple’s day-to-day operations.

In a letter to company employees, Jobs wrote, "I love Apple so much and hope to be back as soon as I can. In the meantime, my family and I would deeply appreciate respect for our privacy."

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REAL ESTATE

Jones Lang LaSalle debuts website for FASB/IASB updates

BY CSA STAFF

Chicago — Jones Lang LaSalle announced Tuesday that it has launched a website to deliver strategies, tools and information regarding the upcoming changes in lease accounting treatment by the U.S. Financial Accounting Standards Board (FASB) and its counterpart, the International Accounting Standards Board (IASB).

The new site, LeaseAccountingChanges.com, is designed to enable companies to better understand how the changes will affect them, as well as how to develop a plan for preparing for "Day 1" impact to integrating and aligning their strategic planning and portfolio strategy.

“The new lease accounting standards will dramatically impact every organization that holds a lease, and will have important ramifications across all corporate functions, from corporate real estate and finance to technology and human resources,” said Vivian Mumaw, Jones Lang LaSalle’s Global Leader, Lease Administration. “Organizations around the globe are rethinking their lease administration strategies in light of these changes, and this new website will provide actionable tools and information to help them formulate robust strategies to support successful compliance.”

Some highlights of the website’s features include a lease accounting impact calculator and a lease accounting preparedness checklist.

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