First Hubbard Real Estate Investments Annual Report; Ralph Coburn, President (inset).
Hubbard Real Estate Investments, an unincorporated Massachusetts Business Trust, is formed on July 7 in Massachusetts.
Merrill Lynch, Pierce, Fenner & Smith sponsors the REIT. The advisor is Hubbard, Westervelt & Mottelay, a Merrill Lynch real estate financing subsidiary headed by Morry Hubbard. Ralph G.
Coburn is the REIT’s first president. The company is the first REIT to specialize in the purchase of commercial and industrial “sale-leaseback” properties.
In November, the company’s initial public offering is launched with 4 million shares priced at $25 per share. Shortly thereafter, the company has tens of thousands of new shareholders.
First Hubbard Real Estate Investments
Annual Report; Ralph Coburn, President (inset)