Glenborough Diversifies Property Portfolio

Glenborough Realty Trust Inc. of San Mateo said it bought $369 million of residential and commercial real estate and formed a $54-million development venture as part of a plan to diversify its holdings. The acquisitions include 6,536 apartments in 21 Texas properties, which is expected to boost its share of earnings generated by apartments to 22% from 8%. The remaining purchases consist of 1.46 million square feet of office and warehouse properties near Denver and in New Jersey. In the joint venture, Glenborough teamed with Denver-based Pauls Corp. to further develop the Gateway Park office and warehouse project near the Denver airport. They also will construct properties near Detroit and Kansas City, Mo. Glenborough shares rose $1.25 to close at $27.63 on the NYSE.