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ASBURY PARK, NJ-Asbury Partners, master developer of this city's 56-acre redevelopment tract, pays the city $3.5 million for the five decrepit structures in a deal that effectively launches the project's retail component.
COPPELL, TX-PacTrust lands two of the three deals to fill a one-year-old building at 440 Wrangler. The 14,514-sf duo moves in Jan. 1 from Las Colinas. RREEF gets a 23,538-sf tenant for Coppell Business Center. The Freeport relocation takes place in February 2003.
CUENCA, SPAIN-Reflecting the continuing strength of the German open-ended property funds, the SEB ImmoInvest fund managed by SEB Immobilien-Investment has bought its first property in Spain, the 180,000-sf El Mirador shopping centre in Cuenca.
MARLBOROUGH, MA-Taurus of New England Investments Corp. sells 34 St. Martin Dr. for $12.2 million to Chicago-based RREEF, a pension fund advisors group. The 203,840-sf flex building is located in 495 Tech Center West. Most of its space has been converted to office use.
DENVER-GlobeSt.com learns Boston-based Beacon Capital Partners Inc. is likely to add a second Downtown asset to its portfolio early next year with the acquisition of 1125 17th St. for about $50 million.
PARSIPPANY, NJ-The deal, coupled with an earlier three-building sale arranged by Cushman & Wakefield, points to a trend toward foreign interest in New Jersey properties despite the flat leasing market. The two transactions add up to an estimated $150 million for 785,000 sf.
OAKLAND, CA-Crystal Pacific Mattress signs a five-year deal in Oakland for 35,000 sf and Berkeley Process Control negotiates a deal in Richmond for 21,000 sf.
HOUSTON-Iron Mountain Information Management Systems has finalized terms for a 53,232-sf building along Distribution Boulevard in the city's northwest sector. On the east side of town, Dixie Box & Crating takes 24,000 sf.
CARSON, CA-The two companies sign a seven year, $4 million lease at Watson Land Co.'s Watson Industrial Center South, where Bristol will relocate its headquarters and the companies will employ 200 workers.