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SCOTTSDALE, AZ-City officials agree to startup funding for a $25-million biotech research facility, proposed by Translational Genomics Research Institute for the Mayo Clinic campus. The 100,000-sf facility will come on line in late 2004.
MIAMI-Tarpon Bend Restaurants has hired the Prakas Group to procure between five and 10 sites in South Florida, perhaps north to Orlando. The restaurants would cost $1 million to $1.5 million each and be about 6,000 sf to 7,000 sf each, for a total of approximately 32,500 sf to 65,000 sf.
BOSTON-CRIC Capital acquires a portfolio of properties from Penhall International in a $12-million sale/leaseback deal. The 11 industrial/flex facilities are located throughout the southwestern and western US.
LONDON-Highcross has started spending its #350 million war chest with the pounds 11.67 million ($20 million) purchase of a 102,500-sf office investment in Croydon, South London.
DALLAS-Cypress Equities and Carlyle Group team on the development side while a private REIT is formed with Presidio Merchant Partners for the buy side. A third leg of Cypress' growth strategy is rooted in a $200-million acquisitions fund.
SCOTTSDALE, AZ-Fierce lender competition helps Walton Street Capital to get a favorable rate on a $33.5-million first mortgage and pay down initial debt for the four-year-old, 270-room Scottsdale Marriott at McDowell Mountains.
WAUKEGAN, IL-The asking price for the 26,612-sf Physicians and Surgeons Building at 1616 Grand Ave. is less than $100 per sf. The building, a mile from St. Therese Hospital, is nearly one-third vacant.
DENVER-The broker/manager of the RE/MAX Commercial Services offices here is the new national president of the Certified Commercial Investment Specialist Institute.
GOODYEAR, AZ-The Anaheim Angels may move the team's spring training facility from Tempe if Goodyear can work out plans for a $30-million Cactus League stadium. The move would be a second major blow to Tempe.
LONDON-The board of Wiggins has warned shareholders to support efforts to raise capital or the company faces administration. The move follows the collpase of an attempted reverse takeover by Glasgow-based LNC.