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MURRIETA, CA-Pacific Property Co. of Los Angeles has entered the Inland Empire apartment market by acquiring 420 units here for $37.5 million. The five-year-old multifamily investment firm teamed with GE Real Estate to acquire the asset, with Wachovia Securities writing the senior debt.
ATLANTA-The locally based law firm of King & Spalding is leaving Downtown and has leased 440,000 sf at Hines Co.'s 41-story Midtown tower which expects to be ready for occupancy in first quarter 2006. Another law firm, Powell, Goldstein, Frazer & Murphy also plans to vacate about 200,000 sf at two Downtown locations for new quarters at One Atlantic Center in Midtown.
FLORHAM PARK, NJ-The brokerage wars in the Garden State, peppered by mergers and acquisitions, haven't seen much in the way of defection--until now. CBRE's Lopriore might be the first of many.
MIAMI-In an expansion into a new geographic market, Keystone Property Trust has purchased the 300-acre, 13-building, 97%-leased park for $114.4 million, not including closing costs but including $67.6 million in assumed debt.
LAKE SUCCESS, NY-Continuing its selling trend of late, Investcorp, in partnership with Lincoln Equities, trades an office site here for $37.5 million.This marks the groups 16th sale so far this year.
LOS ANGELES-The 24 Hour fitness Magic Johnson Sports Club signs for a 37,000-sf build-to-suit at Crown Realty & Developments Wateridge office campus.
NEW YORK CITY-As more players enter the real estate field, there are increasing options for investors, however, this can complicate matters, according to real estate finance insiders at a recent NYCREW panel discussion.
ELWOOD, IL-Des Plaines, IL-based DSC Logistics considers more than seven sites before opting to lease a build-to-suit at CenterPoint Properties Trust's 1,161-acre intermodal center. Construction is scheduled to be completed in July 2004.