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LONDON-US-based retail developer the Mills Corporation is set for its first foray into the UK with a pounds 800 million ($1.3 billion) development at Ravenscraig in Scotland.
WALTHAM, MA-A $5.4 million permanent first mortgage loan was secured for CVS/Staples Plaza, a 28,138 sf retail center. Casimir Groblewski of Fantini & Gorga/iCap Realty arranged the financing.
CHANDLER, AZ-The historic San Marcos Golf Resort & Conference Center, one of the first resorts to be developed in Arizona, has been put up for sale by its owners, Sunstone Hotel Properties. The firm says the property, the largest piece of real estate Downtown, is no longer of strategic importance.
BLOOMFIELD HILLS, MI-If ya' can't beat 'em, sometimes you still can't join 'em. Simon and Westfield did not nominate candidates to the Taubman Centers board of directors--a possibility the companies had left open after a hostile takeover bid failed.
HOUSTON-General Stevedores, a steel and iron distributor located in a 40,000-sf leased building in east Houston has taken over the lease for the 24,000-sf building next door.
CHICAGO-The 159-unit Park Willow Apartments in Clarendon Hills is on the market for $17 million, or a 6.1% capitalization rate; while the 220-unit Pebblewood Court Apartments in Hanover Park is for sale at $15.8 million, or a 6.6% capitalization rate.
NEW YORK CITY-In what could be an encouraging sign of better times ahead, law firm Schulte Roth & Zabel expands its space by 51,000 sf in the Turtle Bay section of the city. The firm now occupies 287,000 sf at 919 Third Ave.
DETROIT-The McGregor Fund has chipped in $2 million to the Detroit Riverfront Conservancy project. The riverfront plan calls for more than $500 million worth of public and private improvements to be made along the Detroit River Downtown.
MIRAMAR, FL-Intergraph and Trader Publishing Co. signed mid-term leases for 7,400 sf and 7,300 sf, respectively, in the Miramar Park of Commerce. The deals are estimated to be worth more than $550,000.
ARLINGTON, TX-An apartment complex that fell out of escrow four times in the past year has finally found a buyer. Zee Properties of Pasadena, CA, paid 95% of the seller's $1.6 million asking price to take ownership of the Coronado/Hamilton House Apartments and will put several hundred thousand dollars into rehabbing the units.