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EAST RUTHERFORD, NJ-C&W's 3Q report for North and Central Jersey shows absorption up, the vacancy rate virtually unchanged, sublease space falling slightly, but rents still on the decline.
HOUSTON-Charlesbank Capital Partners, Winston Hotels and Concord Hospitality acquire the 190-room Best Western Park Place near the Medical Center. The JV spends $10 million for the deed and will put out another $5 million to renovate and re-flag it.
EULESS, TX-The 82%-leased Euless Main Village sells to a family partnership from Arlington at a cap rate north of 11%. The buyer uses 1031 Exchange capital from a land sale to help finance the deal.
BOSTON-Glen Comiso is appointed as the Boston Redevelopment Authority's new biotechnology and life sciences specialist. The city hopes that the new position, created to lure biotech companies, will expand its biotech market.
PARSIPPANY, NJ-David Cronheim Mortgage was the correspondent and servicing agent for the funding, which carries a 10-year term with 25-year amortization. The loan covers a 214-unit complex here.
DENVER-A US subsidiary of a Mexican mortgage bank has opened an office here, making it possible for Mexican nationals in Colorado to obtain a mortgage loan on a home in Mexico.
PHILADELPHIA-With this promotion, Thomas D. Kramer also expands his area of specialty beyond Center City to the western suburbs. He joined the firm as an associate in 1993 and was promoted to SVP in 1999.
CHICAGO-HCP Medical Office Portfolio acquires 100 properties totaling 5.5 million sf, most of them on HCA Inc. affiliate hospital campuses. The portfolio has a heavy concentration in the Dallas, Denver, Houston, Las Vegas and Nashville markets.
ARLINGTON, TX-The private investor from Florida now owns three of seven office buildings in the West Pioneer Parkway complex. The latest deed to turn is 1112 W. Pioneer Parkway, built in 1981 and remodeled last year.