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DALLAS-Fred Margolin, co-founder and former chairman of US Restaurant Properties, has come out of "semi-retirement" to steer a syndicate initiative to acquire properties, mostly retail, for deep-pocketed investors willing to be in the game for the long term.
TINLEY PARK, IL-The 110,590-sf single-tenant property is sold by Ellinwood Associates to Bentonville, AR-based retail giant Wal-Mart Stores, which gets a $7.9-million mortgage from Allstate Life Insurance Co.
WALTHAM, MA-Wachovia Securities, a financial services firm, takes 12,702 sf in the Stony Brook Office Park at 130 Turner St. The 253,000-sf park recently underwent a $12 million facelift.
NORTH MIAMI, FL-Tarragon Realty Investors Inc., which paid $3.3 million for the 90-unit property in April 1995, sold it at a $6.1 million gain. Keystone, based in Miami, paid about $114,444 per unit.
ROCHESTER, MI-Rochester College has begun work on a new $4.8 million science building that will eventually enable the institution to expand its course offerings.
HOUSTON-A foreign investor buys the 53,308-sf office building at 11222 Richmond Ave. from McClelland Partners of Denver after one buyer failed to make the close. The 21-year-old building sells for close to the $3.5-million list price.
LONDON-Blackfriars Investments and Royal London Asset Management have signed a building contract for the development of the 300,000-sf Palestra development on the South Bank, the only major speculative office development in the city to start this year.
WEST HOLLYWOOD, CA-Harper Property Associates LLC, a locally based private investor, buys the apartment complex for a teardown into condominiums. Located at 1236 N. Harper Ave., the asset currently houses 12 units.
SILVER SPRING, MD-City and county officials make room for their second business incubator with the start of work on a new 20,000-sf facility that will provide office space and services for technology startups.