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OAK PARK HEIGHTS, MN-Menards, Wal-Mart and Kohl's will be anchors in the power center near Stillwater, which is indicative of the strength of the retail real estate market in the Twin Cities.
FRAMINGHAM, MA- Fleet Bank has leased 8,455 sf of first-class retail space in Metrowest Place. The newly constructed three-story, 45,000 sf building is adjacent to a major Greater Boston suburban retail corridor.
SAN DIEGO-The Shidler Group sells the 55,947-sf retail asset, which it acquired back in 1985 as a leasehold, to private investor Rancho Serra Mesa LLC. Built in 1965, the property is located in the Serra Mesa region of the city.
BOSTON-Smith & Wollensky, the New York-based restaurant chain, is opening a local steakhouse. The company leased the Armory "castle" near the Boston Common at the corner of Columbus Avenue and Arlington Street.
PALO ALTO, CA-The apartment REIT sells one million shares of its 7.8125% Series F Cumulative Redeemable Preferred Stock at $24.664 apiece with plans to use the proceeds for the upcoming redemption of the 9.125% Series C Preferred Units of Essex Portfolio L.P., of which Essex is the general partner.
BOCA RATON, FL-Metropolitan Life Insurance Co. purchased the trophy 11-story, 145,344-sf, class A office building for approximately $206.40 per sf. The seller was 485 Properties LLC. The property was 82% occupied at press time.
NEW YORK CITY-Corporations have cut costs to the bone, agreed panelists at a seminar hosted this morning by the New York Appraisal Institute and RELA. With pressure on to hike revenues, can job growth be far behind? Think midyear '04, they say.
SHERMAN, TX-CertainTeed will buy a 545,700-sf windshield factory, closed 18 months ago, and build a 40-acre, state-of-the-art manufacturing and distribution site for the Central US. The city will buy and bank the 147-acre balance as part of a 10-year plan.
MIAMI-Located on 12 acres in the Doral area, the 457,000-sf complex includes a 10-story and a six-story building connected by a conference center. Carnival Cruise Lines and parent company Carnival Corp. occupy the entire complex.