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ROYAL OAK, MI-The federal designation means that communities along Woodward Avenue in the Detroit area will have access to $1 million to improve and market the businesses along the road.
HERNDON, VA-Ownership of the 227,000-sf office building that is home to software company Computer Associates changes hands as Prentiss Properties Trust purchases the property from a real estate fund for $51.5 million.
CHICAGO-The insurer picks up Trizec's second mortgage for a song. The insurance firm already holds the $766-million first mortgage on the building. Last year, the value of the building was indicated by Trizec, through its right down, at just over $800 million.
LONDON-Warner Estate has bought a pounds 166 million ($260 million) portfolio of distribution warehouses from Morley Fund Management. It plans to use it as the core of a new industrial property fund, to complement its existing retail and office funds.
HOUSTON-A flooring company takes over a 14,100-sf building vacated by Weatherford USA while EMC International, a Mexican wire rope manufacturer, slides into Sugar Land for its first US location. Both sign medium-term leases.
WEST LOS ANGELES-A 12-unit apartment complex that was built in 1951 has sold to a local private investor for $3 million, while seven units in Beverly Hills bring $1.07 million.
SAN DIEGO-A partnership between The Shidler Group and The Praedium Group sells the 77,000-sf office building to an LP less than one year after buying it.
FORT LAUDERDALE, FL-The 77,000 net rentable-sf property, a failed restaurant/entertainment project here that's been vacant for more than three years, is being upgraded and converted into a first-class, primarily office center for marine and yachting-related businesses.