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SEATTLE-The Toronto-based REIT finances the 450-room luxury hotel acquisition through the assumption of a $44-million first mortgage and hands management to its affiliate, Fairmont Hotels & Resorts Inc. Four Seasons Hotels Inc. has managed the Downtown hotel for the past 21 years.
STOCKTON, CA-The $80-million-plus development, part of a 3,000-acre master planned community by A. G. Spanos, will be the only regional shopping center located on the I-5 corridor in the Stockton trade area.
PHOENIX-For the first time in three quarters, the office market posts a positive absorption, 400,000 sf, with West Phoenix and Tempe leading the metro's submarkets. Still, vacancy overall is 20.5% and the CBD is averaging 19.9%.
TOMBALL, TX-Cooper Cameron gets close to its $2.4-million asking price for a three-building, 40,845-sf property at 11311 Holderrieth in a Houston suburb in an ongoing disposition of assets picked up through acquisitions.
ROCHESTER, MI-Strip malls and other similar real estate developments eliminate open space and ruin fresh water sources with polluted storm water runoff, according to an environmental group.
DALLAS-Two law firms expand and take over the balance of the 48th floor in the 1.7-million-sf Renaissance Tower, where the legal field accounts for 35% of the tenant base. A third law firm re-ups 12,062 sf on the 44th floor.
HOUSTON-WorldChain of Fresno, CA will consolidate its Houston data center and admin offices into 3,732 sf at 1301 Fannin St., a downtown building with bells and whistles tailored for the high-tech crowd. The lease is valued at $536,000.
MIAMI-The enclosed mall portion of Town & Country has experienced low occupancy levels while the strip center portion of the 601,942-sf retail center has seen the exact opposite.
MIAMI-The enclosed mall portion of Town & Country has experienced low occupancy levels while the strip center portion of the 601,942-sf retail center has seen the exact opposite.