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PALM BEACH COUNTY, FL-Challenges remain ahead, however, for the market, as it reported overall absorption of negative 458,053 sf year to date and an increase in the overall vacancy rate from 7.1% at the end of second quarter 2002 to 7.8% a year later.
BULLHEAD CITY, AZ-The deal overcomes language barriers and normal negotiating obstacles on the road to a closing with a final price of $400,000 below the original ask. A Las Vegas broker is the intermediary between the Japanese seller and LA buyer.
CHICAGO-Horizon Realty Group pays $86,957 per unit for the property at 5650 N. Sheridan Rd., at the northern end of Lake Shore Drive, which is in a rare submarket that has seen rents increase and vacancies decline.
FORT WORTH-The finished stack holds three leases and one sale of a retail-zoned lot to longtime tenant, a family-owned used car dealer. Two of the three leases are secured for a Fort Worth center and the third goes to a Southlake property.
DENVER-To be called Broadway Plaza Lofts in downtown Denver, the project will include 35 studio units, 153 one-bedroom units and 35 two-bedroom units. It will be capitalized with $17.8 million in Multi-Family Housing Revenue Bonds issued by Denver and an undisclosed amount of tax-credit equity.
DENVER-Popular in New York, Chicago and Boston, Denver will be getting its first condo hotel allowing investors the opportunity to purchase rights to a condo unit year-round or rent their units as a hotel generating daily hotel revenues.
LONDON-FPDSavills calculates that availability in the M25 office markets around London grew by just 5% during the first half of 2003, after more than doubling in 2002. The agent takes this as an indication the market could be close to bottoming out.