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MIAMI-With the second quarter came lower vacancy rates, rising rental rates, higher net absorption and consistent leasing and sales activity, among other factors pointing to a recovering economy, according to two new reports.
PORTLAND-Steven Klein, who left his post as Insignia's top local executive, isn't talking about his new plans until later this week. They could involve George Slevin, whom Klein recruited from Macadam Forbes in June 2002 to be Insignia's first Portland-area industrial broker.
LAFAYETTE, CA-The Lafayette-based purveyor of tenancy-in-common transactions is expecting its exponential growth during the first half of 2003 to continue, with projected year-end results in excess of 250 completed transactions and real estate value approaching $500 million.
ROCHESTER HILLS, MI-A new multipurpose building will house a student center, greenhouse and theater. It is one of three new facilities planned for the campus by 2013.
NEW YORK CITY-The waiting is over and the CB Richard Ellis and Insignia Financial deal is on the fast-track to closing. That event is expected to happen tomorrow.
ORLANDO-Regions Bank sells orphaned 43,000-sf building in suburban Apopka to Wiretec Wire World Inc.'s investment group for a recorded price of $568,500. As part of the deal, Metro One Development Co. principal Jay Rohr buys the nine acres behind the facility for $282,000, or $31,333 per acre (72 cents per sf).
HAWTHORNE, CA-The Irvine-based developer will raze a 60,000-sf industrial building to make way for Circuit City's new format store in the city's bustling redevelopment corridor. Site work begins in September and delivery is set for February 2004.
ORLANDO-The estimated $50 million project hinges on the city and state approving a $3.13 million economic incentives package this week, which ties in with a creative land swap between the 30-year-old CNL Financial Group and the city.
DALLAS-Ross Perot Jr. wastes no time in backfilling a hole from a developer who took a bye a few months ago. Starwood and Gatehouse Capital will help debut a plan with a 251-room W Hotel, 94 condos, 25,000 sf of retail and some office space.
HOUSTON-The Fiesta at 6, set to deliver in August, has hit the 50% pre-leased mark. Four leases are out for signature and the one that's back is an 8,000-sf Family Dollar, which committed to a 10-year contract.