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MIAMI-A Woolbright Development Inc. affiliate sold the 110,867-rentable-sf, Publix-anchored Tamiami Trail Shops for $16.2 million, or $146 per sf of rentable space. Built in 1987, the property was 100% occupied at the sale.
SAN DIEGO-Lakeshore Equipment Co. will continue to occupy 7,238-sf in the Hazard Center office and retail complex, according to the terms of its 10-year lease renewal. The toy store has been a tenant in the property since 1990.
BEVERLY HILLS, CA-The site, which has entitlements for a 133-room hotel, will be sold Aug. 5 at US Bankruptcy Court. The 40,732-sf parcel is carrying a minimum bid of $9.6 million or $236 per sf.
LOS ANGELES-The office vacancy rates in local markets "appear to have stabilized," according to Cushman & Wakefield's newest report. Overall vacancy is 17.9% versus 18.1% from three months ago. Equally good news is rent rose by 84 cents per sf.
PORTLAND-The council expects to approve the development agreement at the end of the month. The agreement covers development of the central district, which comprises 31 acres of the 130-acre South Waterfront area and at build out will hold some 2,700 units of housing as well as a satellite campus for Oregon Health Sciences University.
DENVER-Even with a membership fee ranging from $150,000 to $250,000 and annual dues ranging from $9,000 to $16,000, Exclusive Resorts' membership grew by 39% in one month and is now adding approximately one member per day to its private residence club.
NEW YORK CITY-Cosmetics giant Revlon is subleasing 151,484 sf of space in the 21-story 237 Park Ave. The company signed an 11-year lease, and plans to move to its new headquarters space by mid-summer.
DEVENS, MA-Robert Walker's plan to build a 248,000-sf mixed-use development suffers a setback after its approval is challenged by a selectman in Ayer. The project involves a hotel, a conference center, an office building and retail space.
HOUSTON-Picerne Real Estate Group immediately starts work on an 11-acre buy that came with a HUD affordable housing designation. Carved from 30 acres, the bulk went to an industrial developer who's now eyeing a distribution center project.