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NORFOLK, VA-MacArthur Center, a one million-sf shopping center, is now almost entirely owned by Taubman Centers Inc. Taubman increased its 70% ownership of the retail property to 95% through a $45.4 million investment.
DALLAS-One is a class A sublease that takes all the space and the balance of the term through March 2007 at Lincoln Center I in Dallas. The other four leases carry terms of three to seven years for Arlington and Garland properties.
ANAHEIM, CA-Newport Federal of Newport Beach buys the 85%-leased, 157,593-sf Anaheim Corporate Center along La Palma Avenue to satisfy a 1031 Exchange requirement. The LA-based seller, Kilroy Realty, bought the asset in 1997.
HOUSTON-Lender Noble Mortgage & Investments of Houston puts up the capital with a 16% interest rate for a three-year loan to finance renovations at two properties, including the Moritz North, where the owner is working to overcome a condemnation order.
ATLANTA-The Lakeland, FL-based grocer will occupy 30,312 sf on a single level at the $2 billion, 138-acre mixed-use Midtown redevelopment scheduled to open in late 2004.
BURLINGTON, MA-Boston Federal Savings Bank is acquiring seven local offices from Houston-based Encore Bank. Boston Federal and Broadway National Bank are owned by BostonFed Bancorp Inc. The two banks have 11 branch offices in the Greater Boston area.
HARRISBURG, PA-The Pennsylvania Housing Finance Agency will kick start two multifamily projects with loans and tax credits. A 15-unit building for people aged 62 and older will break ground in Factoryville, and a 29-unit complex will be constructed in Farrell.
ORLANDO-The New York City-based real estate investment firm acquires a total 642 apartment units in six 20-year-old properties for $26,500 per unit, marking the second bulk multifamily acquisition Praedium Group LLC has closed with its local partner, Affirmative Equities, in two years.
LAKE FOREST, CA-A Beverly Hills buyer acquires the 19,402-sf Foothill Center from an Irvine seller. The center closes at more than $219 per sf, a price that is becoming fairly common for well-leased retail properties.