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REDMOND, WA-Fairfield Residential pays $42 million for the 400-unit Ravenswood at the Park apartment complex in Redmond, the biggest single multifamily transaction since 1999. The price translates to a 6% cap rate, but Fairfield expects that to rise to at least 7% over the next 18 months.
CHICAGO-The popular Krispy Kreme Doughnuts chain is expected to begin building its second store in the city, and first on the North Side, after a $390,000 land sale gets a favorable recommendation from the city council's committee on housing and real estate.
WASHINGTON, DC-The Heurich House comes home, as the Heurich Foundation re-acquires the historic 16,000-sf mansion and carriage house for $5.5 million from the Historical Society of Washington, DC.
CROWLEY, TX-A Utah owner of self-storage properties beats out two other full price offers for a well-leased combo property with upside tied to a road extension. An abutting seven acres are bought for an expansion.
BOSTON-Kensington Investment Co. files its development plan with the city for a 336-unit residential complex in the heart of the city near Washington and LeGrange streets. The 30-story project exceeds the city's 155-foot maximum height requirement.
TEMPE, AZ-Paramount Windows will more than double its size when it relocates in August. Key to the decision to move was finding expansion room in the same neighborhood with a three-year payout of $1.4 million.
CHULA VISTA, CA-The Corky McMillin Cos. will celebrate the grand opening of its Sienna residences in several weeks. Sienna is the first neighborhood to be built in the second phase of the developer's Otay Mesa master-planned community, known as McMillin Lomas Verdes.
PLEASANT HILL, CA-The University acquires a 102,000-sf office building here for its main campus, which is currently located in Walnut Creek. The building, sold by Bank of America, will house administrative offices, classrooms and libraries for its five schools.
LONDON-Savills' trading update for the half-year, prior to the interim results for the first half of 2003, warns of rocky times ahead for its agency department and says its partnership with Trammell Crow is 'under review'