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SEATTLE-The 27-unit Hillcrest Apartments and the 19-unit Cornell Apartments land a combined $3.09 million in financing at an interest rate of 5.34%. The properties are outperforming the market in terms of occupancy.
SUNRISE, FL-The sale, at about $108,974 per unit, is one example of investor demand for luxury apartment communities in South Florida. Heather Glen 234 LLC bought the complex, consisting of 17 buildings with 282,048 sf of space, from J&P Construction.
DALLAS-JMJ Development and Parliament Group replace Pohl Brown & Associates as the purchaser of the acreage surrounding Austin's 1.3-million-sf Lakeline Mall. Based on the lowest cost for land of that caliber, it's a good bet the price tag exceeds $39.2 million.
LOS ANGELES-The recession continues, but the LA area is faring better than might be expected despite problems in Northern California and the nation. Experts are predicting an uptick in high-tech manufacturing later this year and continuing through 2004.
PORTLAND-Multnomah County recently sold the 95, 582-sf Ford Building at Southeast 11th Avenue and Division Street for $2.1 million and is preparing a request for offers for the Morrison Building, a 38,000-sf building at Southeast 21st and Morrison Street.
HOUSTON-The Service Center, a national marketing support firm, pulls the headquarters staff and distribution team under one roof at 6450 Clara Rd. in the West by Northwest Industrial Park. Move-in takes place June 15.
CORAL SPRINGS-The division will manage third-party properties and assets for the company's industrial and commercial clients in the South Florida and Caribbean areas. Deborah A. Lerner has been chosen to head the division.
LONDON-Rotherham council in South Yorkshire has won a landmark ruling in the EU that will allow it go ahead with a pounds 65 million ($108 million) regeneration project.
DENVER-AmeriVest Properties priced a public offering of 5 million shares in order to raise $31 million to pay down a line of credit and loan. The act will allow the REIT to buy new properties, adding to its portfolio of 27 office buildings in Denver, Dallas, Phoenix and Indianapolis.
CHICAGO-Unlike the last recession, which offered bargains ahead of the economic recovery, panelists at Thursday's RealShare Chicago say distress sales and opportunities are more difficult to find this time around.