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BURBANK, CA-Construction of commercial buildings continues to decline on a year-to-year basis, but a monthly increase in April could be a harbinger of change. The report said total construction registered a 9.8% increase from March.
BOSTON- The 95,000-sf Russia Wharf is one big step closer to getting a huge makeover by Equity Office Properties Trust. The state approved the Chicago-based developer's draft environmental impact report.
ANAHEIM, CA-Harbor Distribution of Rosemont, IL, goes from tenant to building owner of 1625 S. Lewis St., a three-structure property developed as a build-to-suit in 1988 for Coors. The asking price was $8.5 million.
NAPLES-JMD 2000 LLC paid CRF Design Studio LP of Baltimore about $155.55 per sf for the 18,000-sf, 100% occupied retail plaza here. With its good location and occupancy, the buyer expects it will be a good investment.
MEDIA, PA-The funding kicks off a search for matching funds to renovate two downtown, borough-owned landmarks here. Conversion of the nearly 100-year-old, 3,700-sf armory into a veterans' museum is scheduled for completion in early 2004. Media Theatre will be upgraded.
LONDON-Two of the UK's biggest property players have teamed up with US-based Simon Property to form a global facilities management joint venture that initially will serve 300 retail malls and parks worldwide.
LOS ANGELES-Marshall & Swift takes over another 22,251 sf at 911 Wilshire Blvd., where the real estate data and appraisal company already occupies 16,000 sf. The added office area was subleased from URS Corp.
CHICAGO-The 1.2-million-sf Saint Louis Galleria and 1.1-million-sf Coronado Center in Albuquerque, NM, are added to General Growth Properties' portfolio, while the REIT buys out the 49% interest of its partner in GGP Ivanhoe III, which owns eight malls.
OLYMPIA, WA-The 12,622-sf building has been leased by Group Health since it was developed in 1988. Sun Life Financial acquired the building that same year. With Group Health's 15-year lease term expiring this month, Sun Life has sold to Sea Mar Community Health Centers for $2.1 million.
WASHINGTON, DC-Interstate Hotels & Resorts and Northridge Capital Inc. get together in a joint venture to pursue hotel property acquisitions through a $400 million hospitality fund.