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NEW YORK CITY-It's been rumored for months, but now it's official. Lend Lease has confirmed that it will exit the US real estate investment sector. GlobeSt.com has learned that a management buyout of Holliday Fenoglio Fowler is still the likely option.
MESA, AZ-The 156-unit Newport Mesa Apartments sell for just $30,000 below the asking price after six months of marketing. The buyer is a Tempe investor, who's getting a repositioned property with a per unit average rent of $580.
LaGRANGE, IL-The LaGrange Crossing power center at Ogden Avenue and LaGrange Road here is refinanced for $14.25 million, while a 26,192-sf Osco-anchored neighborhood center in north suburban Lincolnwood is collateral for a $5.475 million.
CHINO, CA-Denco Sales sets up shop in 25,975 sf of industrial space in Hayward Industrial Park to boost the five-building park's occupancy to 95%. The four-year lease, valued at $500,000, takes part of 14040 Central Ave.
PRESTON COUNTY, WVA-A 5,600-acre parcel of land finds a new owner as an Allegheny Energy Inc. subsidiary sells the property to Allegheny Wood Products Inc. in a $9.75 million deal. Allegheny Energy had held the property in its portfolio for 80 years.
AVON, MA-Architectural Glazing Systems Inc. leases 25,546 sf at 40 Murphy Dr. within the Avon Industrial Park. The company will be relocating this summer from another Avon location as part of an expansion of its operations.
EL PASO, TX-Following the lease up of a two million-sf business park here, Santa Teresa Limited Partnership and Santa Teresa Real Estate Development Company open two new industrial parks, one of which is located directly on the Mexico border.
DAVENPORT, IOWA-The 90,000-sf building is the first multi-tenant development in Downtown Davenport in more than 20 years. The $14.3-million project will open in May 2004. It is currently about 70% pre-leased.
ATLANTA-Local developer Bill Swearingen is selling the historic 1883 property and two-thirds of the 3.4-acre Midtown block to the Trust for Public Land and the Georgia Trust. The groups need to come up with $4.5 million to buy the property and restore the house and grounds.
CHICAGO-In addition to a one-on-one with office and multifamily REIT boss Samuel Zell, next Thursday's RealShare Chicago at the Hyatt Regency includes give-and-takes between panelists as well as themed lunch-time discussions.