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DALLAS-American Realty Investors Inc. officially abandons a merger plan with two sister real estate companies. A decision has been on hold since mid-March when a stock purchase satisfied a settlement with shareholders.
PHOENIX-The La Jolla, CA-based buyer wrangles another deed from Starwood Capital as it sets about fulfilling a goal to buy $50 million of Phoenix-area office product. For $5 million, Equus got a 92,249-sf building at 202 E. Earll Dr. in the downtown.
ATLANTA-David E. Hawthorne, president and CEO of the Atlanta-based firm, is bowing out as W. Thomas Parrington, a Lodgian director, steps in as interim chief executive officer of the five-year-old company.
CALABASAS, CA-The new owner will occupy nearly half of the 15,232-sf office complex, an acquisition with a location close to executive housing and the Warner Center mix of entertainment and shopping venues.
SANFORD, FL-After years of talk and planning, this suburban Orlando city of 30,000 permanent residents is close to signing a deal with Suncor Investments Inc. of Heathrow, FL to build an $18 million, 53,000-sf Downtown facility.
JACKSONVILLE, FL-Shareholders will be given increased information on the company's operations, says Hugh M. Durden, a company director who chairs the new section. Other directors in the group are Herbert H. Peyton, Walter L. Revell and John D. Uible.
SAN JUAN, PUERTO RICO-The portfolio was acquired by a joint venture of Caribbean Retail Asset Management and Perry Real Estate Partners. The floating rate loan includes $35 million of future funding for the construction of additional improvements.
IRVINE, CA-The Owen Group will relocate the headquarters to a two-story, 18,840-sf building in a shift of Irvine Spectrum addresses. The firm picks up needed extra space to accommodate its growth.
DENVER-The law firm is taking 35% more space in the Wells Fargo Center than it did at the nearby Republic Plaza. The 72,200-sf of space includes a high definition plasma screen TV in the reception area, conference facilities with built-in video and teleconferencing capabilities, and a wellness/mother's room for staff.