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PHOENIX-A California investor's $675,000 check ropes a fully leased complex with a positive cash flow of 15% after the seller, Ben Ruzmin of Phoenix, hinted it might be for sale. The property is just south of Camelback Road.
COLUMBUS, OH-The Ohio state Public Utilities Commission and the Secretary of State sign leases totaling 174,000 sf for Trizec Properties' Borden Building in Downtown Columbus. The PUC, which leases the bulk of the space, has been in the building for 12 years.
FRAMINGHAM, MA-The town of Wayland has managed to halt development of a 665-unit project with its appeal of the special permit the Framingham Planning Board gave to the developer, National Development Associates.
DALLAS-Trizec Properties and Alon USA end nearly five months of negotiations for a class B office building in a submarket burdened by a major highway project. Alon, a three-year tenant, will stay in place through 2012.
WASHINGTON, DC-Occupancy in the class A office structure at 1701 Pennsylvania Ave. reaches 97% as law firm Bruder, Gentile & Marcoux signs on for more than 12,000 sf in the 12-story, 187,000-sf tower. Bruder Gentile is relocating its offices from 1100 New York Ave.
LONDON-Selfridges has succumbed to a pounds 600 million ($960 million) offer from Galen Weston just as Debenhams announced a pounds 1.54 billion ($2.5 billion) offer from venture capital group Permira. But further bids for both cannot be ruled out.
LA JOLLA, CA-McCarthy Building Cos. Inc. completes construction of the Powell-Focht Bioengineering Building, a new research facility located at the University of California, San Diego in La Jolla.
CHICAGO-Interest on a $19.5-million development note will be 8.75%, tax-free, while a $7-million project note will carry a 9.75% interest rate, also tax-free. Proceeds from the bond sales will help finance the $110-million conversion of the Brickyard Mall into a lifestyle center.
NEWBURY PARK, CA-Come June 1, WV Communications, a satellite maker for military and commercial applications, will move into an 11,193-sf building, featuring laboratory and office space in a relocation from Westlake Village.
ORLANDO-In a corporate streamlining move, the Jacksonville, FL-based developer is disbanding its four-year-old, Orlando-based hospitality division, which was headed by Robert Shinn, a former senior vice president of Walt Disney Imagineering Co. in Lake Buena Vista, FL.