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BOSTON-Meredith & Grew Inc., a locally based private real estate firm, hires Lisa Campoli away from Insignia/ESG to become executive vice president and co-head of investment sales. The move comes as Insignia prepares to merge with CB/Richard Ellis.
LONDON-Somerfield, Britain's sixth-largest supermarket chain, has received a takeover approach from an undisclosed potential bidder, the company announced today.
DENVER-A forecast by Apartment Realty Advisors refers to the Denver-area apartment market as "a dog with fleas," noting that 2003 will not be kind to the apartment market as new development becomes increasingly difficult to finance, even as the economy improves.
ANTHEM, AZ-Before the month ends, ground will break on another 50,000 sf at Desert North Commerce Center, a $15-million retail project with a 92% occupancy of mostly community services' tenants.
IRVINE, CA-The university acquires the 24,000-sf office building at 2300 Michelson Ave. from Layton-Belling & Associates of Newport Beach. The 1980s-something, single-story building, empty at closing time, will be used for an Orange County campus.
SAN DIEGO-Private investors John and Helen Karnazes of San Diego acquire the 32-unit multifamily asset from locally based M-H Financial. The property is located at 2275 Grand Ave. in San Diego.
NEW YORK CITY-While vacancy rates in US downtown office markets increased from 14.8% in the fourth quarter of 2002 to 15.2% in the first quarter of 2003, Cushman & Wakefield's industry forecast is still calling for a recovery later this year.
SAN DIEGO-A private buyer snatches up the 542-unit University City Village Apartments asset, which stands at 4633 Governor Dr., from UCV LP. The property, which is entitled for up to 1,109 units and an 80-unit assisted living facility, generated significant interest from both national and regional investors.
MIAMI-The 33-story Brickell Bayview Centre here sold for $38.4 million, or about $134.93 per sf. The Arden Group sold the more than 86% leased building, which includes 15 parking garage levels.