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SAN DIEGO, CA-Jones Revocable Trust of El Cajon purchases the 100-unit asset from William G. Ayyad Inc. and Daniel J. Furlan, Trustee of San Diego. Located at 229 16th St., the property was 96% occupied at the time of sale.
HOUSTON-ProLogis holds onto a tenant in the West by Northwest Industrial Center by coming up with 64,000 sf of industrial space in one building instead of two non-contiguous spots in the park. The lease takes effect July 1.
CHICAGO-Jones Lang LaSalle pegs the overall suburban vacancy rate at 15.47%, but its first-quarter 2003 report notes it jumps to 19.14% when sublease space is factored in. The I-88 Corridor continues to be the hardest hit among submarkets.
CHICAGO-The building proposed by nonprofit South Park Affordable Housing and Services may not fit in with the character of vintage residential buildings alone King Drive, but the $13-million project gets a unanimous recommendation from the plan commission.
FLOWER MOUND, TX-The class A, garden-style project passes from the developer to a Los Altos, CA, private investor, who secures a loan and turns around proceeds from a multifamily sale in San Antonio to get the six-building deed.
BOSTON-The effort to revitalize East Boston's waterfront area is edging closer to reality with the state environmental approval for the redevelopment of Pier One. The $100 million project involves 585 housing units and is one of two large developments proposed here.
LAS VEGAS-Following opposition from MGM Mirage, the Orlando, FL-based developer cans its use permit application for a 54-story, 750-room tower, chops 11 stories from the design and resubmits for approval. The planning commission is scheduled to consider the use permit in May.
MIAMI-The large international law firm is leasing 24,000 sf of office space for 10 years in a move from 1200 Brickell Ave. to Mellon Financial Center at 1111 Brickell Ave. here.
IRVING, TX-Jones Lang LaSalle Hotels wins the race for a five-hotel portfolio sales contract, and its first with the Texas REIT, to hawk the first of 33 properties ticketed to go. The 894-room package is situated in Ohio, New York and Arizona.