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LOS ANGELES-The Modesti family, which has operated on the site for 30 years, sells one corner property and moves to another. Several offers surfaced for the prime corner, but the winner was Peretz Properties of LA.
MIAMI-RK Causeway Plaza LLC bought The Causeway Plaza from Causeway Plaza Inc. for $14.85 million, and RK Biscayne Plaza LLC bought the Biscayne 162 Plaza from Biscayne 162 Corp. for $3 million.
SAN DIEGO-Cadence Design Systems Inc., which is currently Carmel Corporate Plaza's sole tenant, will dramatically downsize its presence here in a few months. The company inks a five-year lease for 10,124 sf here with plans to vacate the rest of the 90,000-sf office development later this year.
THE WOODLANDS, TX-On Center holds onto its office in the Bank One Building in the Woodlands Town Center by taking a sublease, executed in July 2000, to a direct deal. The 94,048-sf office building is 58% leased.
GREENWICH, CT-Insignia/ESG officials predict Westchester County's office market will continue to outperform surrounding areas of metro New York and could land additional relocation deals from New York City this year. Their expectations for Fairfield County in 2003 are much more guarded, however.
PHOENIX-Mike Kumelski of Trammell Crow Co. is one of 10 nationwide selected for the national advisory board of ICSC's "Next Generation Program." The program will be rolled out at the May convention in Las Vegas.
OAKBROOK, IL-A private partnership represented by San Francisco-based BT Commercial Real Estate's net lease investment group acquires the six-story 3 Lincoln Center for $268 per sf. The neighboring 2 Lincoln Center is expected to close soon.
DALLAS-The Dallas "survivors" are getting aggressive to win final signatures, but the end result has been one of the hardiest class A signings in quite some time. The deals are turning on lights in space that's been empty for nigh on a year.