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LONG BEACH, CA-The property generates 283 inquiries, crashes a voice mail system, and produces 12 bids for a 19-year-old, 8,220-sf center. It illustrates the big interest from small investors looking for stabilized properties with consistent cash flow.
MOUNT CRAWFORD, VA-National discount retailer Wal-Mart Stores Inc. decides it will help service its various chains in the Mid-Atlantic area by locating a new 1.2-million-sf regional distribution center in Rockingham County. The $55-million development is expected to become operational in the spring of 2005.
TEMPE, AZ-Adolfson & Peterson will move the team into the 14,000-sf office building in May. The acquisition of 5002 S. Ash St., on the leasing market for a year, more than doubles the construction firm's regional office.
MIAMI-Despite being offered hundreds of thousands of dollars in incentives from the city of Sunrise, FL, Cigna has decided to stay put in Plantation, FL. The 10-year lease, at Executive Pavilion, is valued at approximately $10 million.
CHICAGO-Jenny Builders Inc. will construct 2,000-sf condominiums in three buildings at 3968-76 S. Ellis Ave. on a 39,000-sf site it is buying from the city for $264,000, 44% less than its appraised value.
FORT WORTH-AmeriSouth Realty, in back-to-back purchases this week, gets the deed to the 100-unit North Hills Manor. A $700,000 rehab follows the closing for the 100%-occupied asset, the first to go in a class C offering by an Arlington investor.
BLOOMFIELD HILLS, MI-The Michigan mega-mall REIT is still resisting a $20 per share takeover offer, which is scheduled to end at midnight tonight (EST) unless it is extended.
LONDON-The new management team at Chesterton has ordered 90 job cuts as part of a cost-reduction exercise to save pounds 3.5 million($5.5 million) per annum. But the company insists front-line jobs will be saved.
MIAMI-The $20 million, 107-unit, 11-story loft condominium project is being built in downtown Fort Lauderdale. Units start at $185,000, and penthouses at $800,000. A three-story parking garage also is being built.
IRVINE, CA-Permanent General Assurance Co. will stay at Crown Valley Financial Plaza for another five years. The 10-year tenant has taken 1,500 sf of additional space in a newly crafted pact for 15,439 sf.