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BURLINGTON, MA-Duffy Properties purchases 76 and 80 Blanchard Rd. from W9/TIB II Realty LLC, an entity created by The Archon Group for its New England acquisitions. The two office buildings, which total 78,000 sf, were sold for a reported $5.8 million.
ORLANDO-The 314,000-sf retrofitted Westside Crossing Plaza in West Orlando and the adjoining 36,000-sf Mandarin Plaza, a former Rhodes Furniture Showroom, are about 75% preleased at average asking rents of $15 per sf among the 60 tenants.
MIAMI- Blockbuster Inc. and Winn-Dixie Liquor Store have signed leases estimated to be valued at more than $1 million combined for the 75,000-sf community shopping center, which is under construction in Miramar, FL.
MONTCLAIR, NJ-Sterling Properties' $5 million Bellclair project encompasses 70 high-end units and 4,000 sf of ground-floor retail. Before its life as a bowling alley, the downtown site was a trolley barn.
AUSTIN-The Instinet Group, a stock trader, takes the extra 5,000 sf to pull the staff under one roof instead of two in Austin. Lavaca Plaza in the CBD earns the deal and edge occupancy to 35%.
NEW YORK-A study by Clarion Partners, a leading national real estate investment advisory firm, shows apartment occupancies on the upswing, with returns to investors of about 10%. An increase in new multifamily construction is also expected this decade.
DALLAS-The Maharishi World Peace Fund says the price is firm: $108 million for 308 suburban acres and $20 million for a 400-room Dallas hotel locked in a lawsuit for about three years. Once again, area experts say the prices and the plan are skewed.
TYSONS CORNER, VA-Government contractor Sytex Inc. signs an office lease in the 220,000-sf mixed-use development at 8027 Leesburg Pike. The firm will occupy nearly 17,000 sf. Office space in the building generally snags $28.50 per-sf.
DENVER-Residents of the historic Baker neighborhood and the city's Landmark Preservation Commission despised and rejected all three of Fentress Bradburn Architects' proposals for high-rise residential towers.