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LONG BEACH, CA-PCS Development lands the joint venture equity from Buchanan Street Partners for the Premiere at CityPlace, a 221-unit apartment complex now under construction in an eight-block redevelopment effort.
BEVERLY HILLS, CA-The JH Snyder Co. and Lexington Commercial Holdings will build 88 luxury apartments, the first to rise in 21 years in Beverly Hills. The tony plan also includes 40,000 sf of office space.
PASADENA, CA-The 84-unit Waterstone at Pasadena sells to Kan Investments at a 7.1% cap rate. Seller LA-based Pacific Property's take-home pay is $126,012 per unit for the non-rent control holding near Chapman Woods.
WEST PALM BEACH, FL-BAP Development Inc., the developer of the $55 million condo project planned for downtown, added the units due to market demand for more spacious luxury condos. They will range from 1,929 sf to 2,035 sf.
JACKSONVILLE, FL-The 12-year-old, Norfolk, VA-based developer sold the 17-year-old, 93%-leased Island Pointe apartment complex to Sagebrush Realty Investments Inc. of Denver for $15.25 million or $52,951 per unit.
BOLINGBROOK, IL-Sales, leases and a sale-leaseback are handled in this southwest suburb as well as neighboring Woodridge and Burr Ridge by brokers at Epic/Savage Realty Partners/TCN Worldwide. The largest involves a 125,000-sf building at 2 Gateway Ct.
ORLANDO-The 32-year-old, locally based subsidiary of Rank Group PLC of London, posted operating profit of $41.7 million in 2002, a 23.5% drop from $54.5 million in 2001. But total sales of $365.8 million topped the $356.4 million booked in the previous year.
SILVER SPRING, MD-The multi-structure WesTech Business Park is nearly all full, as five lease renewals and new lease agreements bring the flex office park's occupancy level up to 95%. Property owner Grosvenor still has the option to develop an additional 600,000 sf on the site.
DETROIT-By May 1, Big O Tires will open 12 stores in former Penske locations. Penske pulled 600 of its auto repair stores out of Kmart after the company declared bankruptcy last year.