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PHOENIX-The Valley's retail market is on the rebound, or at least the initial signs are there. "The gains are modest," says one retail pro, who credits hard-working brokers for the absorption win.
WHITE PLAINS-In the largest lease deal so far this year in Westchester County, Ameriquest Mortgage Company has signed a 118-000-sf long-term lease for its wholesale lending subsidiary Argent Mortgage at the former Kraft General Foods facility at 333 Westchester Ave. here.
ASHBURN, VA-Atlantic Realty Cos. makes progress on its Ashbrook project with the recent purchase of 41 acres. The multi-million dollar endeavor will result in 200,000 sf of retail space, 62,000 sf of office condominium space, and a 45,000-sf hotel.
DEDHAM, MA-The Massachusetts Bay Transportation Authority puts out a request for proposal for a developer to acquire and develop a 37-acre parcel that once served as a train yard on the Readville-Dedham line. The agency says that interest in the site is high.
EVERETT, WA-Snohomish County currently creates electronic images of land titles and related records as part of a pilot project. It will now be able to receive and automatically process documents through the recording system.
PHOENIX-A first-time commercial property buyer gets 8,901 sf in Phoenix, Tempe and Mesa. The deal closes within 60 days of the Five Aces Cash Express outlets coming to market as seller Maverick Holding Co. chases a 1031 Exchange.
LONDON-Royal London Asset Management has sold Ames House at 6-7 Duke Street in St James's, London SW1 to Standford Properties for pounds 8.45 million ($13.5 million) reflecting a net initial yield of 5.7%.
AUSTIN-The delivery of two million sf won't flood the market since most of the retail space already is reserved, say the pros. Besides, developers curbed their appetites last year, delivering just 600,000 sf. As a result, occupancy is 94.5%.
CARLSBAD, CA-Developer Continuing Life Communities LLC completes the first phases of its La Costa Glen senior project. The project's first phase consists of 54 villas and 259 apartments homes situated on 25 acres in a park-like preserve.
PHOENIX-The Phoenix-based hotelier undertakes an aggressive expansion built on new product and re-branded facilities. The North American strategy targets 50 cities while the international push takes aim at Asia and South America.