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MONTREAL-The Canadian REIT closes on the MONTREAL-The Canadian REIT closes on the acquisition of one industrial property and a retail asset, signs purchase agreements on a mixed-use building and two retail centers, closes on two loans and negotiates a $63-million financing package.
PHILADELPHIA-In addition and adjacent to the nine-building master-planned Navy Yard Corporate Center, the Malvern, PA-based developer breaks ground today for a 75,200-sf build-to-suit biopharmaceutical manufacturing facility for Minnesota-based AppTec, which has another, neighboring 75,000-sf building on the drawing boards.
GLENDALE, AZ-Michael A. Pollack is accorded another honor for his makeover of a 1960s-era, vacant strip mall at 5340 W. Glendale Ave. Locally known as the "plastic surgeon of real estate," he is feted by the Glendale Chamber of Commerce.
FORT WORTH-The Fort Worth City Council, on an 8-0 vote, has cleared its share, $7.4 million, of a $16.9-million, 10-year incentive package for a Dallas developer who's got a retail and residential plan for the CBD's tornado-damaged Bank One Tower.
NAPERVILLE, IL-Midwest Warehouse and Distribution Systems has paid $36 per sf for 1812 High Grove Lane, and also gets 7.7 acres in the property across the street from a 275,000-sf building it occupies in the High Grove Business Park.
SAN DIEGO-Construction on the 346-unit Casoleil Apartments complex is nearly finished, with completion slated for summer of 2003. Rising at Dennery Road and Del Sol Boulevard, the built-out project will consist of 17 Tuscan-style buildings and numerous amenities.
PORTLAND-Verinform Inc. has leased space in a historic building in downtown. The two-year-old company develops and supports medical specialty information systems.
PRINCETON, NJ-The Michael Baker Corp., which has been a tenant at College Park since 1993, is bumping its space up from 16,000 sf and moving to another building within the Zirinsky-owned property.
MIAMI-The locally based REIT posted Q4 funds from operations of $10 million, up from $8.7 million in the same 2001 period. Net income of $7.3 million, or 21 cents per diluted share, was up from $5.1 million or 18 cents per diluted share in Q4 2001.