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NEW YORK CITY-The REIT discloses a blizzard of recent acquisitions totaling about 3.5 million sf. Closed deals include 11 shopping centers and two development projects, while deals on 14 additional buys are expected to be final be the end of Q1.
ORLANDO-Workstage LLC, a Grand Rapids, MI-based developer owned by the Gale Co. and Steelcase Inc. is fast-tracking the 43,000-sf, build-to-suit project in a public-private venture for Oakland, FL: an Orlando suburb with a population of 936.
SAN DIEGO-Locally based Preferred Employers Insurance Co. inks a five-year lease for office space at Pacific Center I. The transaction is valued at $2.3 million.
NEW LENOX, IL-Michaels Stores gained unanimous approval for its five-year, 50% tax abatement to build a 700,000-sf distribution center in southwest suburban New Lenox, dangling the promise of 250 jobs and a $6 million payroll at the site.
SEATTLE-The world's third largest architecture firm is negotiating a lease for 85,000 sf in a new 400,000-sf mixed-use development here that it will design for a joint venture of Vulcan, Harbor Properties and PEMCO Insurance.
PLANO, TX-The 40-employee bank and title company practically double office space with a 20-year lease for the Shops at Legacy. Unlike its East Texas network that sold eight months ago, Benchmark now wants a one-stop shop without branches.
THE WOODLANDS, TX-George Lake of the Houston area replaces construction financing with a permanent loan with capital from Berkshire Life Insurance Co. The 100%-occupied center is a "super class A and well located," says the loan arranger.
VICTORVILLE, CA-Related Capital Co. of New York City provides the financing for the development of a 100-unit complex in Victorville and 108-unit project in Riverside. The affordable housing complexes will deliver in summer 2004.
AUSTIN-The University of Florida secures 1,444 sf at the Stratum Executive Center so it can be close to its research partner on a child development project. The university signs for three years in the USAA Realco-owned complex.
MIAMI-The law firm Adorno & Yoss inked a deal to lease 55,000 sf for 12 years in the 12-story, class A office building, called 2525 Ponce de Leon, where the rental range is $32 to $34 per sf. The Coral Gables, FL building is scheduled to break ground this quarter.