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PHOENIX-RREEF is the seller and a Tempe investment is the buyer of the West Phoenix properties, both single-tenant industrial buildings. Though tied in name, the assets were acquired with individual debt in the event of a future sale.
PHILADELPHIA-Among the major Northeast CBD office markets from Boston to Philadelphia, only midtown-Manhattan's vacancy rate--8.6%--starts 2003 lower than Philadelphia's 12.2%, according to Grubb & Ellis data. Asking rental rates in trophy properties here rose last year.
PHOENIX-More than 2.97 million sf were absorbed last year, with 1.5 million sf compliments of Target Corp. with its West Valley project. Other sectors weren't so lucky, but overall vacancy is 9.9%, up just 0.2% from the previous year.
MIAMI-The software provider's 10-year, 27,969-sf deal is at Westside Plaza II. Concerto took over a two-year lease from a company it purchased, and extended the deal for an additional eight years.
LAS VEGAS-The entertainment/technology retailer outlines its fiscal 2004 plans at the Consumer Electronics show here. While most of the new stores will be opened in existing markets, forays into several Canadian cities are scheduled as well.
AUSTIN-The American Legion's Texas chapter paid $1.3 million for the 19,500-sf building and two acres along Ed Bluestein Boulevard. For 20 years, the site was leased to Motorola for semiconductor manufacturing.
LOS ANGELES, CA-Dick Poladian steps into the top accounting position at the real estate development and management firm. He formerly was a managing partner at Arthur Andersen.
POTOMAC, MD-The Brittany Portfolio--the four-complex, 1,000-unit collection of apartment residences in the Metropolitan Washington, DC area--hits the market and fetches $106 million, or $99,000 per-unit.
ALBANY, NY-In a State of the State speech that some say provided some insight but little substance as to what the state will do about its projected multi-billion dollar budget deficit, Governor George Pataki handed out carrots to Westchester and New York City where he proposes to develop biotech Centers of Excellence.