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HOUSTON-Alliance Printing and Graphics gets the keys for a recently traded office/warehouse building that underwent a $100,000 renovation by the new owner, Archway Properties of Houston. The tenant is using it for offices and production.
DALLAS-The bid-ask gap between quoted and effective rents is 27% and widening in a market with a 24.2% overall vacancy and 9.7 million sf of sublease space, says Grubb & Ellis. This year will bring buying opportunities for value-adds and distressed properties.
BOYNTON BEACH, FL-A partnership controlled by Roberts Equities Inc. of New York has purchased the 154,000-sf, 98% occupied retail property here from Investcorp of New York for approximately $125 per sf.
CHULA VISTA, CA-Subway Real Estate Corp., State Farm Insurance Co., Lolita's Restaurants Inc. and Pacific Bell Wireless LLC have all signed leases to occupy space at The Plaza at Sunbow, a 105,000-sf Chula Vista neighborhood center. The transactions are worth $964,000 combined.
ARLINGTON, VA-Leading retail and entertainment property REIT The Mills Corp. announces the securing of a total of $500 million in financing for three of its shopping centers. The malls involved include Charlotte, NC's Concord Mills; Katy, TX's Katy Mills; and COPT's debut European center, the Madrid Xanadu in Arroyomolinos, Spain.
HONG KONG-The company is buying three additional floors of a 10-story industrial building in the southern China city of Shantao. The jewelry maker will move 600 workers to the new space in six months.
YONKERS, NY-Electronics retailer P.C. Richard & Son Inc. has acquired a 3.3-acre parcel on Central Park Avenue here for approximately $2.5 million so that it can replace its existing store nearby with a new store of about 36,000 sf.
TEXARKANA-The Dallas-based repositioning pro collects $2 million after 26 months of work to take occupancy from 16 units to 92% for the 112-unit Texas-Arkansas border complex. The transaction closed at a 9 cap on the pro forma, AmeriSouth says.
AUSTIN-Fusion Learning Systems doubles its office space and takes a small chunk out of a submarket with 545,000 sf of vacant sublease space. For the next two years, the tenant is filling i2 Technology Inc. space at Lakewood on the Park.