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AVENTURA, FL-The US subsidiary of Mexico's GICSA plans to build two developments here: The Parc at Turnberry Isle, a $40 million project comprising two, 22-story-towers and the Country Club Center, a $15 million, 70,000-sf office, retail and banking complex.
ARLINGTON, VA-The 465-unit Gates of Arlington low-income housing complex becomes the property of affordable housing developer AHC Inc. in a $35.5 million deal. AHC received assistance from County officials who feared the building would be redeveloped as high-end residences.
SEATTLE, WA-The three-year-old multifamily property lists for $12.5 million, a 7.2% cap rate, as prices in the market continue to show strong appreciation. Multifamily prices rose from $70,186 per unit to $80,295 in the first nine months of 2002, according to one study.
DENVER-Analysts Stuart Seeley and Kevin O'Shea lower their outlook based on Apartment and Investment Management Co.'s 2003 guidance, as well as forecasts by peers. "We maintain our Buy rating," they add.
ARLINGTON, TX-An energy conservation firm, FaciliTech Systems, moves in this month to 5,980 sf in the Arlington Business Park while another industrial user sequesters 5,000 sf in the Great Southwest for its main location.
CHICAGO-The worldwide work force for the real estate services company will be trimmed to about 6,400 with a 4% cut in the corporate head count. Severance costs are estimated at $11.5 million, about $38,000 per person.
CORPUS CHRISTI, TX-The Houston developer closes the deal so work can start on a 65,260-sf shopping center on the south side of Corpus Christi. Kohl's will anchor the center, which is planned to open in the fall.
CHESTER, VA-The Hampton Inn Chester gets a new owner as Winston Hotels Inc. sells the property in a $3.3-million deal. The 66-room hotel has been part of Winston's portfolio since 1994 when Winston purchased it months after its construction.
HIGHTSTOWN, NJ-The real estate services network's look back on 2002 and view of 2003 paints a picture of a continued slow, shallow glide and some wild cards.
BEAVERTON, OR-A maker of circuit boards and other electronic systems for the aerospace industry has taken 26,000 sf of flex office space for manufacturing and office operations.