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PHILADELPHIA-In separate year-end transactions, the Plymouth Meeting, PA-based REIT closes on a $100-million credit facility and sells 2.09 million shares for proceeds in excess of $29.4 million. The three-year credit facility allows refinancing of a $56.8-million mortgage due in August.
MISSISSAUGA, ONTARIO-The twin six-story buildings comprise more than 300,000 sf of class A office space that is 100% net leased to TD Bank, one of Canada's largest financial institutions.
BOSTON-The quarterly statistics are out and the picture remains the same: Vacancy rates are going up and rents are going down. Sublease space continues to have a huge impact on the market as tenants are not interested in short-term deals.
GRESHAM, OR-For the first time in 15 years, the city is launching an update of its development plans governing commercial, industrial and business park properties. The undertaking is required by state guidelines.
PHOENIX-Nearly 800,000 sf in three office projects came on line last year and three more totaling 332,000 will be unlocking doors in the coming months. The 230,000-sf Camelback Explanade V was the largest to deliver in 2002.
LONDON-Two shareholders have been amassing substantial stakes in serviced office provider Regus, and they have continued to buy despite last week's emergency sale of 58% of the UK business in order to prop up the ailing UIS operation.
SAN CLEMENTE, CA-Oggi's Pizza acquires the 10,429-sf industrial property, one of nine buildings planned at a portion of Talega Business Park, for $1.1 million. The project is one of a number developed to meet demand for owner-user industrial buildings.
SIMI VALLEY, CA-The firm leases 33,700 sf of office space in a 10-year, $4-million lease, opening a new branch in an expansion from Chatsworth. The new office takes 3850 Royal Ave. to 100% occupancy.
MIAMI BEACH-The $150-million condominium and townhouse tower is planned for 40 stories and 175 units. It is being developed by The Setai Group of New York City and constructed by Beers Construction. Units will range from the low $700,000s to $12 million.
LONDON-The British housebuying public is ignoring warnings about a house price crash. That's the conclusion of the latest research into the residential market by the Woolwich building society.