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ATLANTA-Anticipating an aggressive 2003, Wells Real Estate Funds has added three professionals to its team. Mark Preston and Shak Presswala are former staffers at SunTrust Robinson Humphrey Capital Markets, while Ginger Griffith moves up to investment office/closing level.
MIAMI-UBS Realty Investors LLC sold the 11-story office building, with 124,931 rentable sf, for approximately $136.08 per sf to Brookwood Financial Partners LP. The class B property is 91% occupied.
LONG BRANCH, NJ-It's a sort of dueling redevelopments scenario--this oceanfront city and Asbury Park, 10 miles to the south, keep taking turns making headlines.
LONDON-Isis Property has bought Neopost House, the largest office building in the suburban office centre of Romford, Essex, for pounds 5.66 million ($9 million) reflecting a net initial yield of 7.6%.
DENVER-Unlike other speculative office projects in the market, the relatively small 33,750-sf project is 90% leased, with the Cleveland-based developer taking about one-third of the space.
QUEENS, NY-Having broken ground in June on the 12-story, 282,000-sf office building in Long Island City, a topping-out ceremony for the first stage of construction on this second phase of the MetLife Plaza was held last week. Following Brause Realty's redevelopment of the adjacent facility into a 404,000-sf office space last year, MetLife optioned Phase II, slated to come online in six months.
PLANO, TX-The Paris-based Alcatel pushes ahead on its downsizing plans in Dallas-Fort Worth, exiting a block of office/distribution space at the Jupiter Distribution Center in Plano. CDS Datacomm is making plans for a February move-in.
ORLANDO-The planned 1,100-acre, $2 billion community has sold over 100 homes and broken ground on 200 luxury apartment units in the past 90 days. The near-Downtown venture is approved for one million sf of office and retail, and 3,000 residences.
GLENDALE, CA-Wells Real Estate Investment Trust of Atlanta buys the 20-story, 505,115-sf Nestle office tower for more than $310 per sf, a new high for Glendale. Nestle keeps its U.S. headquarters in the building.