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PHOENIX-A California couple, satisfying a 1031 Exchange, pays the full asking price for the Maryland East complex in Phoenix's north central submarket. The holding's quick sale was tied to a per unit price of $7,000 less than the going rate in the neighborhood.
ORLANDO-The five-year office-flex lease by Audio Visual Innovations Inc. for 13,400 sf brings Trammell Crow Co.'s third-quarter volume to 100,000 sf in a sluggish 98 million-sf industrial market with a 10% vacancy rate.
MONTVALE, NJ-The automaker will use the facility, located at 50 Craig Rd., for engineering purposes. Alexander Summer and Sitar/ONCOR repped the two sides.
OAKLAND, CA-City officials will face opposition at the next City Council meeting regarding a 770-unit apartment project that would require the largest city subsidy in Oakland's history for a residential project.
CHICAGO-The city will sell a 22,692-sf office building and five neighboring townhouses to Liberty Life Center, LLC for $1. The property at the southeast corner of 35th Street and King Drive will be redeveloped for retail and office use.
HOUSTON-Philips Medical Systems is getting about half of the office/warehouse building at 9555 Baythorne. The Netherlands-based company is a supplier of imaging equipment, IT and related health-care services.
BOSTON-The largest rental project to be developed in downtown Boston in 20 years will finally get built now that the city and the developers have reached an agreement with the residents of the Chinatown community. The 439-unit Liberty Place project will have 66 affordable units.
TAMPA, FL-Vacancies in the 59.8-million-sf inventory are at 15.04%, down 0.45% from Q2 but still above the 8.98% national average. Third-quarter net absorption has improved to a positive 364,743 sf from a negative 532,613 sf in the previous period.
PHILADELPHIA-Bala Cynwyd/Narbeth and the Newtown submarket of lower Bucks County are strong and growing, according to third-quarter data from the local office of Dallas-based Trammell Crow Co. Overall vacancy in Bala Cynwyd/Narbeth is 11.9%; class-A rates approach $28 per sf.
MIAMI-South Florida's Gold Coast Beverage Distributors is using an approximately 18-acre parcel of land it just bought from Flagler Development Co. to add 300,000 sf to its current 120,000 sf in Pompano Beach, FL.