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SACARMENTO-Shorenstein signs a letter of intent to purchase the 25-story, 427,000-sf U.S. Bank Plaza from Grosvenor Americas after Grosvenor's deal with McCarthy Cook & Co. and Charlesbank Capital Partners falls through.
VAIL, CO-Lodging revenue for the quarter ending Oct. 31 jumps 40% over the same period a year ago, buoyed by acquisitions that include Heavenly Ski Resort, the Vail Marriott and the Lodge at Rancho Mirage hotels.
CHICAGO-A joint venture between the Wells Real Estate Investment Trust and Wells Limited Partnership Fund XIII pays $124 per sf for a four-story building in the Crosspoint Business Park in northeast Indianapolis.
DENVER-Buying Christmas presents on-line takes a bite out of the profit margins of local merchants, which in turn results in lower sales tax revenue for the city, argues Mayor Wellington Webb.
BIRMINGHAM, AL-The most expensive purchase was Birmingham-based River Ridge Shopping Center, a one-year-old, 100%-leased 162,062-sf property sold by Ridge Retail Co. LLC for $29.64 million. The Oak Brook, IL-based REIT added 1.3 million sf to its 10 million sf portfolio.
DETROIT-Development near the Detroit Metropolitan and Willow Run airports in Wayne County have been haphazard, says University of North Carolina professor John Kasarda, leaving a great void for destination development planning for businesses and residents.
HOUSTON-The Trammell Crow Residential complex abuts an Equity Residential project, but the buyer wasn't a given in the bidding for the three-year-old development. A dozen would-be buyers had lined up for the $29-million offering.
MEXICO CITY-The fund, which will invest in sale-leasebacks, build-to-suits and portfolio buys of industrial and office properties in Mexico, will remain open to investors through February or until it reaches $100 million. It is the first private equity fund of Mexico Real Estate Investments LP, a subsidiary of Industrial Global Solutions.
PORTLAND-The national engineering firm is moving from 31,000 sf in the middle of the building to 41,000 sf on the top three floors of the 15-story Downtown building. KPMG, which is subleasing the top floor from Arthur Andersen until next summer, also is looking for space to expand and consolidate operations.
MESA, AZ-Lakeview at Superstition Springs is destined to be the crown jewel for Nearon Enterprises of Danville, CA, a return buyer to the Arizona market after a five-year hiatus. The 40-acre gated community is 94% leased.