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BOYNTON BEACH, FL-Construction has started on the 99,750-sf Building 2 and the 94,098-sf Building 3 at Premier Gateway Center at Quantum in Boynton Beach, FL. More than half of each building is leased out.
SCOTTSDALE, AZ-Forest Health Services of Ypsilanti, MI ends a year of looking for a good site in Scottsdale. The tract on the southwest corner of Perimeter and Princess drives was earmarked for the second phase of the Sonoran Corporate Center.
SPRINGFIELD, VA-West Springfield Terrace--the 244-unit, multi-structure apartment community on Burling Wood Dr.--becomes the property of Rochester, NY-headquartered Home Properties in a $34.2-million transaction. The company plans to spend an additional $1 million on upgrades over the next few years.
SACRAMENTO-The plan calls for 200 apartment units, including several penthouse lofts, and street-level retail space to be funded by $15 million in financing provided by the city's redevelopment agency.
SAN DIEGO, CA-The Centre City Development Corp. is currently accepting proposals from developers for a new multifamily project in Downtown San Diego's East Village neighborhood, near a parking garage being developed by the San Diego Padres.
RICHMOND, VA-United Dominion Realty Trust Inc. makes a couple of strategic moves with the recent acquisition of two apartment communities for a total of $50 million .The residential properties--located in Columbia, MD and Riverside, CA, respectively--are both in solid multifamily markets.
NEW YORK CITY-When its net lease to a furniture company expired in spring 2001, owner Fraglow Realty brought Newmark & Co. on board to tenant the property. With 15 new deals signed, the 120,000-sf asset is 90% occupied.
HOUSTON-Archstone-Smith gets $59,914 per unit for the 348-unit 7100 Almeda Rd., a complex in the high barrier to entry Medical Center District. The seller just acquired the 18-year-old complex in 2001.
NEW YORK CITY-Bear Stearns Merchant Banking acquires North Bergin, NJ-based Vitamin Shoppe Industries for roughly $300 million from J.P. Morgan Partners and FdG.
LONDON-Development Securities has completed of the sale of ten properties for Pounds 8.7 million ($13.5 million). The proceeds will be reinvested in larger properties.