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HOUSTON-Affordable financing, limited supply and low selling prices have kept sales strong. A report says the downside is the selling price per sf for class B and C properties has dropped $8 per sf from last year's take-home average of $83 per sf.
SEATTLE-A recent report prepared by Marcus & Millichap Real Estate Investment Brokerage Co. wagers the Puget Sound market will continue to garner the attention of private investors and remain stable despite national and local economic doldrums.
CHICAGO-The Lynch Auto Group's dealership in the Portage Park neighborhood wins an exclusive right to sell Porsche sports utility vehicles, requiring the company to expand by 28,000 sf. A banquet hall must go, and the city is cooperating.
ATLANTA-Wyndham International Inc. of Dallas sold the 40-year-old, 284-room hotel and conference center at 920 Broadway for $8.4 million or $29,577 per room. The property has 10,000 sf of meeting space.
PHOENIX-The dry riverbed is becoming a hotbed for development, attracting activity such as a 30,000-sf headquarters project to a proposed 18-hole golf course on 160 acres. Developers and the city are eyeing the promise in the seven-square miles.
CITY OF INDUSTRY, CA-The transportation and logistics company inks a seven-year, $2.8 million lease that will consolidate its operations from two facilities in Orange County. The lessor is Majestic Realty.
HANOVER, MD-The largest office/industrial portfolio in the Washington-Baltimore area finds a new owner as SSR Realty disposes of the 1.1 million-sf Parkway Business Center and Brandon Woods Business Park for $53.2 million. The portfolio accounts for 13 structures, and is 95% leased.
ORLANDO-A 44,000-sf Publix Supermarket anchors the newly constructed, 100%-leased Lakewood Ranch Shopping Center which sold for $8 million to the Oak Brook, IL-based retail REIT.
SUNNYVALE, CA-NetScreen Technologies is expanding in the Silicon Valley area, taking advantage of Ariba's low sublease rates to consolidate its headquarters and make room for its new employees.
CARMICHAEL, CA-The Five Points Shopping Center, a 50,440-sf shopping center whose tenants include Long's Drugs and Picadilly Circus, is sold to Progenitor Holding, a Stockton-based partnership.