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DENVER-Third-quarter funds from operations of $1.09 per share were in line with expectations given the tough multifamily market, according to the investment firm's REIT Research report. Another tough year is expected in 2003.
PHILADELPHIA-The Baltimore-based owner puts the 18-story, 435,000-sf office building at 3535 Market St. on the block for an asking price of $195.40 per sf. Located in the University Science Center, it is 93% leased at about $25.50 per sf.
VISTA, CA-PNS Stores Inc., dba Big Lots, inks a $2.3-million lease to expand to 37,000 sf here, while Big Five Sporting Goods signs a $1.2-million agreement for 15,000 sf. The two tenants will occupy the space previously leased by Heilig Myers Furniture.
SAN DIEGO, CA-ECP Associates, a California general partnership, snaps up the four-year-old, 56,429-sf corporate office building from Spectrum Huntington Center LLC, which counts Layton-Belling & Associates Inc. as the managing member.
COLDWATER, MI-Michigan automotive supplier Group Automotive Systems, Inc. agrees to sell a 78,000-sf facility to Acore Door Co., the fifth sale arranged in the local area by Binswanger/CBB of Philadelphia.
GEORGETOWN, TX-Site work begins on the 33-acre Rivery Towne Crossing, a 75,000-sf joint venture project of Weber & Co. and Today Realty Advisors. The construction loan has an 18-month term and two six-month renewals.
BALTIMORE, MD-Manekin oversees the completion of the $3-million renovation to 36 South Charles St., and secures a 10-year lease renewal on 24,000 sf from longtime tenant law firm Shapiro Sher Guinot & Sandler. Space in the building goes for $21 to $30 per sf.
SALIDA, CO-Multifamily rental mogul C. Robert Nicolls II, who also is co-owner of the 100-room Monarch Lodge, is part of a team looking to buy Monarch Ski area southwest of Denver for $5 million, $1.5 million less than Los Angeles-based investor Goodwin Gaw and Melvin Choo of Hong Kong paid in 1996.
MIAMI-The independent-living facility will cost $27 million. The 125 units will range in size from 700 sf to about 1,700 sf. The project is being developed by Howard Bloom and Kenneth E. Richardson.
TOLLESON, AZ-Altana AG is gearing up to move into 54,200 sf at the Transpacific Distribution Center, marking the first lease for a 190,000-sf building that's sat empty for two years. The firm will relocate from 54th Avenue.