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FORT WORTH-Robert Graham, who started out in the 1980s at Woodmont, returns as an investment partner. At Crescent, Jerry R. Crenshaw Jr., a member of the original team, is named CFO and executive vice president.
MIAMI-The 30-acre mixed-use park, which opened in 1990 in Boca Raton, has inked several new leasing deals worth millions of dollars in recent months. Besides an 11-year lease extension by Max's Grill, new tenants include La Bottega di MammaRr and Les Bijoux.
PHOENIX-Transactions in metro Phoenix these days are predominately fueled by 1031 Exchanges from smaller, private investors. The pool of cash is available, but often the replacement product is hard to find.
CHICAGO-The $1.1-billion fund manager acquires the 1.28-million-sf tower at 311 S. Wacker Dr., topped by a distinctive crown, for a reported $275 million, from Teachers Insurance & Annuity Association.
SOUTHLAKE, TX-Ground has just broken on four garden-style office buildings in Cornerstone Business Park. Delivery is set for April 2003. Abutting land options are in hand to add more product if the concept is successful in tony Southlake.
VANCOUVER, WA-The buyer was a partnership that included a 10-31 exchanger and Guardian Management, a regional owner and manager of apartments. The buyer assumed an existing $7.7-million loan carrying an interest rate of 7.09%.
SHERMAN OAKS, CA-Knolls Associates LLC obtains the acquisition financing from Freemont Investment and Loan to purchase a 260-unit apartment complex despite low occupancy. The seller of the property was a joint venture between Legacy Partners and Equity Residential.
LONDON-Reflecting the continuing strength of the German open-ended property funds, the SEB ImmoInvest fund managed by SEB Immobilien-Investment has bought its first property in Spain, the 180,000-sf El Mirador shopping centre in Cuenca.
SCOTTSDALE, AZ-Doors open tomorrow on the Americas Information Services Data Center. The opening is part of DHL Worldwide Express' $250-million plan for Arizona in the next five years.
ORLANDO-St. Augustine, FL-based Florida East Coast Industries Inc. has put its Orlando-based Epic Communications Inc. subsidiary on the selling block as it writes off Epic's entire book value of $238.1 million.