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GRAPEVINE, TX-The merchant builder finds a taker for Grapevine's South Main Vineyard Phase I within a few months of it coming to market at an asking price of nearly $3 million. The seller holds onto adjoining land for a second phase.
ASBURY PARK, NJ-With a redevelopment agreement now in place with Asbury Partners, the property sale is an early signal that this seaside community's rebirth is finally on track.
OAK LAWN, IL-Cincinnati-based Fifth Third Bank plans to develop a major lockbox facility here, mirroring a similar operation in its hometown. The 25,000-sf facility will eventually employ 150 people.
CHICAGO-Work has begun on redeveloping over 100 acres of the enormous former U.S. Steel South Works in Chicago. The site will be home to a new Solo Cup factory by 2004; a lakefront park is also under way nearby.
ATLANTIC CITY-The 26,000-sf facility, which will be the primary power source for the new Borgata casino/hotel property, is slated to open well before the hotel does.
MOUNTAIN VIEW, CA-The Computer History Museum has purchased a 119,000-sf two-year-old building on 7.5 acres. The seller was Carlyle Shoreline Trust, which purchased the property last year for more than $27 million.
COSTA MESA, CA-Assisted Living Inc. says it has received two unsolicited letters from buyers of its outstanding shares, which a Lazard Freres & Co. affiliate has already proposed to acquire.
WASHINGTON, DC-Marriott International wins the bid to build the new Washington Convention Center headquarters hotel with a $500-million proposal. The 1,500-room property will also feature 90,000 sf of meeting space to accommodate visitors to the 2.3 million-sf convention center facility due to open in March.
SAN ANTONIO-Spigel Properties, a recognized turnaround specialist, is working out the details for its newest acquisition, the Westlakes Mall in San Antonio. The property, anchored by Target, is shouldering a 50% occupancy.
LOS ANGELES, CA-The REIT, Southern California's largest landlord, also announces lower revenue for the third quarter and reports on its stock repurchase program. The company's stock is trading about $8 below its 52-week high.