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SAN DIEGO, CA-Owner Alessio Investment Co. has started work on a $5.5-million renovation of the circa 1965 high-rise office building. Slated for completion in spring 2003, the rehabilitation will involve numerous upgrades, including the addition of a new glass canopy, valet parking area, state-of-the-art fire suppression systems and HVAC system.
HOUSTON-TVO Realty Partners is presented with 15 offers, four of which are above the $6.5-million asking price. The prize goes to CNC Investments of Houston. The just-closed deal makes it three down and one to go for the Chicago-based seller.
DETROIT-The City of Detroit is seeking Renaissance Zone tax-free status for several high-profile properties within its borders: Campus Martius, RenCen, Clark Street and Book-Cadillac properties, all of which have been slow to thrive on their own.
DETROIT-Sales, leasing, jobs and construction are down sharply from the second quarter, says a CB Richard Ellis market report. However, so is construction, keeping vacancy and lease rates steady.
PORTLAND-ProLogis is developing the building for Bunzl/Papercraft at its Jennifer Distribution Center located on Highway 212, east of Interstate 205 in Clackamas. Bunzel/Papercraft is consolidating its operations from two other locations in the region.
CLEAR LAKE, TX-Seventeen of 86 office buildings in the NASA/Clear Lake submarket are up for sale. It's problematic because the area historically does not attract institutional investors, but rather entrepreneurial ones. In today's economy, that's a real problem.
TARRYTOWN, NY-Despite the current lackluster leasing environment in Westchester County of late, Reckson Associates Realty Corp., reports it has recently secured 81,970 sf in new leases, expansions and renewals at its 710,250-sf Tarrytown Corporate Center complex here.
FORT WORTH-The gold-shovel ceremony is tomorrow, but excavation doesn't get under way until mid-November. Requests for proposals go out in December in a plan to have all crews in place for a March 2003 start on the foundation.
DALY CITY, CA-Kimco Realty Corp. picks up the 562,000-sf mall from Westlake Development Co. for shares in a DownREIT. Kimco plans spend $12 million renovating and repositioning the property.
SAN FRANCISCO-The firm will take space in Foundry Square II, a 493,000-sf, 10-story building at 2nd and Howard streets in Downtown San Francisco. Foundry Square is a joint venture of William Wilson & Associates and Equity Office Properties.