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LONDON-Pillar Property has agreed to purchase the Crown Point North Shopping Park in East Manchester. Stages payments through the development process will take the final price to around pounds 100 million ($155 million).
ORLANDO-New suburban residential development is opening up large parcels for commercial ventures especially in the submarkets of Pasco/New Tampa, Brandon/Southeast, Citrus Park, 4th Street-St. Petersburg and Lakewood Ranch in Sarasota/Manatee.
LOS ANGELES, CA-Vacancy rates above 14% in L.A. and other major office markets increase the risk of delinquencies on office building mortgages, a report says. Economic factors driving population and employment growth for major U.S. office markets are expected to remain sluggish.
ATLANTA-The former owner/broker of the suburban Atlanta brokerage will be a senior advisor to the local office of the Irvine, CA-based commercial real estate firm. At DeKalb Realty, Levin closed 200 approximately transactions over the past 13 years.
AUSTIN-The Texas Health and Human Services Commission takes 5,115 sf while Quantitative Environmental Analysis of Montvale, NJ, signs for 1,434 sf. The state agency space complements 41,064 sf in a neighboring building.
BALTIMORE, MD-Constellation Energy Group's subsidiary Constellation Health Services leaves the assisted-living property business with the disposition of 15 such complexes in a $77-million deal. Five Star Quality Care and Senior Housing Properties Trust acquire the facilities in a joint transaction.
MERRIMAC, MA-Three different developers request comprehensive permits for three different multifamily project proposals that total 534 units. The projects each include an affordable-housing component that would enable them to bypass local zoning laws to get them approved.
DENVER-Steve O'Dell, a top broker specializing in land for multifamily developments, has joined the recently formed apartment brokerage firm Apartment Realty Advisors.
MIAMI-The redevelopment will involve demolishing a 10,000-sf building, a process that began Oct. 25; building a parking lot; renovating the 30-year-old former Jacobson's building; and building a 6,000-sf outparcel. The $3.5-million project is scheduled to be complete next summer.
ATLANTA-The Reston, VA-based developer is creating the first 358-home community on the new one million-sf, 1,334-acre Centennial Campus at North Carolina State University where 700,000 sf of office and academic space is already occupied.