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WASHINGTON, DC-Oncor International, the umbrella organization of more than 50 independent commercial real estate firms, makes plans to vacate its Washington, DC headquarters for Chicago early next year. The company's decision to leave the District after four years is all about location.
SEATTLE-Results of The Feary Group CFO Survey are in, and they suggest economy may take longer to bounce back than originally predicted. The survey also reveals that many companies maintain they would relocate if certain problems, such as traffic congestion and taxes, are not addressed.
NEW YORK CITY-Insignia Financial Group has signed an agreement with Cape Town-based Broll Property Group that will extend Insignia's reach throughout South and Sub-Saharan Africa, including Madagascar, Seychelles, Mauritius and Comores.
ORANGE COUNTY-Adhesive product developer Lohmann Corp. reveals plans to construct a 25,000-sf manufacturing plant in the 155-acre Thomas E. Lee Industrial Park. The $5.7-million endeavor is expected to get under way in December and is scheduled for completion in August 2003.
MIAMI-Weston, FL-based WF Developments sells a 7,000-sf and a 6,060-sf building to B&B Lakeview Realty Corp. and Bear Trust Inc., respectively. The assets will house each of the buyers' headquarters. The total sale price was $1.75 million.
PRINCE FREDERICK, MD-The new 92-acre Patuxent Business Park takes its first steps with a groundbreaking ceremony and plans for its first building, on which construction will begin next spring. Ultimately, the park will offer 650,000 sf of office, flex, and possibly light industrial space.
PHOENIX-The 104-unit Maryland Villas complex at 6333 N. 12th St. sells to a first-time Phoenix buyer from Hollywood, CA. A Marcus & Millichap broker meets the buyer at an investment seminar and later introduces him to the deal.
ORANGE, CA-The 24,000-sf multi-tenant office building, clad in Italian marble and built in 1986, is fully leased. The University of Sarasota is one of the building's major tenants.
LOS ANGELES, CA-Room rates are down from their peaks in 2000, and occupancy remains flat compared with last year, but most owners are on solid ground because they can easily meet debt service, according to Grubb & Ellis.
NEW YORK CITY-NTV International takes roughly 5,000 sf of ground floor retail space at 304 Hudson St. to house its broadcasting facilities and leases more than 11,000 sf of office space on the building's fourth floor.