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SAN JOSE, CA-The San Jose City Council passes a controversial plan to relocate businesses from an East San Jose shopping center if the city acquires it using eminent domain. The city wants to raze the buildings and redevelop the site.
VANCOUVER, WA-A 300- to 350-room hotel will replace the riverfront Inn at the Quay and an overpass or underpass will move conference goers across the railroad tracks to the Esther Short Park area of Downtown Vancouver, where a $20-million conference center will be developed.
WATERTOWN, MA-In accordance with an agreement between the town and Harvard University, the town council has approved the zoning change for the 30-acre Arsenal on the Charles allowing educational use on the property. Harvard will compensate the town for its loss in property taxes if it occupies the site.
DENVER-A new lobby at MCI Tower with imported granite walls and floors are the first noticeable results of a $2-million renovation there. Next door, Marriott City has undergone an $8-million overhaul.
SPOKANE, WA-WestCoast Hospitality Corp. intends to convert another 20 hotels to the Red Lion Brand. The action means there will be more hotels bearing this name than at any other time in Red Lion history.
LIVERMORE, CA-Even though the Livermore Planning Commission and Design Review Board recommend changes in plans for a new theater and office project, the city council has approved the project as is.
PHILADELPHIA-The Plymouth Meeting, PA-based retail REIT replaces an existing 7.96% obligation with a new 10-year term commitment that carries a weighted average interest rate of 6.12% only for the first two years, with amortization for the remainder of the term.
LAGUNA HILLS, CA-Triple Net Properties of Santa Ana, Calif. acquires the 73,000-sf Saddleback Financial Center from MIG Realty Advisors of Walnut Creek, Calif.
WEST ORANGE, NJ-The 351,000-sf Macy's- and ShopRite-anchored retail complex moves into the portfolio of the Principal Life Insurance Co. after a transaction arranged by Cushman & Wakefield.
SAN DIEGO, CA-Liz Mullarkey, Trustee of the Mullarkey/Brys Trust, acquires the 17,077 sf of industrial space, which is located in 4S Ranch Corporate Park. She plans to use the newly purchased space as a gymnastics studio.