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PHILADELPHIA-The Newton, MA-based REIT pays $103.67 per sf for the 32-story Centre Square office building at 1500 Market St. The 1.77-million-sf, 29-year-old building, is 97% leased by 37 different tenants, a majority of which are leased through 2006.
BILLERICA, MA-SIPEX Corp. closes most of its manufacturing facility at 22 Linnell Circle and transfers the work to Malaysia where the semiconductor company already has operations. The company is also moving its headquarters from here to Milipitas, CA.
SEATTLE-The combination of 888,000 sf of new construction deliveries and minimal leasing activity resulted in 83,000 sf of negative net absorption in the third quarter, according to the latest report from Grubb & Ellis, which predicts "a slow recovery sometime over the next 12 to 24 months.
ATLANTA-The New York-based firm obtains $100 million in funding to acquire the 1.8-million-sf IBM Corporate Campus, located on 206 acres in University Research Park. Total price, sources tell GlobeSt.com on condition of anonymity, is $130 million, or $72.22 per sf.
ORLANDO-The privately held Massachusetts investor paid Atlanta-based Post Properties Inc. about $20 million or $39,370 per unit in a $40.4 million acquisition package that includes the Post Ascension apartments in Arlington, TX.
ATLANTA-An affiliate of the Munich-based insurance company buys a 601,000-sf distribution center in Gwinnett County for approximately $32.28 per sf from Indianapolis, IN-based Duke Realty. The newly constructed facility is 84% leased to Des Plaines, IL-based United Stationers.
TUCSON-DESCO Southwest cracks the Arizona market by buying the land and the development plan. DESCO pays $4.3 million in cash as it makes plans to start on the 75,000-sf, class A Skyline Esplanade.
PHILADELPHIA-A former 117,000-sf distribution center at 1100 E. Erie Ave. is sold to locally based Community Academy for about $17 per sf for conversion into a charter school. It is among several area industrial buildings recently acquired for this purpose.