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SOUTH WEYMOUTH, MA-Lennar Partners sign a letter of intent to be master developer of the 1,450-acre former Naval Air Station. The search for a master developer for the property--one of the largest in the area with development potential--has been going on for nearly two years.
SOUTH PLAINFIELD, NJ-The generic tablet maker is now occupying a total of 21,500 sf at a Kennedy Montrose property after a transaction arranged by Sheldon Gross Realty.
ATLANTA-Locally based Sugar Mill Properties, LLC buys two, class-B, 52,500-sf buildings for about $43.81 per sf from F&M Property of Atlanta. The buildings were completed in 1985 and are 94% leased. Northwest Mortgage and Phillips Engineering are among the tenants.
ROYAL OAK, MI-By the slimmest of margins, Craig Schubiner of Harbor Development wins planning commission endorsement in this Oakland County suburb for a five-story building on Woodward Avenue.
MIAMI-The five-year lease renewal at the 701 Brickell building is for 22,785 sf. The New York-based company is paying about $33 per sf. With positive renewal results, the building has retained a 98% occupancy level.
ORLANDO-Salthouse Group bought the 39-year-old, 26,509-sf vacant twin theater property at auction for $1.7 million. For the building alone, the price equates to $64.13 per sf, half of its estimated replacement cost.
FAIRFIELD, CA-Private investors acquire a 180-unit apartment complex in Fairfield and a 400-unit complex in Roseville for a combined total of approximately $66 million.
ATLANTA-The locally based hotelier plans a $100M, 422-unit, 21-story flagship InterContinental Buckhead Atlanta on a 3.7-acre parcel it purchased from an undisclosed Germany-based seller on Peachtree Road in Buckhead for $65.15 per sf, the most expensive land deal this year in metro Atlanta, according to GlobeSt.com research.
BALTIMORE, MD-Financially hobbled shopping outlet owner Prime Retail Inc. says no to an unsolicited $66.2-million proposal from Fortress Investment Group to buy the company. The REIT has sold off several properties in the last few months in an effort to pay down debts.
MIAMI-More than 8.8 million pounds of cement, 13.8 million pounds of sand, 17.3 million pounds of rock and 352,000 gallons of water will mark the largest foundation pouring in state history. A ceremony is planned for Oct. 11.