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GOLETA, CA-DuPont Displays will take 148,000 sf in Saris-Regis Group's 325,000-sf business complex, according to the terms of the $25-million lease. It will occupy the majority of the space soon to be vacated by Litton Industries, which is now owned by Northrop Grumman Corp.
DENVER-Locally based ProLogis, the world's largest industrial real estate investment trust, has leased 283,500 sf of distribution space in southern France to a logistics company.
BURBANK, CA-Los Angeles County suffered the second-steepest decline in non-residential construction in the state for the first eight months of this year, according to the Burbank-based Construction Industry Research Board.
LOS ANGELES-Compared to the second quarter, there were 178 fewer deals announced in July, August, and September in the US market, but aggregate deal value rose by more than $46 billion, according to Mergerstat. In Europe, volume and value fell off sharply.
DETROIT-Up to five new Wal-Mart and/or Sam's Club stores are planned in suburbs of Detroit each year, but the behemoth retailer is still shy about the city itself.
PARAMUS, NJ-The agreement between owner Westfield America and an affiliate of Britain's Prudential plc includes options for the latter to buy up to 50% of the two million-sf super-regional mall.
LONDON-In further evidence of the growing market for indirect property vehicles fund manager Hermes, on behalf of the British Telecom Pension Scheme, has become an investor in The Junction out-of-town retail fund managed by Capital & Regional and Morley Fund Management.
NEW YORK CITY-Several local REITs including Englewood, CO-based Archstone-Smith are among those circling the 99-unit residential offering, says a close source. With an asking price of $14 million, the Eric Margules-owned portfolio has received nearly 25 bids since hitting the market two weeks ago.
SAN ANTONIO-A glass manufacturer leases 9,000 sf at Rittiman West 7 in San Antonio's northeast submarket while a 3,000-sf office property in the near northwest sells to a ministry for prisoners.
WASHINGTON, DC-President Bush issues an ultimatum to Congress, demanding members to pass terrorism insurance legislation today. The bill has been tied up in conference with Democrats and Republicans unable to agree on the issue of property owners' liability in resulting civil lawsuits.