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DETROIT-Grubb and Ellis notes the Livingston County area is seeing growth in population and building as development moves west from Detroit and suburbs. It's enough for the company to start tracking the industrial market.
SANTA MONICA, CA-The 1914-1916 Main St. Building was one of the city's first conversions of industrial space to "creative" office space, and was featured in several architectural magazines. The building is currently about 50% vacant.
BEAUMEADE, VA-Beaumeade Technology Campus--the two-building, 132,000-sf complex within Beaumeade Corporate Park--sells to Nottingham Properties in a deal with previous owner Beacon Capital Partners. Transwestern Commercial Properties is handling the management and leasing activity at the property, which is currently about 34% occupied.
BROOMFIELD, CO-The 35,000-sf store built on a 3-acre site in 2001 is available at a 9% capitalization rate. DSW has committed to a 15-year lease at the location near the entrance of FlatIron Crossing Mall.
BALTIMORE, MD-The $90-million Spinnaker Bay mixed-use development gets off the ground with a groundbreaking ceremony at the vast Inner Harbor East site. Upon completion, an entire city block of parking lots will have been transformed.
PHILADELPHIA-The three-story building at 491 Allendale Rd. is located on 5.25 acres and includes 237 parking spaces. The University of Pennsylvania Health System is among the major tenants, and the property is 95% leased.
LONDON-Mickola Wilson has left the struggling Marylebone Warwick Balfour to join Teesland as Joint Chief Executive alongside Paul Oliver. The two were formerly colleagues at Guardian Royal Exchange.
NEW YORK CITY-Cushman & Wakefield market analysts are predicting that much of Downtown's class B/C office space may be converted to residential, as property owners look to stay afloat in a market burdened under 13.6% total vacancy. A company office retrospective indicates class A asking rents in Lower Manhattan have dropped 13% during the past 12 months.
CARLSTADT, NJ-The six-acre site, unused since the Scientific Chemical Processing Co. was forced to shut it down more than 20 years ago, is within the Meadowlands redevelopment zone.