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NEW YORK CITY-Citicorp Real Estate sells the Isla Verde Crowne Plaza Hotel to HR Properties Inc. for $26.5 million. The buy is a hedge on the Puerto Rican hotel market, currently recovering from its worst slump since 1982.
CHICAGO-The Equity Office Properties boss notes tenants are shortening their decision-making time, and construction has slowed down. "Our strategy is very simple: occupancy, occupancy, occupancy," he says, adding job descriptions have changed among property managers.
HOUSTON-Claremont Property takes over the Landmark Apartments after overcoming obstacles that blocked the sale in April. Now that the deal's done, the owner will gut and rebuild to reposition its new asset.
TINTON FALLS, NJ-The proposed 60-acre site still has to be rezoned, and the town council will have to address questions involving added traffic on nearby roads.
NEWPORT BEACH, CA-James Camp, formerly with Lowe Enterprises, will be senior vice president of development and acquisitions, based at the company's Newport Beach office. Before Lowe, Camp worked for Koll Cornerstone and Burke Commercial Development.
ATLANTIC CITY, NJ-Combining the two casino/hotel properties would reduce the number of properties here to 11 and create the largest one of them all--at least until the Borgata opens up next.
LONDON-Industrial property specialist Ashtenne has sold the Sittingbourne research park in north Kent for pounds 19.75 million ($30 million). The company only bought the property 15 months ago for pounds 11.3 million ($17.6 million).
HOUSTON-Crews have descended on a tract, bought in February, in Rio de Janeiro's CBD. To get the Torre Almirante project moving, Hines finished one building and is making plans to convert two others into a 15-story parking garage.
OAKLAND, CA-The $2.4 million public works grant from the U.S. Department of Commerce's Economic Development Administration is the federal share of the $3.2 million project to design the base's conversion from military use to light industrial, commercial and maritime development.
MIAMI-The 162,106-sf Lauderdale Lakes office park becomes 98%-occupied with five recent leases totaling 33,610 sf and valued at $1.88 million. The broker for the owner attributes much of the success to competitive rental rates.