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DETROIT-Newport Beach, CA-based PLC Commercial Inc.'s project along 12 Mile Road, near Novi Road and I-96, has about 500,000 sf leased. It expects to have the final 25% open by the holidays, the owner says.
STERLING, VA-A former Wal-Mart Store has been sold to Brighton Columbia Place for $10 million and will soon become home to a Wegmans Food Markets. The 120,000-sf, nine-year-old structure will be upgraded to accommodate 130,000 sf of space before the new market's opening next year.
WASHINGTON, DC-The historic Southern Railway Building at 1500 K St. sells to a Grosvenor USA-sponsored partnership for a reported $85 million. Built in 1928, the 243,000-sf office structure had belonged to the realty division of Teachers Insurance and Annuity Association College Retirement Equities Fund.
LONDON-The largest shopping centres in the UK--those over 500,000 sf--have fallen out of favour with retailers, according to new research from Donaldsons. Rents in the largest shopping centres only grew by 1.5% in the year to June 2002, against 2.7% across all shopping centres and 5.7% for high street shops.
AUSTIN-Texas officials, in search of more business, are headed on a five-day whirlwind tour to Winnipeg and Saskatoon. It's the first trip north for the group, which has been making the rounds to lure companies to the Lone Star State.
NEW YORK CITY-The jointly commissioned reports will examine the Fulton Street corridor's needs as a retail/entertainment destination and Lower Manhattan's housing stock south of Houston Street, in the aftermath of the World Trade Center bombings.
PORTLAND-Vacancies continued to rise and rents continued to fall, but there are signs that suggest a recovery may be on the horizon, according to a report by the multifamily brokerage firm Hendricks & Partners.
CHICAGO-A 300-seat restaurant would be added to a building at the northeast corner of Central and Washington, bringing a family-oriented eatery to an underserved Austin neighborhood. School and multifamily buildings also would be renovated.
LONDON-BL Gazeley, the joint venture between British Land and Wal-Mart's property arm Gazeley Properties, has agreed five major deals in the last two months. In Thatcham, Berkshire, it has sold a 355,000-sf distribution unit for Pounds 38.5 million ($60 million)
FREETOWN, MA-The Stop & Shop Supermarket Co. plans to build a 1.3 million sf distribution center on a 151-acre parcel off South Main Street. The plan involves buildings two warehouses and is estimated to cost about $45 million. The fate of the company's Readville facility is unclear.