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SOUTHFIELD, MI-The 2-million-sf retail mall, the 12th-largest in the US, has age and image problems working against it. GP Northland Center LLC of Maple Shade, NJ works to turn that around, as well as shore up an 85% occupancy rate.
LOS ANGELES, CA-The statewide health foundation will move from rented offices in Woodland Hills, Calif., to a 6.5-acre site near Union Station in downtown L.A.
AUSTIN-Ologic relocates from within the Las Cimas complex in Austin's southwest submarket. The developer of storage networking equipment cuts a deal for sublease space on the market by Dell Computer.
PHILADELPHIA-Southeastern Pennsylvania Transit Authority renews its lease at 2045 Wheatsheaf Lane here and expands from 50,000 sf to 87,766 sf. Terms are undisclosed, but the asking rental rates for industrial space in Philadelphia County average $3.50 per sf, according to GlobeSt.com research.
SAN DIEGO, CA-Investor demand has pushed apartment sales in the region to the highest level in 17 years, according to a new report by Burnham Real Estate Services, which points out that a total of 335 apartment sales occurred during the second quarter of this year.
ATLANTA-With the purchase of the 75,000-sf, 14-story, 74-year-old Downtown Commerce Center building, locally based Inman Park Properties owns three high-rises in the Alabama city. Inman paid the Chamber of Commerce $1.1 million or $14.67 per sf for the property, also known as Protective Life Building.
LONDON-Airports operator BAA has been given the go-ahead for a pounds 250 million plan ($390 million) to expand London Stansted airport, a major base for European no-frills airlines.
SCOTTSDALE, AZ-The news comes at the Trend Watch 2002 conference. Job growth will be strong in the next two years, but for now rents are down, vacancy is up and new construction is outpacing the demand.
ORLANDO-Ernst & Young credits several key promotions for the city's average June occupancy of 66% among the area's 90,000 hotel and motel rooms. Average monthly room revenue for the first half is $74.83 versus $88.83 a year ago.
BOSTON-Emmanuel College gets city approval to buy back a 48,000-sf building it sold to Beth Israel Deaconess Medical Center more than 30 years ago. The former all-girls college, which recently went coed, will be restoring the office building to its original use as a 212-room dorm.