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CHICAGO-A seven-acre site in the Stockyards redevelopment area, worth $1.15 million, will be given to a joint venture between Rosemont, IL-based McShane Corp. and Grubb & Ellis to develop a 140,242-sf speculative manufacturing building.
TEMECULA, CA-The lender on the 12-year-old, 143,375-sf neighborhood center is ING Investment Management. The term was 25 years. The center is 96% leased.
PHOENIX-The rents are holding relatively firm for all product type although occupancy admittedly is up just a shade. The metro region's stable rates get the credit for across-the-board increased leasing activity.
ATLANTA-The New York-based REIT is adding a class A, 169,000-sf office facility in Fort Mill, SC to its portfolio for $17.9 million. When completed later this month, the property will be net-leased to San Francisco-based Wells Fargo Home Mortgage on an 11-year lease that will generate a total rent of $2.1 million through January 2013.
LONDON-As the first occupiers prepare to move into Development Securities' Paddington Basin scheme, the developer has expressed "cautious optimism" for the second phase of the regeneration project.
CHICAGO-The association of service and manufacturing companies, owned by the Pritzker family, signs an early, long-term renewal of its 34,612-sf lease in the building, joint venture between Lend Lease Real Estate Investments and USAA Real Estate Co.
TACOMA, WA-In a petition filed this week, Tacoma Promenade accuses the Ninth U.S. Court of Appeals of ignoring its claim that the company was deprived of its right to buy city-owned land located south of the Tacoma Mall. The feud began in the early 1990s when Tacoma officials imposed certain conditions on the developer before the $8.3 million purchase could be completed.
MIAMI-Two additional new tenants bring the leasing total 62,026 sf, aggregately valued at an estimated $2.92 million. The leases are for seven-year to 10-year periods at average quoted rents of $5.40 per sf to $6.35 per sf.
CARLSBAD, CA-A Nevada-based LLC snaps up the complex known as Prospect Point Apartments. The new owner is planning a $1.5-million renovation of the circa 1965 development.
AUSTIN-The city and Catellus remain locked in talks for a preliminary agreement on the redevelopment of the 709-acre Robert Mueller Municipal Airport. The pact could take as long as 18 months to be finalized.