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NEW YORK CITY-At a meeting yesterday the New York Industrial Development Agency voted to issue $114M in Liberty Bonds, marking the first commercial development approval under the federal program. The bonds will aid Forest City Ratner's FC Hanson Office Associates, which will begin construction by the end of this year on a 10-story office tower in Downtown Brooklyn.
HOUSTON-Coastal Foods' new building will contain manufacturing and distribution. The 1.34-acre project, ticketed for a February 2003 delivery, is rising next to the tenant's headquarters in the Interbelt North Business Center.
BEVERLY HILLS, CA-Eight accountants from Big Four firms form a new West Coast office of national CPA firm Rothstein, Kass & Co. that will focus on assisting real estate companies.
CHINO HILLS, CA-City officials say the 240-unit luxury complex being developed on 11 acres along Chino Hills Parkway is the first new apartment development in the city since its incorporation in 1991.
WAKEFIELD, MA-Sentinel Benefits Group, Inc. takes 16,707 sf at 601 Edgewater Office Park. The employee benefits company is leasing space in a five-story 160,000-sf building located in Edgewater Office Park, a seven-building complex located directly off of Route 128.
LONDON-The Immigration & Nationality Directorate, part of the Home Office, has taken another 42,000 sf of office space in Croydon, the suburban office centre to the south of London. The move means IND has taken 160,000 sf in the town this year.
WARWICK, RI-Barnes& Noble, Inc. signs a lease agreement to open a new 28,000-sf store at 1324 Bald Hill Rd. that will replace a 24,000-sf store located across the street. The company needed additional space but was looking to remain in the area.
GRAND PRAIRIE, TX-A five-year lease causes some concern at the lending table, but the Dallas owner overcomes the obstacles and secures a five-year loan with 15-year amortization at a fixed 7.25% from Toronto's Manulife Financial.
DENVER-The world's largest industrial REIT will develop a 297,000-sf distribution facility in Urayasu City, Japan, on Tokyo Bay a wholly-owned subsidiary of a company known as Panasonic in the US.
DALLAS-Wyndham International is following through on a plan laid out to shareholders in its Q2 earnings call. Dallas and Little Rock, AR are additional franchise agreements in established markets while Columbus, OH and Burlington VT represent new ground.