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CANOGA PARK, CA-A private individual buys the 23,000-sf Vanowen Plaza from a trust and plans major renovations to the property, which was built in the 1970s.
ALAMEDA, CA-A $6.44 million federal grant will enable California State University in Hayward to expand its existing business incubator program by 40,000 sf, making it one of the largest programs in the United States.
ORLANDO-The hoteliers' annual revenue chest from 113,000 rooms, originally intended for hospitality projects exclusively, is now eyed by some as a funding source for several non-hospitality undertakings, including new school construction.
NEW YORK CITY-Brookfield has beefed up its World Financial Center holdings with its purchase of Lehman Brothers' 51% interest in 3 WFC. The firm already has claims to the other three WFC assets.
LONDON-House of Fraser, Britain's third-largest department store chain, has signed up for a new 200,000-sf store in the Dutch developer Multi Development Corporation's development at Victoria Square, Belfast.
PHILADELPHIA-Gov. Mark Schweiker asks General Assembly not to "rush it" as it tackles property tax reform in a special session. "Philadelphia is one of the most heavily taxed cities in the country," says Sperry Van Ness regional manager John McDermott.
ATLANTA-Lexington Corporate Properties Trust has acquired the newly constructed 60,000-sf, 100%-leased, single-story office building from Norcross, GA-based Adevco Corp. for $8.1 million.
LONDON-The Prudential has decided to start construction on a 45,790-sf office building on the Solent Business Park near Fareham in Hampshire. The move is seen as a vote of confidence in the office market in the South-East of England, where take-up has fallen close to an all-time low.
AUSTIN-Meals on Wheels moved in over the weekend to a 20,000-sf building at 3227 E. Fifth St. The new location brings relief from pent-up growth in recent years to provide more meals for Austin residents.
SAN ANTONIO-David Nicolson takes over the reins from Mike Birnbaum, who has left to start his own firm. Nicolson has been part of Weitzman's San Antonio office for a decade. Also, NAI CIP adds an industrial broker to its Austin ranks.