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RICHMOND, VA-A $132-million financing package for the $250-million, 1.2 million-sf Short Pump Town Center assures the scheduled September 2003 debut of the Forest City Enterprises-developed mall. Five banks, led by the Bank of Montreal, participated in the deal.
SAN DIEGO, CA-The San Diego-based REIT acquires an open-air retail center in Sterling, VA and sells off two self-storage facilities, which fetch $46 million in proceeds for the company. The recent transactions reflect the REIT's continuing strategy to focus on retail product, while shedding non-core assets.
GRAND PRAIRIE, TX-Ground will break in six weeks on a $12-million first phase to a two-part spec industrial project with premier interstate frontage. The pre-leasing pipeline should bring some "significant" deals before the year ends.
EWING TWP., NJ-The new campus-style complex would combine the headquarters operations of the law enforcement unit, as well as its main training facility.
SAN FRANCISCO-Glide Economic Development Corp. plans to use donations and grant funds to replace a strip club in a seedy area of San Francisco with 400 apartments, a 100,000-sf pavilion for conferences, rental space for nonprofit groups and retail shops.
SAN ANTONIO-Rising demand and slowing construction and sublease space have stabilized the market, where the overall occupancy rate has dipped to 84.9%. Still, rent remains relatively flat.
LONDON-Commercial property now outperforms all other UK asset classes on every measure up to 15 years, as the slump in equities continues, according to the latest research from Baring Houston & Saunders.
AUSTIN-The copier service cuts a deal for 6,681 sf to drive a relocation in October from southeast Austin to the northeast. The tenant's broker says Lanier Worldwide is moving to get closer to its clients.
NEW YORK CITY-Massachusetts-based women's diagnostic imaging firm Hologic Inc. sells its headquarters building and a Connecticut mammography facility and net leases the properties back for a 20-year term.