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AUSTIN-The trend is to mix discounted rates of a long-term lease with sublease space to finesse a better overall package, says Buls Hodge Consulting. It effectively means that high sublease numbers are here to stay.
CHICAGO-A 32,000-sf library at 1055 W. Roosevelt Rd., acquired by the city, is being offered to developers for residential, cultural, educational, recreational, retail or office redevelopment. There is one condition: the building and fagade must be preserved.
DALLAS-The winner is Igal Gordon, principal of a San Diego investment group. The heated bidding, says the broker, is due to the immediate upside potential from raising rent with minimal outlay for a rehab at the northeast Dallas complex.
PHOENIX-Rents running 5% below the market average made the acquisition particularly appealing, says the Marcus & Millichap broker. It's the second time in four years that the Phoenix property has changed hands.
LONDON-Strategic Real Estate Advisors has paid Pounds 12.1 million ($19 million) for FISPAM's 13/14 Curzon Street, London W1 at an initial yield of below 5%.
LONDON-Avon Capital Estates, the new vehicle for ex-Saville Gordon MD David Saville, has bought an industrial portfolio in the North East from Capital & Regional and Easter Holdings for Pounds 11.15 million ($17 million).
VAN NUYS, CA-The buyer is doubling the size of his business from current operations in Burbank, Calif. The building is in a new business park crafted from a former aerospace facility.
WHITE PLAINS, NY-New York City law firm Skadden, Arps, Slate, Meagher & Flom LLP has picked White Plains over Jersey City, NJ and will lease 48,842 sf at Reckson Metro Center here for use as a data center.
DENVER-A division of the Denver-based Broe Cos. Inc. pours $1 million into the 167-unit facility acquired from the Colorado Housing Finance Authority, which foreclosed on a loan to the Allied Jewish Housing Group.
PHILADELPHIA-The Columbus, OH-based REIT disposes of 13 of the 22 properties it put up for sale in June. Nine of the 13 are in Ohio. The purchase includes $76.8 million in cash and the assumption of $29.2 million in mortgages.