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DETROIT-Joseph Nederlander's development group agrees to give up its 50-year lease of the fairgrounds and will buy 36 adjacent acres for $10.5 million. The upside on any flip would be shared with the state.
ELKHART, IN-Rather than tear down a facility estimated to be worth $12 million, Bayer Diagnostics hopes to find a user for laboratory, manufacturing, office, and warehouse space who would keep the local employment base working.
ORLANDO-Buffalo, NY-based Benderson Development Co. Inc., headed by Nathan Benderson, is one of the major players in Manatee County, developing 800 acres for retail/residential and redeveloping the Sarasota Outlet Mall in Sarasota, FL.
ATLANTA-Joe Pangburn is promoted to director of development/build-to-suits. Jef Gilder is director of structured transactions. They joint Tom Hallowell who heads the sale/leasebacks sector of the locally based firm.
NEW YORK CITY-Mid-year reports from S&P, Trammell Crow and Grubb & Ellis predict that the sputtering economy will forestall a rebound in the city's office sector, while new Insignia/ESG research indicates that Long Island's office market will remain robust.
GRANBY, CO-A 50,000-sf to 60,000-sf King Soopers or City Market will be the next addition to this $450-million residential community boasting an 18-hole golf course, an on-mountain Alpine Club, marina and beach club.
SPOKANE, WA-Azteca Restaurant Enterprises Inc. proposes a $16 million, 156-room hotel Downtown. At the site of an existing Azteca eatery, near Division and Spokane Falls Boulevard, the Burien, Wash.-based company plans possibly could conflict with a site proposed for the city convention center.
LORTON, VA-The DC Department of Corrections' Lorton Correctional Complex becomes the official property of Fairfax County in a "razor-wire" cutting ceremony that also marks the county's conversion of 1,600 acres of the property into park and green space to be called Laurel Hill.
BOSTON-Sperry Van Ness, the Irvine, CA-based commercial real estate investment firm, enters the area by affiliating with eight independent brokers in the region. The move is part of the company's national expansion campaign.
DALLAS-The metroplex retail market is growing, but it's mostly the same old gang pushing a new building strategy. As for the state of the market, the Weitzman Group says occupancy is down a tad, rent is flat, but supply and demand are balanced.