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AUSTIN-New complexes, planned during the boom times, are delivering in the midst of the bust. Consequently, concessions are shaving rent 8.8% to 10.9% in some submarkets. Still, more new product is on the way.
MIAMI-The 247,000-sf property at Beacon Station Business Park was purchased for Corporate Property Associates 15 Inc., a W.P. Carey subsidiary. Trends continues to operate the plant under a 15-year, bond-type net lease.
BAYTOWN, TX-Under the contract, CRIC Capital will develop the 175,000-sf warehouse on Bayer's 280-acre Baytown campus and then lease it back to the pharmaceuticals giant. Delivery is anticipated in Q1 2003.
BOSTON-Dock Square Garage, a six-story, 698-space parking structure located in the heart of Faneuil Hall Marketplace, one of the city's most popular tourist attractions, secures $35 million in financing. The property also includes 15,641 sf of retail space.
ATLANTA-Overall vacancy at the end of the second quarter was 14%, up from the 10.1%-rate for the same period a year ago, according to Ryan D. Clutter of the Charlotte office of CB Richard Ellis Inc.
LOS ANGELES, CA-With occupancy dropping by more than 8% over he first half of the year, according to a new report, it's clear the county's lodging industry is still feeling the effects of the slowing economy and Sept. 11 terrorism.
NEW HAVEN, CT-Two Connecticut housing developments, one in Groton and another in Branford, sold for a combined $19.49 million, according to Marcus & Millichap Real Estate Investment Brokerage Co., which brokered both deals.
ORANGE COUNTY, CA-A new mid-year occupancy report shows he county's hotel market still lags last year but has fared better than most California hotel markets.
MIAMI-Greenstreet Management and 17395 North Bay have purchased Washington Mutual's 28,647 sf office for $2.3 million or $80.28 per sf. The two-story Winston Towers structure at 17395 N. Bay Road in suburban Sunny Isles, FL. sits on 1.25 acres and was built in 1975.