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ORLANDO-Leesburg, FL developer George Pringle plans to purchase the land from Noel Griffin Jr. for his newest planned community, Mount Royal, which would have 950 homes, an 18-hole golf course and an undetermined amount of commercial on Griffin Lane, south of State Road 44 near Eustis, FL. The site is 28 miles northwest of Downtown Orlando.
LAWRENCEVILLE, NJ-The four-story 56,000-sf asset has been sold by Northwestern National Casualty Co. and will continue to be occupied in the short term by an affiliate of that company.
PHOENIX-Buyers Donald L. Meyers and Eli Castranova will put $600,000 to $800,000 into upgrades, inside and out, at the Cascades, situated at 36th Street and Campbell Avenue. The plan is to nudge the class B property into a class A.
BLOOMFIELD HILLS, MI-Charles Williams pays $1.76 million for the the 46-unit Scotia Manor Apartments on Nine Mile Road in Oak Park, MI while selling the 56-unit Greenfield Apartments at 16225 Greenfield Rd. for $890,000.
MIAMI-Record revenues in bed taxes are set at $957,355 for June, up 1% from last year as gross taxable lodging revenues also rise 1% to $23.9 million. Hotel rates are up for first time since Sept. 11 but occupancy remains down at 61.1% for June, the latest audited month.
DALLAS-The principals say they're testing the buying waters to see what can be harvested from two medical office buildings. Bought empty eight months ago for $25 million, the buildings have tenants and a stacked deck with a newly signed $9-million refi just in case.
SAN DIEGO, CA-The buyer, 477 LLC, shells out $105,000 per unit for the multifamily property, which stands at 3935 32nd St. It is the latest in a string of multifamily transactions to occur in the county, as apartment product continues to be a favorite among local investors.
PORTLAND-An article this week in Oregon's major daily newspaper says rumors are circulating that the 1.2-million-sf mall is being sold. The regional mall's owner, not quoted in the article, tells GlobeSt.com it's "not marketing the property.
CERRITOS, CA-A private investor bought the 19,000-sf office building owned and occupied by the L.A. County Electrical Education and Training Trust at for $2.1 million.
DENVER-Trammell Crow Co.'s most recent MarketScope report offers a snapshot showing vacancies rising to nearly 15%, declining rents and lower net absorption, with little relief in sight until 2003.