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ORLANDO-The Oak Brook, IL-based REIT has acquired its 30th Florida retail property and ninth in Orlando with the $11.41 million acquisition of the three-year-old, 78,625-sf asset previously owned by CAP Orlando Ltd. and Centennial American Properties LLC at the northeast corner of Good Homes Road and West Colonial Drive in west Orlando.
WASHINGTON, DC-Real estate services firm PM Realty Group promotes David W. Parker to Eastern Division director, and brings the office to him by relocating the eastern area headquarters from Atlanta to Washington. Parker is charged with expanding the firm's presence locally and throughout the east.
LAKESIDE, CA-CP Investments Inc. acquires Lakeside Plaza, a shopping center anchored by a Vons grocery store. The property, which is 95% leased, sells for $2.2 million.
LOS ANGELES, CA-The deal required an unusually fast closing to satisfy the requirements for one of the sellers of the circa 1970 property, which drew 10 offers from prospective buyers.
PHOENIX-A Colorado developer hawks his "merchant build" product less than 18 months after delivery. The 21,064-sf, class A office building is in shell form, waiting for finish-out by its new Phoenix owner.
ORLANDO-The Oak Brook, IL-based REIT has acquired its 30th Florida retail property and ninth in Orlando with the $11.41 million acquisition of the three-year-old, 78,625-sf asset previously owned by CAP Orlando Ltd. and Centennial American Properties LLC at the northeast corner of Good Homes Road and West Colonial Drive in west Orlando.
ATLANTA-The average monthly rent is $711, unchanged from a year ago, according to a second-quarter report by the locally based office of Grubb & Ellis/Centennial. New construction is at the lowest level since 1994, and concessions run deep.
For owners of office and residential buildings, ground-floor retail space can pay big dividends in terms of premium rents and the status often associated…
BELLINGHAM, WA-In an effort to protect sensitive watersheds during the rainy season, Whatcom County officials pass an interim rule that bans land clearing for seven months of the year. Land owners and builders are concerned the new guidelines could cost them money.
ORLANDO-In the last 14 months, Jim Michalak, senior director in the brokerage's Tampa office, has closed 13 shopping center deals totaling 1.66 million sf valued at $128.4 million and averaging $9.88 million per deal. Cap rates are down and power centers are back in demand, Michalak says.