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PHILADELPHIA-The fundamentals in the city's multifamily rental market remain strong, even though the vacancy rate inches toward 3.5%, according to a research report by Encino, CA-based Marcus & Millichap's Philadelphia office. Fewer than 1,500 new units will reach completion this year.
AGAWAM, MA- Litron Inc. acquires a 2.88-acre parcel in the Agawam Regional Industrial Park from Westmass Area Development Corp. The company, which develops laser hermetic sealing systems and services, will use the site to develop a 17,510-sf manufacturing facility.
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.
WORCESTER, MA-MeadWestvaco Corp. is closing its Consumer & Office Products Group envelope plant. The Stamford, Ct-based company terms the move a financial one and says it will transfer the manufacturing done here to other facilities.
CHICAGO-The city and state combine to spend $2.6 million to redo an intersection as well as turn over the street in front of Radio Flyer Inc.'s 276,300-sf facility at 6515 W. Grand Ave. That keeps the company put for at least 10 years.
DENVER-Rather than being in the red zone, "Denver scores very well on the 'hip' and 'cool' meter," among those 35 and younger, says national manager for multifamily lending Al Brooks, which should bolster the market.
MIAMI-Leasing activity has dropped 25% to the 3.3 million-sf mark and net absorption is at a negative 725,835 sf, down from a positive 282,000 sf last year at this time, according to a second-quarter study by Cushman & Wakefield of Florida Inc.
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.
YORBA LINDA, CA- Northern California-based Warren Wincorn acquires the retail center in a 1031 exchange. Encompassing 19,530 sf, the center is anchored by Stater Bros. Market. It stands at 18533-18549 Yorba Linda Blvd.
SAN DIEGO-The Port Commission votes unanimously to enter into an agreement with Hilton San Diego Convention Center LLC. The 1,200-room convention center hotel could open in 2006.