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PHILADELPHIA-In separate transactions, Human Management Services signs a long-term lease for 8,000 sf in Malvern, PA, and Republic Builders of Tennessee takes over 12,000 sf at the Valley Forge Corporate Center. Valley Forge, PA-based Morrissey Partners negotiates for the owners.
LONDON-Take-up in the central London office markets improved slightly in the second quarter of 2002 from 2.0 to 2.7 million sf, but the total for the first half of the year is still massively down on the same period last year, according to research from Insignia Richard Ellis.
FALL RIVER, MA-The city's efforts to raze a 100-unit state-aided housing project gets closer to reality as the bill passes the Senate. The measure call for development of 26 single-family homes onsite and 76 units offsite but the bill has encountered strong opposition from housing advocates.
BOSTON-The state legislature passes the omnibus housing bill, which includes a financing alternative for municipalities to fund capital improvements. After six years, NAIOP is thrilled that the local developmental tool finally made it through.
STOCKTON, CA-A mortgage refinancing of $10.7 million will give Torcello Development Inc. just the boost it needs to complete its renovation of the Oakwood Apartments, a 318-unit luxury apartment complex in Stockton.
MIAMI-New construction has shut down with only 134,403 sf in the pipeline as vacancies increase by 4.4%, according to a second-quarter study by Cushman & Wakefield of Florida Inc.
DALLAS-In two weeks, enough deals will be in hand to boost Buckner Commons to 60% pre-leased and flag the final lap for a construction start. Tenants will get keys to the East Dallas project in April 2003 from English & Continental.
CHICAGO-Who cares about double-digit multifamily rental vacancy rates when you can borrow construction money at less than the historically low prime rate and get a double-digit return on your equity? Not developers, but owners of existing multifamily properties are concerned.
PHILADELPHIA-With its parent company's acquisition of Hershey's non-chocolate candies, Farley's & Sathers Candy Co. puts its 262,000-sf Sathers Candy distribution center on four acres in the Vogelbacher Industrial Park in Luzerne County, PA up for sale for $6.5 million.
PHOENIX-In November, the Philadelphia-based CDI takes over the 10th floor or 15,553 sf for its regional headquarters. The 20-story, 320,000-sf building recently was redesigned to better fit small and large tenants.