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DENVER-Dyer Brothers Construction plans to build on 13.5 acres a retail center anchored by a 50,409-sf Albertson's grocery at Main Street and Jordan Road. Completion of Olde Towne Crossing is slated for fall 2003.
DENVER-Single-family home prices continue to rise as investors look for safer havens than the stock market, but multifamily condominiums sell for an average of $167,798, down from the record $171,200 in June.
ALBANY, NY-New York State reports that 154 affordable-housing projects across the state have been awarded a total of $116 million in state and federal loans or tax credits. The funding is expected to create more than $500 million in housing development activity.
MEDFIELD, MA-The Medfield State Hospital is being closed by the state and the town wants its land. The hospital sits on 225 acres, 190 of which is in Medfield, and the town is trying to put together a re-use plan for the property.
DENVER-Net absorption of 21,013 sf in the second quarter is a far cry from the nearly 450,000 sf seen in the northeast industrial submarket during the same period in 2001, but an improvement over the 88,266 sf of negative net absorption the previous quarter.
GOODYEAR, AZ-A 23,000-sf store will open in April 2003 on the southwest corner of Litchfield and McDowell roads, says the bookstore chain. Colliers International and Cristitulli Corp. deliver the deal for the bookstore and landowner, SunCor.
LOS ANGELES, CA-PT Worldwide, a cosmetic surgery center based in Beverly Hills, will move into the new 15,756-sf facility in January, after tenant improvements are completed.
LOS ANGELES, CA-The Lee Group of Torrance has a waiting list of 1,100 prospective buyers for its conversion of the historic UPS distribution center in Downtown L.A. into 91 for-sale lofts, expected to sell for $350,000 to $750,000.
NOVATO, CA-The two-building property, located at 46 Galli Dr. in Novato, sold for just under the asking price of $9.8 million. The property is leased for eight more years to a local bio-tech company.
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.