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ATLANTA-The 396-unit, 31-year-old apartment complex was renovated for about $20,000 a unit in 1993. Units average 1,440 sf and rent for $975 a month. The property is about five miles north of Atlanta's perimeter expressway and overlooks the Chattahoochee River.
SOUTHFIELD, MI-Signature Associates - ONCOR International's newly-formed Premis Solutions will handle portfolio assessment, due diligence, management, budgeting and other corporate real estate strategies for existing and new clients.
DETROIT-A $7-million plant in western Michigan will create construction materials from burning coal byproducts. Consumers Energy leases a 20-acre site to Phoenix Materials Co. for construction of a 50,000-sf plant.
PHILADELPHIA-Under a long-term sale-leaseback arrangement, global household products conglomerate Reckitt Benckiser USA develops its own build-to-suit distribution center in Mechanicsburg, PA, then sells it to New York Life for about $45 per sf. GVA Williams advises on the deal.
DENVER-Concessions of up to three months rent are being given away by property owners, but if they want to sell, they could see a long line of bidders willing to accept returns as low as 7%.
ORLANDO-Locally based Hewitt Properties plans a $20 million, 680-acre subdivision with 678 homes, a shopping plaza and an 18-hole golf course in Sorrento, FL, a town of 765 permanent residents on the Lake County-Orange County border, 20 miles north of Downtown Orlando.
LONDON-HypoVereinsbank's Central European Property Fund has moved into the Polish market for the first time with an office investment in central Warsaw. The fund now owns eight properties in the Czech Republic, Hungary and Poland.
MOUNT PROSPECT, IL-The Santa Clara, CA-based telecom company finds a buyer for its office and industrial space at 1800 W. Central Rd. in a partnership that includes former owner Don Shoemaker. Purchase price reportedly is $18 million.
HANOVER, MD-Office products supplier Corporate Express will build a 200,000-sf structure in Hillside Business Park to serve as its mid-Atlantic division headquarters. The facility could cost an estimated $15 million to build, and is scheduled for completion in the spring of 2003.
SOUTHBOROUGH, MA-The Archon Group sells 120 Turnpike Rd to TA Realty Associates for $11.7 million or $148 per sf. The building is fully leased with good credit tenants.