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LONDON-British Land has added to its retail holdings with the purchase of the Meadowbank Retail Park in Edinburgh. The deal is part of a spate of acquisitions and disposals at the company in the past three months.
SAN ANTONIO-Overall vacancy of 19.3% is 30 basis points better than just three months ago. It appears the market's bottomed out and is ready to climb despite some hits that could be leveled by some major players around town.
OCEANSIDE, CA-Manchester Resorts has lost exclusivity in negotiations with the city to build a resort hotel and golf course on 318 acres of the city's El Corazon property.
SANTA MONICA, CA-American Golf, which has struggled to pay its rent as the primary tenant of publicly held National Golf Properties REIT, strikes a deal with Bank of America and the holders of private notes. As of July 23, National said, American Golf owed it approximately $15 million of rent and $16 million of lease termination fees.
NEW YORK CITY-An unnamed paper manufacturer is in negotiations to acquire a 132,644-sf mixed-use property in Mississauga, Ontario. Located at 2333 N. Sheridan Way, the 9.6-acre lot includes 22,144 sf of office space.
BOSTON-The California Public Employees' Retirement System and locally based AEW acquire five senior-housing properties. The two separate transactions are part of Calpers national senior-housing program and involve facilities in Michigan, Colorado, and Arizona.
ROCKVILLE, MD-The 17-building 900,450-sf Metro Park North business park gets new leasing agents as owner PS Business Parks awards the complex's leasing assignment to Transwestern Commercial Services. Insignia/ESG had been handling leasing activity since PS Business Parks acquired the property late last year.
PHILADELPHIA-The new debt for the Columbus, OH-based retail REIT is at LIBOR plus 1.95% for an initial interest rate of 3.79%. The mortgage matures Aug. 1, 2004 and includes a one-year extension. Glimcher will pay down a $4.5-million bridge loan.
BOSTON-The affordable housing law remains a bone of contention between the House and the Senate. While both passed bills changing the law, they are far from reaching consensus on what constitutes affordability, which has forced them back to the table to hammer out an agreement.
CHANDLER, AZ-Every deal counts, particularly in an office building that's regenerating its tenant base. The structure's occupancy is 20%, up 4% from when it was bought just a few months ago. The latest deal totals 8,346 sf.