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ATLANTA-The two-story, 98-room Villa South Motel, located between Atlanta and Savannah at the midpoint between Augusta and Macon, has a 190-seat restaurant with reported revenues of $1M a year, an exercise room and outdoor pool. Occupancy is 60%.
GERMANTOWN, MD-Two-year-old Avalon Pharmaceuticals will relocate for a third time early next year when it moves into a new 55,000-sf space at Seneca Meadows Corporate Center. The new facility will serve in a research and development capacity.
MIAMI-The 100-suite, 13-story property, eight miles north of Downtown Miami, is being managed by locally based Cardel Hospitality Group LLC. Homewood Suites is part of Beverly Hills, CA-based Hilton Hotels Corp.
BOXBOROUGH, MA-While the market still remains relatively quiet, fully leased properties with good credit tenants are managing to find buyers. Evidence of that can be seen in Marwick Associate's recent acquisition of 1300 Massachusetts Avenue and 330 Codman Hill Rd. for $12 million.
SAN DIEGO-Construction is proceeding on schedule for CityMark Development's Doma project, a 121-unit townhouse and loft project in the Little Italy that is already two-thirds pre-sold.
FLORHAM PARK, NJ-The Germany-based company, which has ties to several other companies already located in the Garden State, will occupy 37,000 sf for it US headquarters at Advance Realty's Park Place, the former ExxonMobil campus.
REDWOOD CITY, CA-The entertainment software firm may manage to stay afloat after completing negotiations with Equity Office Properties and other building owners that will reduce the company's lease obligations by $60 million.
GRESHAM, OR-The City of Gresham wants to rescind the attached rental housing prohibition throughout West Gresham and concurrently require said dwellings in West Gresham be developed in conjunction with commercial, office, or community service uses. A public hearing will be held Aug. 12.
UNION CITY, CA-After completing construction in May, WP Investments has sold a 41,893-sf office building in the Decoto Business Park to Ajax United Pattern & Molds for about $4 million.
HOLLYWOOD, CA-Corus Bank provides a $72 million loan to the developer of Sunset & Vine, a mixed-use project including housing and shopping that is partially funded by former basketball star Magic Johnson.