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TACOMA, WA-City officials are contemplating whether to apply for a $2.7 million grant from the U.S. Department of Housing and Urban Development in order to buy the 42,804-sf Carlton Center office building. The public will be asked to weigh in on the purchase next month.
CHICAGO-Concessions are being phased out while occupancy rates are increasing, according to preliminary numbers from multifamily experts Appraisal Research Counselors. "The rental market seems to have turned the corner," John Jaeger tells the Real Estate Investment Association.
ORLANDO-Called The Loop, the 33-acre project will mirror the developer's 500,000-sf, $85 million venture in suburban Boston that was developed at about $170 per sf. The project inflates Central Florida's retail inventory to over 47 million sf.
BILLERICA, MA-New Boston Fund purchases RiverTech Park, a 285,000-sf manufacturing facility, from Nortel Networks for $23.3 million. Two years ago, Nortel acquired the park for $33.5 million.
ATLANTA-In arbitration, locally based Hospitality Research Group, an affiliate of PKF Consulting, used a proprietary forecasting tool to project revenues lost when Fairfield, NJ-based Prime Hospitality Corp. failed to honor its contract to utilize ShoLodge's InnLink hotel reservation service.
LOS ANGELES, CA-Occupancy and room rates remain depressed, with some exceptions in a couple of submarkets, following a 2001 in which the county's hospitality industry endured its toughest year since the mid-1990s.
WATERFORD TOWNSHIP, MI-This large township is seeing new growth as people look for less expensive Oakland County living. Retail development follows the new residents opting for a 126-unit multifamily rental complex.
WALNUT CREEK, CA-Treat Station, a two-story office building located in the master-planned Contra Costa Centre in Walnut Creek has been sold by Pacific Walnut Creek Assets Inc.
LA JOLLA, CA-A leaky-building lawsuit against the British Columbia-based developer of the Pacific Regent La Jolla condominium complex and its subcontractors ends in favor of the plaintiff.