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LONDON-Specialist central London investor Rugby Estates has acquired Westbourne House, 14-16 Westbourne Grove, London W2 from a private client of Citigroup Private Bank for over Pounds 8 million ($12 million) reflecting a net initial yield of 6.84%.
SACRAMENTO-Winsted Apartments LLC has purchased a 208-unit development on 11.75 acres in Rocklin, where apartment vacancies remain low. The purchase price translates to $110,096 per unit.
PHILADELPHIA-Large amounts of empty speculative office space combine with an increase in subleases and continuing new construction to push the suburban Cincinnati office vacancy rate toward 16% in 2002, according to research by Encino, CA-based Marcus & Millichap's Cincinnati office.
ATLANTA-The Philadelphia-based firm's new office is headed by Daniel B. Lambert, a 30-year real estate veteran. Legg Mason Real Estate Services has 19 offices in 10 states.
PHILADELPHIA-The local subsidiary of Baltimore-based Legg Mason Inc. bolsters its investment advisory group by hiring the 16-year commercial real estate veteran. Enda Bracken moves from AIG to direct asset management at LMRES and pursue a broad spectrum of property types.
DETROIT-ZF Packages totaling $8.5 million help ZF Technologies LLC and AxleTech International build facilities that are expected to result in 854 jobs for Michigan workers. ZF's research and development facility in Northville Township will cost nearly $28 million.
MEDFIELD, MA-In an effort to see its downtown area come to life, the town's board of selectmen is forming a downtown revitalization committee. A number of shops have recently left town and officials here want to see book shops and galleries fill the void.
LONG BEACH, CA-Built in 1906, L'Opera office building in Downtown Long Beach houses maritime lawyers and one of the area's most successful restaurants. The six-story, 65,468-sf building is 93% occupied
SAN ANTONIO-Gregory Greenfield & Associates grabs renovated regional space, a shining star in the city's the south submarket. This new owner says it is looking for even more expansion on the mall.