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RANCHO CUCAMONGA, CA-A first mortgage loan of $12.75 million was secured through Security Life of Denver Insurance Co. for the purchase of Empire Lakes Corporate Center, a 241,000-sf Class A office project about a mile from the Ontario International Airport.
ORLANDO-Finova Capital Corp. of Scottsdale, AZ, owed $24.3 million by Orlando-based Vistana WGV Ltd., is expected to be the lone bidder at today's public foreclosure sale in St. Augustine, FL for the 102-unit, four-building timeshare resort at the 6,300-acre World Golf Village community.
LONDON-Outlet mall operator Freeport has started construction on its latest European project, the 270,000-sf Freeport Excalibur, situated in a tax-free zone between the Austria and Czech Republic borders.
PORTLAND, OR-The five-year, $2.5-million lease deal with the maker of the popular AutoCAD design software comes on the heels of a 10-year, $3 million agreement with a fitness center that pushed the 342,000-sf development owned by UBS Realty Investors over 90% occupancy.
ORLANDO-For the week ended June 15, Smith Travel Research shows the Orlando market down 2.8% from the same period in 2001, but ahead of nine other destination areas except New York and Chicago.
PORTLAND-The three-year, adjustable-rate loan for the 400,000-sf suburban mall--currently 83% leased--allows the company to pay off construction loans for the mall's redevelopment and facilitate lease up, which would then allow the company to either sell the development or switch it to a permanent, fixed-rate loan.
ROUND ROCK, TX-Simon Property Group's newest project calls for 133 acres with 750,000 sf of retail, a hotel, 250 residential units and 50,000 to 100,000 sf of office space. The acreage will be carved from a 1,435-acre residential community.
CHICAGO-A partnership led by Martin G. Tuohy buys a 50,000-sf West Side furniture warehouse, which will be built-out for a 39,000-sf tenant, the state's department of human services.
JERSEY CITY-The construction is being done as a public-private with developer Mack-Cali, whose new one million-sf office building fronts on the portion of Greene Street that is being rebuilt.
DENVER-Local companies must increase headcounts by 3% annually for the next five years in order for the office leasing market to return to a relatively healthy 10% vacancy rate, Staubach Co. broker Barry Dorfman says.