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RICHMOND, VA-For a total of $72 million, United Dominion Realty Trust Inc. acquires three apartment properties accounting for more than 1,000 units in North Carolina, Florida and Colorado. The purchases are part of the REIT's plan to own about 150,000 units in its core markets.
KENT, WA-Hill Raaum-Pietromonaco, a local real estate and property management company, significantly increases its holdings in the Kent area with the purchase of an 11-acre property.
LOS ANGELES, CA-The five-year lease for about 27,500 sf at 2600 Wilshire Blvd. was signed on behalf of the Social Security Administration, which is housed on floors one and two of the five-story building.
OAKLAND-Under the terms of the contract, the A's will pay $500,000 in rent to play in Network Associates Coliseum from 2003 until 2005; $550,000 in 2006; and $600,000 in 2007.
SAN FRANCISCO-A new plan approved by city supervisors creates an Entertainment Commission that will change the way new bars and restaurants are opened and expedite the necessary permits.
ATLANTA-The 282-bed Medical Center East, which draws from Birmingham, AL's fastest-growing communities, awaits state approval of a three-phase expansion that adds four floors to its existing patient tower, a 230,000-sf medical office building and expands the emergency department.
PHILADELPHIA-The Atlanta-based owner's first mortgage loan is priced at 6.95%, 171 basis points over the applicable Treasury rate, and extends for 19 years. The shopping center in Allentown, PA was built in 2001 and is anchored by a Wal-Mart Supercenter.
SAN FRANCISCO-While many have been hoping to see significant recovery this year, Grubb & Ellis experts say that any significant recovery is at least two years away.
ORLANDO-In its first multifamily venture in Central Florida, the Dallas-based homebuilder has sold 37 homes or 17% of the planned 216-home community at the Villas at Waterford Lakes in southeast Orlando at an average price of $124,300 per unit.