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DENVER-Fuller and Co. pegs the vacancy rate at 7.7%, but it rises nearly one full percentage point when 1.8 million sf of sublease space is added to the equation.
BOSTON-Equity Office Properties Trust files its plans with the Boston Redevelopment Authority for a hotel, residential and office project at Russia Wharf. The 95,000-sf site on the South Boston waterfront is right near the land that will be exposed once the Big Dig drops the highway underground.
ORLANDO-The price equates to $170,370 per room for the 80-year-old, 27-room hotel and $19,828 per seat for the 230-seat lounge and dining areas of the 23-year-old Park Plaza Gardens. Park Avenue Plaza Winter Park Ltd. bought the 1922-era property from Park Avenue Holdings Ltd.
GARDEN GROVE, CA-Voit Cal Partners Phase I sells a 35,268-sf manufacturing facility here for $2.7 million and a 15,000-sf building for $1.2 million. The buyers were Water Systems & Supplies and FMGM Advisors LLC, respectively.
EAST BRUNSWICK, NJ-Retail is the surprise performer, offices have been hit hardest and the market in general is seeing some key paradoxes, according to panelists at NAIOP chapter meeting.
AUSTIN-The 86,276-sf, fully leased Govalle Shopping Center is bought from San Antonio-based grocer, H-E-B. Endeavor makes the purchase with a 10-year, fixed-rate loan from Bank of America.
HOUSTON-Sprint Cos. buys 10 acres at Fairbanks North Houston Road while Justone Investments takes the deed for six at the intersection of West Road and Texas 290. Koontz-McCombs is the seller of the smaller tract.
PHILADELPHIA-Although office vacancy rates in Philadelphia and surrounding submarkets will continue to rise this year, and asking rents remain flat, reduced construction levels are keeping the market intact, according to research from Marcus & Millichap.
MIAMI-The 11-building, $17.5 million Emerald Lake project is being constructed at a development cost of $61,620 per unit in Lake Worth, FL, one mile south of the Palm Beach Community College, 90 miles north of Downtown Miami.
CHANDLER, AZ-White House Staging & Production is readying for the relocation now that the deal's done. The 15,585-sf acquisition is the second to sell in the four-building Arizona Corporate Park North.