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MIAMI-Henry Rodstein, co-founder/president of the 19-year-old locally based brokerage, says that because the hotel/motel industry is a business and "not really real estate," existing low occupancy and cash flow factors keep the funding spigot closed at most local financial institutions.
ORLANDO-The Houston-based REIT paid Lake Washington Square Ltd. of Melbourne, FL an estimated $13.44 million or $120 per sf for the 17-year-old, 98%-leased, 112,000-sf Lake Washington Square shopping center, 60 miles southeast of Downtown Orlando.
WASHOUGAL, WA-Under the proposal, a developer would pay 11 cents per sf for each new commercial building. The money would go to support an expansion of the city's fire department. The city council will vote on the fee July 15.
DENVER-Brett Denton becomes regional senior vice president and managing partner for the company's Rocky Mountain region, moving up from acquisitions manager, development manager, and vice president and area managing partner for JPI's Southwest region during the past five years.
AUSTIN-The state says it's going to clear a record-breaking number of enterprise zones before the fiscal year's end. To date, 33 have been set up in comparison to last year's 14. The record was 36 in 1990.
SANTEE, CA-The Hartford space, which will occupy eight of the 104 acres at Santee Town Center, will accommodate an expansion of the company's existing San Diego operations. The company is scheduled to move into the new space, which is already under construction, in May of 2003.
PORTLAND-On a continuing mission to connect the north and south park blocks in Downtown Portland, Fox Tower developer Tom Moyer pays $2.4 million for the Old Cornelius Hotel, a largely uninhabitable building located at 801-809 SW Alder St. in Downtown Portland.
SEATTLE-Martin Smith Development Corp. has reached a preliminary agreement for the sale of the eight-acre former Washington Oregon Shippers Cooperative Association terminal in Downtown Seattle.