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DENVER-Hospitality Real Estate Counselors earns $336,000 for helping the several sites for its $303-million convention center hotel. So far, no site has been selected.
AUSTIN-Tenants from as far away as London reserve space in Regus Business Centers in Austin's CBD and northwest submarket. Allied Waste takes 4,000 sf for a regional office relocation from Denver.
PHILADELPHIA-The shopping center in Williamsport, PA is 98% leased and anchored by Kmart and a Giant supermarket. The buyer assumes a $13.9-million mortgage and the seller, New Hyde Park, NY-based Kimco Realty, uses the balance to pay down debt.
PHILADELPHIA-In a move targeted to the real estate needs of Taiwan's high-tech companies, locally based-Binswanger/CBB and Taiwan-based China Credit Information Services, Ltd., form Binswanger Taiwan/CBB. It will focus on properties for manufacturers of semiconductors.
PHOENIX-Bob Pearlstein, Max Bippus and Paul Honeycutt will partner as CBRE's lead retail team in Phoenix. They replace Dave Newquist and Ron Ault, who left recently to form a development company.
PARAMUS, NJ-Top manager/dealmaker bolts Insignia/ESG, which he led to the top market share in the Garden State in just five years, to take over rival CB Richard Ellis' regional operations. <b><a href="http://www.globest.com/RMIL4QFV43D.html"> See related story.</a></b>
SUGAR LAND, TX-Haag Engineering takes 2.8 acres while New Concepts Properties buys a 0.6-acre tract in the Sugar Land Business Park, a development of Sugarland Properties. The smaller parcel will house a dry cleaners.
NORTHBROOK, IL-The 75,000-sf office building sells at a capitalization rate in the 9% range, and $108 per sf. Great Lakes REIT now searches for an acquisition that allows it to defer a $4-million capital gain.
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.
CHICAGO-Capri Capital, LP arranges the $177.57-million loan for Equity Residential Properties, the largest multifamily REIT in the US. The deal allows Equity Residential to make interest-only payments during the first 10 years of the loan.