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FORT MYERS, FL-The $30 million reconstruction of the 270,000-sf Lee County Justice Center will begin in August, and Centex Rooney Construction Company has been chosen to head up the project. Completion of the new multi-part structure is scheduled for no later than 2005.
PLAINSBORO, NJ-The buyer, JK Group, will move its matching gift business into the newly constructed building from its existing headquarters in this Princeton-area market.
BOCA RATON, FL-Sensormatic Electronics Corp.'s former 150,000-sf headquarters sells to Atlanta, GA-based Songy Partners Limited and Boston, MA's Charlesbank Capital Partners for a reported bargain-basement price of $9.5 million.
ADDISON, TX-Phillip Worthen, one of Dallas' top-name multifamily buyers, acquires an 11,624-sf office building near the Dallas North Tollway. The plan is to spend this weekend unpacking in the new corporate headquarters location.
PHILADELPHIA-An affiliate of San Francisco-based Shorenstein Co. buys Two Liberty Place, Downtown Philadelphia's premier, 58-story, 1.2-million-sf, class-A office building, for approximately $200 million. It was developed by Malvern, PA-based Rouse & Associates in 1989 is fully leased to Insurance Co. of America at an estimated $22 per sf.
GREATER BOSTON-While there has been an increase in activity, rising vacancy and availability rates in the city and suburbs demonstrate that building owners in these areas continue to struggle to fill space.
ATLANTA-A bankruptcy court approves the sale of Fairlawn, OH-based Republic Technologies' 92,000-sf production facility in Cartersville, GA to Tampa, FL-based AmeriSteel Corp. The property is at the junction of US 41 and I 75.
PHILADELPHIA-The long-awaited Simon project at Penn's Landing and the proposed Philadelphia World Trade Center get a $30-million kick-start from the Delaware River Port Authority. DRPA also approves a $500,000 loan guarantee for research on how to recycle old ships.
DENVER-The chain that is vying to become the third-largest donut store in the US leases space in the Inverness Business Park in Arapahoe County for his new headquarters. It has four stores in the market, with plans for 11 more.
ATLANTA-The 20-story office tower of a planned $175-million hotel/office project in Atlanta's Buckhead neighborhood falls victim to a soft office market. The city rezoned the 3.7-acre tract on condition that the initial plan was followed. Six Continents wants a hotel-only plan.