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LONDON-Colliers CRE is forecasting that retail property will outperform all other property sectors over the next two years. Total returns on retail property are set to double from 5.5% in 2002 to 11.1% this year, the firm forecasts.
BELLMAWR, NJ-Harcourt (40,000 sf) and Evergreen Printing Ink (51,200 sf) head the list of recent signees at the developer's 250-acre, 2.5 million-sf Interstate Business Park.
BREA, CA-The facility, Brea Improv Building, is the second building reported sold at the Birch Street Promenade this week. Private investors snap up the 15,558-sf property for nearly $4 million.
KINGSTON, MA-Best Buy opens a 30,000-sf store on 101 Independence Mall Way. The big-box electronics retailer plans to open 60 new locations across the country this year. This is the company's 11th store in the state.
NEW YORK CITY-The Linchris Hotel Partners-owned property is currently under construction in Ronkonkoma. Insignia/ESG Hotel Partners arranged the mortgage through G.E. Capital
NEW YORK CITY-The nine-building JV of the Related Cos. and the Hudson Cos. reaches a milestone Tuesday with a topping-out ceremony for the first two properties. A site directly south is slated for the next two buildings.
SEATTLE-Developers seeking to refurbish Barcelona Court condominiums on Queen Anne have received $3.8 million in financing from Seattle Savings Bank. The money will be used to rehab the historic 13-unit complex.
FORT COLLINS, CO-About 600 vendors call the Great Colorado Marketplace on Interstate 25 at exit 254 home, hoping to draw shoppers from Northern Colorado, Wyoming and Nebraska.
ROYAL OAK, MI-Construction will begin on an eight-story, $25-million Skylofts Royal Oak development, the second phase of the $50-million Main Place, in the fall. A two-story Barnes & Noble bookstore is the anchor.