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DETROIT-Three former retail buildings see unexpected leasing success as loft apartments in the Downtown area, and The Farbman Group likes what it sees enough to pay a share of the project from Gilbert "Buzz" Silverman's group.
NEW YORK CITY-The 55th Street property is bought by an affiliate of Singapore's Hotel Properties Ltd. Insignia/ESG Hotel Partners handled the deal. The airline arranged a 10-year exclusive-occupancy agreement as part of the deal.
PORTLAND-In the biggest industrial deal Portland has seen this year, Ford Motor Co. is leasing the former 800.com space in the A&M Warehouse on North Ramsey in the Rivergate Industrial District. Ford says it chose Portland because the city is located a day's drive or less from dealerships in Washington, Montana, Idaho and Northern California.
TINTON FALLS, NJ-Stavola Realty is building the asset as part of its new Falls Corporate Center, and has given Insignia/ESG the nod to market and lease the property. The former Barnes Electric property is currently zoned for a build-out of approximately 200,000 sf.
CHICAGO-The designation helps Dallas-based PNL Co. earn a Class L property tax break worth $1.1 million over 12 years, helping pay for a $3.7-million renovation of the 251,677-sf building at 3333 W. Arthington St.
WASHINGTON, DC-The US House of Representatives passes the Brownfields Redevelopment Enhancement Act, which will simplify the process of qualifying for federal assistance for brownfields cleanups in small communities.
MIAMI-Blue Bell-Meridian Partners Ltd., a Florida-based investment group, paid United Dominion Real Estate Trust of Richmond, VA $69,355 per unit for the 15-year-old, 248-unit apartment property on 42 acres at 145 Santa Clara Drive in Naples, FL, 140 miles northwest of Downtown Miami.
CHANDLER, AZ-Cook Financial, Odyssey Partners and a law office sign three-year leases in the first closings since the Chandler Corporate Center changed hands. The 104,000-sf office building is recovering from the loss of a 68,000-sf tenant.
LONDON-Sheds are top investment performers. Celogix Property Fund, which only buys distribution space, says its new asset value rose 16.9-PC in the 15 months to December 2001
ORLANDO-The Bentonville, AR-based retailer's stand-alone, 55,000-sf, $4 million, 24-hour Neighborhood Markets are planned for Red Bug Lake and Dodd Roads near suburban Winter Springs, FL and Alafaya Trail and McCullough Road near the University of Central Florida's 35,000 student campus in east Orange County.