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NEW YORK CITY-The Long Island-based REIT converts one of six buildings it bought in 1998 from industrial to office space in a $3-million-plus overhaul. The long-vacant structure will house the pharma firm's IT group.
HOUSTON-PM Realty Group secures the leasing and property management contracts for more than one million sf in three office buildings in Texas and Florida. The assignments will be handled by the firm's central division team.
NEWARK, NJ-Prudential Mortgage Capital Co. contributes $442 million worth of collateral to do the conduit deal, named BACM02-PB2, with partner Banc of America.
PORTLAND-Sonnenblick-Eichner Company says it has arranged a 10-year loan on the 205-room hotel through Deutsche Banc. The fixed rate on the first mortgage loan is just under 7.75%. The hotel is owned by the locally-based Aspen Group.
VALENCIA, CA-The property was purchased from the Newhall Land and Farming Co. by DeBeikes Investment Co. The buyer plans to develop high-end, two- and three-bedroom rental townhouses on the site.
FAIRFAX COUNTY, VA-A joint venture between Atlanta, GA's Trammell Crow Residential and Saudi Arabia's The Olayan Group breaks ground on Alexan Fairfax Ridge, a 420-unit luxury apartment complex in western Fairfax. The upscale apartment community will be TCR's sixth Alexan development project in the Washington metro area.
SANTA ANA, CA-Summerwood Homes Inc. snatches up the Santa Ana property, which is located at 4024 W. 5th St. The buyer plans to develop approximately 22 single-family homes on the site.
ORLANDO-In a cash-stock-debt deal, the Chattanooga, TN-based developer, largest owner of malls and shopping centers in the Southeast, paid Panama City Associates LLC $76.64 per sf for the 87%-leased property, 250 miles northwest of Downtown Orlando.
BREMERTON, WA-The Newport Beach, CA-based Affordable Housing Partnership Alliance will purchase and renovate Viewcrest Village Apartments with funding from Related Capital Company.
DALLAS-After four years and a costly renovation, the New York City owner sells one of four Texas multifamily properties on the market. San Francisco's Shore to Shore Properties pays about $54,000 per unit for the 100%-occupied Glen Oaks.