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LOS ANGELES-A 20-unit, fully occupied building and a 31-unit apartment complex with one vacancy were sold in six days to the same buyer. The capitalization rates on the deals were 5.2% and 4.8%, respectively.
CHICAGO-Condominium sales at Kinzie Station have slowed but the planning process for the massive mixed-use development immediately northwest of the Loop goes on, resulting in a $545,000 quarterly loss for Heartland Partners, LP.
LAFAYETTE, CA-Bedford Property Investors plans to develop up to 300,000-sf of commercial property over the next five years, encouraged by continued interest in its Carneros Commons property.
AUSTIN-Academy Sports & Outdoors will shutter an outdated 15,000-sf location that it's occupied since 1958. The retailer is heading north by 34 blocks and into quadruple the space at 7513 N. Interstate 35. The location opens July 13.
COLORADO SPRINGS, CO-New York-based Related Capital Co. enters the Colorado market by purchasing the 144-unit multifamily complex near Downtown in a $15-million deal that also involves a hefty amount of tax credits.
VAN NUYS, CA-The 87,665-sf office building was 40% occupied during negotiations, but a new tenant signed on during the escrow period, raising occupancy to 75% at the close of sale. The seller was Genesis Properties.
SAN MARCOS,CA-This city's boom in industrial and retail business prompts a slow-growth movement. Now, the Chamber of Commerce is fighting back by opposing a potential ballot measure.
LAS VEGAS, NV-Following the lead of Park Place Entertainment and Harrah's Entertainment, Mandalay Resort Group and MGM Mirage strike tentative contract agreements with the Culinary Workers Union Local 226 and Bartenders' and Beverage Dispensers' Union Local 165.
ORLANDO-The 200-acre Cornerstone Office Park at LPGA and Williamson Boulevards, 50 miles north of Downtown Orlando, would have an estimated hard construction cost tag of $150 million. First-phase ground-breaking is planned for year end with occupancy by late 2003.
HAMILTON TWP., NJ-The 91,474-sf complex, which will serve the Princeton area, is the fourth one completed for the overnight delivery service by J.G. Petrucci Co.