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DALLAS-This year, La Quinta completes its transformation from health-care REIT to lodging industry player. Talks apparently are under way for the balance of the health-care facilities and 16 targeted hotels. Most proceeds will feed an acquisitions pool.
WATERFORD TOWNSHIP, MI-Nanco of Los Angeles will try to turn the 1.4-million-sf mall, last owned by Milwaukee-based Northwestern Mutual Insurance Co., into "a destination place." Anchors include Sears, Marshall Fields, JCPenney and Kohls.
PORTLAND-The Port of Portland will sell the City 7.94 acres of unimproved land for $2.7 million, lease an adjacent 5.5 acres for $15,950 per month and lease a 129,000-sf warehouse by the Fremont Bridge for $61,000 per month. The City is utilizing the property for a $300-million sewer project.
DENVER-A $4-million tax revenue shortfall prompts the Regional Transportation District to take another look at its six-year capital improvement budget, which could mean fewer property acquisitions and building projects.
NORTHERN, VA-Transwestern Investment spends an estimated $165 million to acquire four buildings totaling more than 830,000-sf in Arlington and Fairfax Counties. The class A office/retail structures are all less than four years old.
NEW YORK CITY-Internet datacenter provider AccessIT signs a 10-year lease for two floors at 75 Broad St. The 675,000-sf building remained at full power with no communication problems on Sept. 11, in part due to a $30-million data backup renovation completed two years ago.
RENTON, WA-In March 2002, occupancy rates in the area including SeaTac International Airport and Southcenter Mall were down to 55.4% from 60.4% in March 2001, according to Bellevue-based Wolfgang Rood Hospitality Consulting.
WEST ORANGE, NJ-The multiple deals, two transactions in the Garden State and one in New York, were arranged for the retail service firm by Sheldon Gross Realty.
PHOENIX-The dental center was looking for a fourth location in a residential area, when Pointe Corridor Center II surfaced on the radar screen. The long-term lease is valued at $513,442 for the 5,000-sf office.
NEW YORK CITY-The Marsh & McLennan subsidiary will occupy three floors of the landmark property, a 1.3-million-sf building owned by MetLife. The reinsurance intermediary has occupied space in Midtown since it was displaced from Two World Trade Center on Sept. 11.