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ATLANTA-The Nashville, TN-based prison manager is losing about $2.5 million in quarterly earnings before taxes from the Commonwealth's decision to operate the facilities itself. For the year, that could translate to a $10 million earnings loss.
SAN FRANCISCO-A dozen developers have expressed interest in San Francisco's historic Old Mint building, a 77,000-sf property which must undergo about $20 million worth of seismic repairs before it can open.
HOUSTON-Developer Ainbinder Co. takes out a two-year, full-recourse loan with a 75% LTV on 130,015 sf of a 300,000-sf center at the junction of US Highway 59 and Grand Parkway in Houston. A 78,000-sf H-E-B anchors the project.
PORTLAND-Santa Ana, Calif.-based Corinthian Colleges Inc. renews a 26,800-sf lease at 425 SW Washington St. for its Western Business College unit, which is housed on the class B building's top four floors.
DETROIT-Marcus and Millichap predicts new construction will grind down in last half of 2002 to wait for the economy to rebound. However, the overall vacancy rate may rise another full percentage point.
STAMFORD, CT.-Westchester County's overall office vacancy rate has shown some signs of improvement in recent months, prompting Cushman & Wakefield officials to say that the market is beginning to turn around from the post 9-11 slowdown.
ORLANDO-Umatilla, FL municipal airport officials paid $281,560 for two private lots at the end of a runway protection zone. Without that dirt, the Lake County city of 2,214 permanent residents wouldn't have been eligible for a $1 million federal maintenance/repair grant. Umatilla is 35 miles northwest of Downtown Orlando.
PORTLAND-Carol Ambrose, formerly head of property management for the Portland office of Grubb & Ellis, starts a new gig today as the local head of property management for publicly traded PS Business Parks, which owns over two million sf in the area.
AUSTIN-Corinthian Colleges has three campuses in Houston and one in San Antonio. The next stop is Austin, where it's leased a spot at Tuscany Business Park. Post-grad courses focus on health-care and technology.
DALLAS-Crescent gets three of the four leases for 38,228 sf at class A properties in Dallas and Addison. Deutsche Banc Alex Brown leads the pact with a 21,452-sf renewal and expansion for the REIT's 99.8%-occupied flagship property.