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WASHINGTON, DC-In its mid-year Real Estate Forecast, the Urban Land Institute reports that, due to heavy office vacancies, the commercial real estate industry will not recover at the same pace as the US economy.
DENVER-Another $20 million in options is recommended by a task force. The renovation will be paid mostly through seat tax revenue, with another $25 million in general obligation bonds.
CAMBRIDGE, MA-Newly released first-quarter statistics indicate the local commercial real estate market is split between a thriving biotech sector with extremely low vacancies and a lagging office market struggling to fill space.
SCOTTSDALE, AZ-The three-building design will go up on five acres at the Shea Campus Hospital in Scottsdale. Luckett Farley of Phoenix is the architect and Summit Builders lands the general contractor's role.
ARLINGTON, TX-Arlington is getting a "super store," a 23,000-sf venue that comes with specialty departments, including new goods. The non-profit also taps an 8,700-sf inline spot at Hulen Square in Fort Worth.
SACRAMENTO, CA-The Upper Lake Rancheria Band of Pomo Indian tribe claims to be a landless tribe with historical roots in Yolo County, but community groups and the band's own tribe members argue that the tribe's roots are questionable.
IRVING, TX-FelCor could be buying before the year's out or using the fund to further pay down debt. The REIT does have eyes for the Northeast and Northwest. While it scouts the market, it's also selling hotels, hotel retail components and parking garages.
ORLANDO-The 20-year-old, 919-room hotel, two miles from the front gate of Walt Disney World, staved off a May 1 public sale by filing for protection from its creditors under the U.S. Bankruptcy Code.
HOUSTON-With 1.3 million sf for all of 2001 being absorbed, the first quarter's 1.2 million sf is phenomenal. The hope is four million sf to five million sf will be absorbed before the year closes, says a Cushman & Wakefield of Texas broker.
ATLANTA-The properties, totaling 950 units, are the 272-unit Briar club, 208-unit Cinnamon Trails, the 278-unit Dogwood Creek and the 192-unit Hunters Trace. The Richmond, VA-based REIT received an average $40,737 per unit.