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ALBUQUERQUE-Occupancy stands at 92.4% in a city with 16,825 units in 68 properties. It's a 0.6% drop from fourth quarter 2001 and 1.7% under last year's first quarter total. The slight decline could stall permitting, says RealFacts.
PHOENIX-The proceeds will be applied to Larry Feldman's $54-million purchase of the 482,351-sf Tucson Foothills Mall, says one of the brokers. The REIT buyer gets 100,188 sf in a mature neighborhood where space is a premier commodity.
DENVER-The ability for hotel workers to unionize, the developer taking a look at several sites and having a track record of good minority hiring are three non-negotiable points Mayor Wellington Webb puts on the table.
EDGEWOOD, MD-Environmental Technologies Group moves into its new 90,000-sf space in a 130,200-sf, $6.9 million structure in Lakeside Business Park. Building owners FRP Development Corp. constructed the building last year for $6.9 million.
FARMINGTON HILLS, MI-The office supply store chain puts nearly 70,000 sf on the sublease market in Jackson, Sterling Heights and Westland, hiring Friedman Real Estate Group to find new tenants.
PASADENA, CA-The management services firm Tetra Tech has signed a 12-year lease to occupy two of the three floors at the soon to be completed second phase of Pasadena Corporate Park. The lease was signed with Kearny Real Estate Co.
ATLANTIC CITY, NJ-The old Million Dollar Pier, rebuilt almost 20 years ago to resemble an ocean liner, will be shuttered entirely for 18 months by owner Park Place.
ORLANDO-Brazilian developer Sergio Naya made a last-minute offer of $24.6 million for his unfinished, twin-building Sandy Lake Towers hotel-condo complex but U.S. Bankruptcy Court Judge Karen S. Jennemann denied the offer, ruling Nava missed the April 24 deadline.
CHICAGO-Co-chief operating officers Denny Oklak and Gary Burk, who assumed those roles earlier this month, now handle the duties of president of the Indianapolis-based office and industrial REIT.
ELK GROVE VILLAGE, IL-Sterling Hydraulics takes 42,490 sf in CenterPoint Properties Trust's industrial building at 850 Arthur Ave. while March Fasteners leases 40,140 sf at 1401 Morse Ave. in this suburb just west of the world's busiest airport.