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NEWPORT BEACH, CA-James Collins pays $1.5 million for the multifamily property, which is located in the Balboa Peninsula area of Newport Beach. The complex sold for 11 times its gross scheduled income.
SAN DIEGO-In the largest of the two transactions, three properties in Vista, Calif., totaling 134,000 sf sold for $8.4 million. The fourth property, the 33,144-sf 6960 Flanders Building in San Diego, sold for $3.7 million.
SEATTLE, WA-Apartment properties run on the small side in North Seattle and inventory is tight, so buyers tend to be individual investors who already own properties in the market and know it well, says one local specialist.
LONDON-Aviation and armaments group BAe Systems has bought a 12.7-acres site in Luton, Bedfordshire for a new 220,000-sf research and development facility.
ORLANDO-Ebeneezer Holdings Corp. of Toronto paid Tampa, FL-based Hunters Ridge Associates Ltd. $46,849 per unit or $56.80 per sf for the 238-unit, 95%-leased Hunter's Ridge Apartments at 3733 Goldenrod Rd.
CHICAGO-Two developments totaling 339 multifamily units, split between rental and condominium units as well as priced at affordable and market rates in addition to the subsidies provided Chicago Housing Authority tenants, receive a plan commission nod.
ELMWOOD PARK, NJ-The four-story, class A River Drive Center 3, developed by the founders of Langan Engineering on spec, hits the market at a time when overall demand is a little flat.
WALTHAM, MA-HQ Global Workplaces closes two of its sites in the Greater Boston area both here and in Newton. The company, which provides flexible and temporary space for companies, recently filed for Chapter 11 bankruptcy protection.
NEW YORK CITY-The locally based REIT completes the last major step in its planned dissolution with a final filing in Maryland. The company's assets will be held for three years to pay bills, after which time any remaining cash will go to shareholders.
MIAMI-New York-based McCann Inc. walked off the $100 million projects at the Coconut Grove Ritz and the South Beach Ritz. SunAmerica Inc., the Grove Ritz lender/owner, is handling development alone on one hotel. The Beach Ritz hopes to have a new contractor on the second hotel by April 28.