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DETROIT-Walter C. Watkins Jr.'s new team will evaluate and update this city's master plan to be used when considering future developments. He is Detroit's first chief development officer.
NEW YORK CITY-Biopharmaceutical filtration provider Pall Corp. opens a 75,000-sf manufacturing facility in Hauppauge. The company has owned the recently renovated building for 30 years, and says this plant will double its production capacity.
HOUSTON-Absorption comes in at 397,985, but that's not counting the 40-store shutdown by Albertsons and an 11-store closure by Kmart. Absorption and vacancy are sure to start dipping in the second or third quarter, says O'Connor & Associates.
SEATTLE-Locally based Unico Properties began managing the Finova Capital-owned property in 1998, guaranteeing the master lease payments of Weyerhaeuser, which still had three years left on a 20-year master lease. The management contract came with a purchase option that Unico begrudgingly opted not to exercise.
FLOWER MOUND, TX-Developers score another coup for their 163-acre Lakeside DFW, the state's largest Verizon SmartPark. Hines is on board to develop the conference center hotel. No ground-breaking this year, GlobeSt.com is told.
DENVER-Despite a doubling in the statewide vacancy rate from 3.2% to 7.3%, the rate in most ski communities remains under 5%, considered tight by multifamily industry standards.
DALLAS-The 347-unit Arboretum at Cliffcreek Apartments is due for more change than the owner. A $3-million upgrade is in progress at the 60%-occupied complex in Dallas' southwest sector. The seller is a bankrupt Dallas-based limited partnership.
PARSIPPANY, NJ-Both office properties, located in Central New Jersey and owned by joint ventures, are almost fully leased to tenants like Merck, BOC Group and QualCare Inc.
NEW YORK CITY-The firm's co-founder buys out his partner and takes sole control of the prestigious firm. He says his vision for the future is clear and includes expanding beyond the firm's Manhattan stronghold.
SANTEE, CA-A San Diego-based real estate investment company, completes redevelopment of the Santee Village, located at the corner of Olive Lane and Mission Gorge Road. The center totals approximately 98,000 sf of retail space on 10 acres.