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SAN FRANCISCO-Mills, a Virginia-based REIT, originally proposed making payments to the city that amounted to $720,000 during construction and $350,000 during its first year of operation. Now, under the new terms, Mills will pay $1.4 million during construction and $1.4 million per year beginning the first year of operation.
ATLANTA-The manager/developer of multifamily senior housing units has an offer from Salem Senior Housing to buy Diversified's Residential Properties Management firm and equipment for $950,000. Diversified's chairman/CEO William G. Benton controls Salem Senior Housing.
MIAMI-The 73-restaurant Roadhouse Grill Inc. of Pompano Beach, FL says it is restructuring because Orlando-based CNL Restaurant Properties Inc. refused to settle past-due invoices out-of-court as other creditors have done.
BILLERICA, MA-McCracken Financial Software Inc. hires Shaun Brady to establish and manage a new business unit that will provide information services to the commercial real estate industry. Brady has been a vocal proponent of the commercial mortgage industry need for more accurate and integrated information services.
SILVER SPRING, MD-The 71,500-sf TecHill Two office building in Westech Business Park gets its first and only tenant as healthcare software developer SoftMed Systems moves into its new build-to-suit headquarters.
SEATTLE-Paul Allen's Vulcan Inc. and the Housing Resources Group form an alliance to develop affordable housing in the South Lake Union neighborhood. Vulcan, HRG, community stakeholders and City of Seattle Strategic Planning and Housing officials have met several times to discuss such opportunities.
LONDON-Quoted developer and investor Quintain Estates has created a new limited partnership with Hermes Property Asset Management and Bank of Scotland. It is injecting 37 of its public houses into the fund, which it to be called Quart.
AUSTIN-TechSkills, headquartered in Milwaukee, adds its fifth Texas office, honing in on Austin's 3001 Bee Cave Rd. The tenant subleases the office from another tech training learning center exiting the still fully occupied structure.
ORANGE, CA-Buchanan Urban Investors and Rawson, Blum & Leon have snapped up the regional shopping center. The pair plan to renovate the complex, which was 89% leased at the time of sale.
SANTA ANA, CA-The county's office market continues to heat up, as a 166,616-sf Santa Ana office complex has been sold for $13.5 million. It is the second large transaction to take place within Orange County in the past week.