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LOS ANGELES-Wilshire State Bank, a community bank with a focus on commercial real estate lending and general commercial banking, has reported record first quarter net income of $1.9 million, resulting from increased lending activity and a continued focus on building core deposits.
SAN DIEGO-An investment and development plans to spend $60 million for the acquisition and conversion of the 300-unit River Colony Apartments in Mission Valley into condos.
SEATTLE-Party City agrees to buy Paper Warehouse's 13 store here, allowing Party City to achieve 'critical mass' in the local market and Paper Warehouse to concentrate in its Midwest and Southwest markets.
DALLAS-Electrolux makes a 230,878-sf play at a First Industrial-owned park in Harrisburg while expanding in Dallas-Fort Worth in deals brokered by a Trammell Crow Dallas team. Also in the DFW, Ecolab takes 36,874 sf at a RREEF-owned property.
PHOENIX-Nine months into a lease at the Fifth Street Industrial complex, Goodrich expands its initial 37,745-sf signing. The extra space will be used for a repair station for aircraft evacuation slides, life rafts and vests.
WASHINGTON, DC-Members of the multifamily housing industry petition Congress for what they say are much-needed changes to the Section 8 Housing Choice Voucher Program.
BINGHAM FARMS, MI-Leasing activity in Metropolitan Detroit's office and industrial markets increases slightly in first quarter as property owners offer incentives, says the local branch of Colliers International.
CORSICANA, TX-Kimco Realty refinances a 23-year-old warehouse positioned on more than 15 acres in Corsicana. The 19 1/2-year refi carries a 6.6% interest. Kimco bought the property from the defunct Venture chain, retrofitted it and leased it to Kohl's.
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.
NEWPORT BEACH, CA-The joint venture between Nationwide Health Properties Inc. and JER Partners acquires 39 assisted living campuses that are operated by Alterra Healthcare Corp. The properties, which are scattered throughout 10 states, have an occupancy level of 84%.