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DETROIT-The US Department of Commerce gives $1 million in tax-reduced development zones to help build employment in the distressed communities of Rogers City and Presque Isle County.
SAN DIEGO-Ostrow Partners, doing business as Calply, and Bill and Kimberlee McLaren, doing business as Trico Auto Parts, will exchange properties in sale transactions totaling nearly $5 million.
ORLANDO-Bluffs Retail Associates LP of Colorado sold the 38-year-old, 425,292-sf Seminole Mall in Seminole, FL for $48.67 per sf to Seminole Mall Inc. of Lakewood, NJ. A 103,050-sf Kmart anchors the property 10 miles south of Downtown Tampa and 80 miles west of Downtown Orlando.
LONDON-Take-Up in the Central London office market hit a ten year low during the first quarter of 2002, according to Jones Lang LaSalle. But the agent says signs of recovery are already appearing.
RIVERSIDE, CA-The buyer has paid $1.5 million for the property, which is located at Palm Avenue in Riverside. With its steady rise in population and relatively low unemployment rates, Riverside continues to boast a large base of multifamily tenants.
HOUSTON-One deal closes off 114,400 sf and two shut down 38,400 sf in a triple play that takes the Midway Cos.' 550,000-sf Central Greens park to full. The largest space taker is Elite Air Freight of Houston.
NEW YORK CITY-Grubb & Ellis and building owner Coca-Cola aren't talking numbers. But GlobeSt.com has learned that major upgrades to 711 Fifth--owned by Coke--will reap major rental revenue hikes over the next decade.
MIAMI-The Miami-Dade county chapter of the Building Owners and Managers Association ranked the two-building, 473,000-sf, 97% and 99%-leased properties No. 1 in the renovated building category. Crescent invested a total $3.4 million over the last three years upgrading the property.
SEATTLE, WA-Though most will agree the greater Seattle apartment investment market is slower than it was a few years back, demand is still strong and some properties are even fetching appealing prices.