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PHOENIX-Cushman & Wakefield of Arizona reports market conditions are changing, including a decline in new construction, although no one submarket experienced six-figure absorption for first quarter 2002.
MIAMI-RM Hollywood Hills Plaza Shopping Center, headed by Barry Ross and William D. Matz, paid $28.85 million or $65.34 per sf for the 25-year-old, 441,566-sf shopping center in Hollywood, FL, 20 miles north of Downtown Miami. Adjoining outparcels sold for $4.15 million.
NATIONAL CITY, CA-City officials hope to create a 300-plus acre center for maritime activities in National City that will positively affect the largely industrial businesses in the surrounding area.
NEW YORK CITY-Phillips Edison & Co., which specializes in buying underperforming grocery-anchored community shopping centers, has established a new fund designed to further the firm's current business plan.
SAN DIEGO-Publicly traded UnitedAuto Group-West purchases a 28,217-sf building from a unit of General Electric as part of a plan to spruce up its properties along Kearny Mesa Road.
DALLAS-A team can now claim bragging rights to a shadow project to convert the Menswear Mart into the largest non-hospital-owned, medical-related office building in the Stemmons Corridor. A 146,784-sf lease jumpstarted the repositioning.
DETROIT-A two-building portfolio in Kalamazoo, MI and suburban Farmington Hills is fully leased to Dana Corp. for 20 years. The Atlanta-based REIT pays $139 per sf for the Kalamazoo property and $198 per sf for the Farmington Hills asset.
HOUSTON-The 1.25-million sf Marathon Oil Tower becomes a two-time TOBY winner in the one million sf plus category. Honored by the local BOMA chapter, the Cushman & Wakefield-managed 41-story tower now moves onto the regionals.
SAN FRANCISCO-An eviction notice is served on the operators of Rixie Cinema, San Francisco's oldest operating movie theater, after four months' rent goes unpaid.
BOSTON-A $125-million construction loan for the Philadelphia Phillies new $346-million ballpark is finalized by FleetBoston Financial Corp. The closing was staged at a local law firm.