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SACRAMENTO-The Sacramento rental market has been steadily declining but investors are not scared off by the numbers. Sobrato Development Cos. purchased a $50 million apartment complex less than two months after purchasing a $53 million complex.
PHOENIX-ITT Technical Institute, operating in Phoenix since 1985, is relocating into 30,000 sf at a Panattoni Development building off Interstate 10. A CB Richard Ellis team structures the deal on both sides of the fence.
MIAMI-The Tarrytown, NY-based shopping center investor is paying Regency Centers of Jacksonville, FL $11 million or $97.35 per sf for the 113,000-sf, 95%-leased Ocean East Mall in Stuart, FL, 100 miles north of Downtown Miami in Martin County.
NEW YORK CITY-The two remaining state-owned sites brought in $8.1 million in two separate sales. Both development ventures are planning mixed-use developments for the land, which has been off the tax rolls for decades.
OCEANSIDE, CA-City leaders here vote to ask the California Coastal Commission to delay its decision on a proposed development by Manchester Resorts until after Manchester can respond to commission staff concerns that led to their recommending a denial.
AUSTIN-Its first foray outside Austin takes National Instruments to Debrecen, Hungary, where a 140,000-sf plant has just opened. The firm also is making plans for an August move into another 380,000 sf on its 169-acre Austin campus.
NEW BRUNSWICK, NJ-The Housing Authority has designated the New Brunswick Development Corp. as the redeveloper of a city block that will feature the Child Health Institute and some retail space.
CHICAGO-The Old Heidelberg Restaurant at 16 W. Randolph St., which is now part of the Downtown Theatre District, is converted into three performing venues by Noble Fool Theater Company in a $2.5 million project funded in part by tax increment financing.
CARROLLTON, TX-M/PF Research says the Sun States will lead the way when it's time for a multifamily rebound. First to recover will be the Inland Empire, Broward County, Tampa Bay, Dallas-Fort Worth, Houston and maybe Oakland-East Bay.
MILLBURN, NJ-The mortgage banker's six-year-old New Jersey office, will try to hook the insurer up with borrowers looking for fixed-rate loans with terms of seven to 20 years and amortization periods of 15 to 25 years.