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AUSTIN-Three new buildings, totaling 323,500 sf, and 140,000 sf of sublease space intensify conditions in the southwest submarket. Since June, vacancy has nearly doubled to 14.4% and rent's down by nearly $2 per sf.
DETROIT-Nearly 900 acres in Northville and Plymouth townships has too many wetlands and contamination and is not worth the agreed-upon purchase price, says Kojaian Cos. of Bloomfield Hills.
ORLANDO-After a year-long national search, Advantis Real Estate Services Co. is installing Gregory L. Morgan as regional director, management services, Central Florida, to oversee the company's 8.5 million-sf office, flex and industrial portfolio in Orlando, Tampa and South Florida.
WASHINGTON, DC-In a deal valued at approximately $81 million, the yet-to-be-completed Class A office building at 601 New Jersey Ave. sells to Polinger Development. The Federal Trade Commission has already signed a 10-year lease worth more than $80 million.
CHICAGO-General Growth Properties picks up 18 shopping centers and 26 community centers in the Mountain States with occupancy and rental rates below its portfolio averages, but considered to be able to produce a 10% return nonetheless.
SAN FRANCISCO-Originally Mission Bay developers planned on creating a mixed-use property that would be mostly office space, but retail tenants are much easier to land nowadays.
BELLEVUE, WA-City Council members are scheduled to vote this evening whether they will hire a consulting firm to decide whether 16 acres now owned by the Boeing Co. and zoned for light industrial use would make good park land.
NEW YORK CITY-The international investment group buys up a dozen downtown Boulder, CO buildings totaling 591,000 sf and two Piscataway, NJ office buildings comprising 236,961 sf.
TACOMA, WA-Bianco Properties, a St. Louis-based real estate investment firm, has purchased yet another Puget Sound property, the Rainier Place Shopping Center. Last winter, the firm also purchased the Lynwood Plaza Shopping Center.
WASHINGTON, DC-In a $6.2 million transaction, Washington Real Estate Investment Trust sells the industrial building at 1501 Capitol Street to a U-Haul International affiliate. Built in 1940, the structure offers 145,000-sf of space.