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BOSTON-The Museum of Fine Arts reveals the architectural designs for its comprehensive master site plan, which will nearly double the museum's 531,000-sf building. The museum is currently beginning phase 1 of the project for which it is undertaking a $425 million fundraising campaign.
SHERWOOD, OR-The State Department of Environmental Quality and the would-be purchaser of a contaminated property here have inked an agreement defining the cleanup and limiting future liability, clearing the way for sale and redevelopment of a portion of the 33-acre site.
CAMBRIDGE, MA-In one of the biggest deals of the year in this area so far, Paradigm Properties and Westbrook Partners sell the Davenport Building here on First Street to IBUS Company for $53.5 million. The companies acquired the 220,750-sf building in 2000 for $49.9 million.
DENVER-The north side of the Denver Technological Center has a 40% vacancy rate--approximately 1.4 million sf--as companies exit for their own build-to-suits while others leave the market entirely.
TAMPA, FL-The Oakbrook, IL-based REIT paid U.S. Income Retail Fund LP $5.96 million or $88.52 per sf for the 67,327-sf Shoppes Citrus of Citrus Hill, FL and $8.59 million or $124.63 per sf for the 68,924-sf Steeplechase Plaza in suburban Ocala, FL, 80 miles northwest of Downtown Orlando.
ATLANTA-The Oakbrook, IL-based REIT acquired the 131,649-sf, 95%-leased shopping center in Roswell, GA from the 6955 RR Corp. of Atlanta for $24.4 million. The purchase brings Inland's Georgia portfolio to 14 properties totaling 2.35 million sf.
WESTMINSTER, CO- Jim Sullivan's latest plan for 77 acres along busy Sheridan Boulevard call for less than half the amount of retail space in his previous proposal, but opponents still point to 500,000 sf of vacant space here.
DEERFIELD, IL-Sears Roebuck & Co.'s The Great Indoors will be a 135,000-sf anchor at the rebuilt south end of Deerbrook Mall, which also will get a new fagade and redeveloped outlots. A $5.5-million sales tax rebate from the village for Sears helps clinch the deal.
ORLANDO-Local developers Howard Shiefer-Decker, former banker Geoffrey Longstaff and the founder/chairman of NAI Realvest Partners Inc. have opened the first phase of the planned $2.7 million, 69,125-sf Carter Commerce Center in suburban Winter Garden, FL, a half mile from the new Western Beltway and Florida Turnpike exchange, eight miles west of Downtown Orlando.
CHULA VISTA, CA-Westwood Financial Corp. has acquired the 43,471-sf Eastlake Village shopping center shadow anchored by Vons and Rite Aid in a deal valued at nearly $10 million. The center is currently 97% occupied.