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CLEAR LAKE, TX-Talk of NASA cutbacks has Clear Lake brokers taking inventory stock. It's an old scenario being played out in a submarket with 45% of its office space filled by tenants with direct ties to human space exploration.
DALLAS-CMD Realty outsources leasing for close to 10 million sf, affecting nearly three million sf in Dallas-Fort Worth. Four firms get a chunk of the portfolio while CMD holds onto five buildings as possible "atta boys.
LAS VEGAS-Virtu Investments readies to reposition the 409-unit Island Club, its third Las Vegas property. Arbor Commercial Mortgage fuels the buy with a near $13.2-million loan. Seller JTJ Management had to let go of the complex, says the lender.
NEWPORT BEACH, CA-The firm's Newport Beach office represented both sides in the sale of a 100,320-sf industrial building in Chino. The facility was fully occupied at the time of sale.
LOS ANGELES-Several commercial insurers will cut coverage for losses caused by acts of terror, allowing 2001 policies to go unrenewed for 2002, according to Standard & Poor's. The withdrawal from the market will spread beyond property and aviation insurance to include other risks.
CHICAGO-Many are likely to apply, but the city is looking hard at developers' experience, especially in leveraging private money in previous projects, in its selection of a team to build 400 multifamily units.
ORLANDO-Martin W. Boelens Jr., who managed the secretive Orlando-based Evergreen Security Ltd.'s mortgage-backed investment fund for three years, denying any knowledge of his New York associates' alleged fraud scheme, faces 15 years of hard time.
ORLANDO-Carol Barfield, a commercial/residential real estate marketing professional for 10 years, is the new business development manager for the Houston-based construction company's Orlando division.
LAKE ZURICH, IL-The 88,306-sf retail outlet developed by Minneapolis-based Ryan Companies US, Inc. is bought by a fund managed by CB Richard Ellis Investors for $105.32 per sf, and at a capitalization rate in the mid-8% range.
LANDOVER, MD-In a $8.3 million deal, Lottsford Business Center changes hands from SKW II Real Estate Limited Partnership to a Kenwood Management-controlled partnership.