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HOUSTON-Houston's strong job growth, despite a national economic downturn and deceleration of multifamily development, has created a market that is faring better than last year in vacancy rates and rent growth.
LOS ANGELES-Anchor Pacifica Group pays $3 million for a 23-unit building in Arcadia, and Amusement Industry spends nearly $1.1 million for 28 units in Long Beach, as multifamily investment remains strong even as sales of other types of income-producing property falters.
ORLANDO-Fifty property owners have formed the Kissimmee-Highway 192 Hotel & Motel Association to cope with average daily occupancies hovering around 30% at some of the family owned and operated lodging properties on U.S. 192 in the Walt Disney World corridor, 20 miles south of Downtown Orlando.
DENVER-Jerry Boland of Gray Design Group creates the blueprints for a Bavarian-Swiss chalet-style, 5,800-sf showroom for Murray Motors, just north of the dealer's Mercedes-Benz store that carries a similar design.
ORLANDO-Mom-and-pop hotel and motel operators are slashing room rates but still seeing occupancies of 30% to 40% in the Kissimmee, FL corridor, 15 miles from Walt Disney World's front door at Lake Buena Vista, FL.
NEW YORK CITY-Two Manhattan-based real estate trusts, one an affiliate of investment banking firm W.P. Carey & Co., have sealed deals to acquire more than a million sf in net-leased industrial properties.
MESQUITE, TX-Two of the proposed five industrial buildings at Hillwood Investment Properties' Skyline Business Park sell to California's Rreef Funds for an undisclosed amount; industry experts suggest $49 million.
MIAMI-New York-based Greystone is providing a 10-year loan, amortized for 30 years, at an interest rate under 7% to Waterview Apartments Jetam Investments Ltd. on the 11-year-old, 375-unit property in Kendall, south Miami-Dade County.
BARRINGTON, IL-The historic Catlow theater could be bought by a village-backed not-for-profit corporation that keeps the landmark for films and live performances. An option on the property may be in the offing; rehab costs are estimated at about $8 million.
LAS VEGAS-The 16,000-sf Flamingo Marketplace was a development waiting to happen as it sits on the Flaming Road-Maryland Parkway retail corridor, says broker Matt Bear. Nevada Power Co. was the former owner of the land.