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RESTON, VA-Multifamily complex Alexan Reston Town Center will become a reality as Trammell Crow Residential acquires an 8.5 parcel at Reston Town Center from Terrabrook for an unnamed price. The property will eventually be home to two large residential buildings--one of which will also house retail space--and it will also be the new site of the Greater Reston Arts Center.
KENT, WA-Regency Centers, a national owner, operator and developer of grocery store-anchored shopping centers, has leased space to John L. Scott Real Estate at the Lake Meridian Marketplace shopping center. The company is slated to open its doors to the public in April 2002.
LAS VEGAS-Hit hard by the dropoffs in tourist travel following the Sept. 11 terrorist attacks, the gambling mecca has begun to see a rebound as visitors return to the desert casinos and laid-off workers get hired back.
ANAHEIM, CA-Industrial Plastic Supply Inc. is the buyer. The seller is Cal West Industrial Properties LLC. The deal is valued at $1.5 million. As industrial activity continues to cool in many other regions of Orange County, Anaheim has been holding steady.
NEW YORK CITY-A $98-million office and retail complex slated to be built in the Bronx now has a developer attached to it. Starrett has been chosen to build on the 250,000-sf site.
DALLAS-The six-story, 80,000-sf office building in the struggling Stemmons submarket has been sold to a private investor. Terms of the deal are not released. The class-B building is 65% occupied.
WOODBRIDGE, NJ-Newmark JGT analysis indicates that the market is still a little flat, but the WTC disaster led to some absorption, and pharmaceuticals are offsetting telecom's woes.
EAU CLAIRE, WI-Lehman Bros. and Pacific Coast Capital Partners have paid $8 million for the former shopping mall and plan to spend an additional $6 million to convert it to a business park.
AUSTIN-This high-tech area has seen unemployment and office vacancy rates rise recently, but so has interest lately from biotechnology companies, says John Breier of the Greater Austin Chamber of Commerce.
EDINBURGH-The Scottish Executive plans to unseat absentee landlords by putting through laws that will allow tenants to buy the land they rent. Property bodies are warning that the plans could jeopardise the open market.