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KENT, WA-Though more space has come available and rents have dropped with the overall market, those changes are having little effect on the sales of smaller properties here, says Chris Corr of Kidder Mathews & Segner.
CLEVELAND-The hotel REIT reports sharp decreases in funds from operations, revenue and occupancy. The performance was expected in the aftermath of the Sept. 11 terrorist attacks on the US. A fourth-quarter dividend cut is likely.
ORANGE COUNTY, CA-Activity in the county's industrial sector has slowed dramatically over the past year, according to new research by Colliers Seeley. This year's third quarter wrapped up with a mere 2.7-million sf in sales and leasing activity, as compared to 5.7-million sf for the same period in 2000.
LONDON-Threadneedle Property Investments has let a 15,000-sf office building in Watford, Hertfordshire to the US-based lottery company GTECH, which is moving out of the nearby headquarters of the UK national lottery operator Camelot.
OAKLAND TOWNSHIP, MI-The Bloomfield Township-based developer buys land from two local developers and plans to build multifamily and single-family homes on the site in one of the five wealthiest counties in the US.
LOS ANGELES-A Westcore Industrial Properties affiliate pays $18 million for 409,000-sf Pacific Gulf Distribution Center on outskirts of Downtown LA, marking one of the final milestones in the life of a SoCal-based REIT beloved by many of its investors.
TROY, MI-Offices, retail and industrial construction is still going strong in one of Metro Detroit's strongest commercial real estate markets. The largest project is the 275,000-sf Maple Corporate Center.
DALLAS-Staubach's director of real estate administration, Karen Loss, has been promoted to vice president of real estate administration. She has saved Staubach's clients over $8 million so far this year.
NEW YORK CITY-According to newly released statistics, a serious--and downward--revaluation of commercial properties has taken place since the terrorist attacks of Sept. 11. Real Capital Analytics--GlobeSt.com's latest MarketData provider--reports that October sales volume was less than half of what it would be for a typical year-end rush.
ORLANDO-Robert I. Earl, the Orlando-based restaurant company's chairman, CEO and president, tells U.S. Bankruptcy Judge Arthur B. Briskman he is worth all of his $600,000-a-year salary because he wears three large corporate hats. But the judge gives him only $300,000.