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WASHINGTON, DC-After 50 years of providing housing for lower income residents, The Huntwood Apartments will undergo a long-awaited $12.6 million renovation. Upon completion, most of the 214-housing units will be priced affordably for residents earning less than the area median income.
BELLEVUE, WA-Another local architecture firm, Ferrari Design Group, has merged into MulvannyG2 Architecture, now the third-largest architecture firm in the Pacific Northwest. The five-man Ferrari Design firm is run by Mulvanny G2 CEO Jerry Lee's college roommate, Lynn Takeuchi.
DALLAS-Trammell Crow has started culling brokers' ranks in an ongoing across-the-board sweep this year to drive down costs. By year's end, 140 brokers will be gone in the planned 700-employee cutback. In Denver, a retail BTS is eliminated.
PALM BAY, FL-Deutsche Bank Mortgage Capital purchased the loan on the 120-unit property in the Melbourne, FL suburb in Brevard County, 60 miles south of Downtown Orlando.
NEW YORK CITY-REITs in general are strongly outperforming the S&P 500 and two local firms followed that trend this quarter, while a third was hurt by a failed acquisition bid and is looking for a buyer.
PORTLAND-A subsidiary of White Electronic Designs Corp. signs a seven-year deal for flex space in Transwestern's West Union Business Park. The lease counters the majority of the news coming from the Sunset Corridor, which has focused on the high vacancy rates.
SAN FRANCISCO-Ford has signed a 10-year lease with Catellus Development Corp. to occupy a 608,000-sf, build-to-suit distribution facility at Spreckels Park in Manteca. Construction of the center has started and the company expects to be able to move in by next spring.
DANVERS, MA-Everest Partners LLC acquires the Northwoods Business Park here for $14.7 million from Cornerstone Real Estate Advisors. Both parties were represented by Robert E. Griffin, Jr., Richard F. Herlihy and Christopher T. Griffin, in their first transaction with Cushman & Wakefield's financial services group.
SAN ANTONIO-Bath & Body Works retailer heads to the 650,000-sf Bandera Pointe for its 10th store in San Antonio. The power center is a joint venture of Cleveland-based Developers Diversified and David Berndt Interests.
GREATER BOSTON-The Community Preservation Act manages to pass in five of the 12 towns where it was on the ballot, despite its defeat in Boston. About 10% of the towns in this state have now passed this Act.