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CHICAGO-Condominium conversions continue to take units out of the market, but rent concessions now run about 5.2%, according to Appraisal Research Counselors. Concessions cropped up in the second quarter, adds vice president John R. Jaeger.
ORLANDO-The U.S. Bankruptcy Court-appointed trustee charges a locally based investment firm hasn't repaid $8.5 million on two loans given by the defunct Evergreen Security Ltd., a purported mortgage securities-backed company that allegedly bilked 2,000 global investors over a 10-year period starting in 1991.
FULLERTON, CA-The real estate investor pays $2.7 million for the Fullerton retail complex. Tenants at the fully occupied center include Linder Furniture, the Recycler and L.A. Carpet.
CHICAGO-Tenants across Central Business District submarkets willing to sign on the dotted line are finding cost-saving opportunities, building managers and leasing brokers report.
ARCADIA, CA-The 85,600-sf complex will rise in this city's redevelopment district. National Automobile & Casualty Insurance has already agreed to buy one of the two buildings.
SAN DIEGO-An East San Diego Indian tribe has purchased the Singing Hills Resort, a golf and tennis resort located near El Cajon. Terms of the deal were not disclosed.
ORLANDO-About 100,000 sf are vacant in metro Orlando after independent owners saw customer counts falling in recent weeks. The 692-unit Austin-based restaurant company is interviewing new franchisers for the locations. Schlotzky's posted a third-quarter profit of $659,000 or nine cents per diluted share.
DENVER-A House bill would make "flagpole annexations" more expensive for sales tax revenue hungry municipalities by allowing neighboring property owners to request annexation as well.
GOLDEN VALLEY, MN-The mortgage company will add 20,000 sf to its lease at 8441 Wayzata Blvd. American Summit moved into the entire second floor in July and will take over the third floor in March.
PORTLAND-Formerly known as Wilshire Real Estate Investment Inc. and run by former directors of Wilshire Financial Services Group, Fog Cutter adds three more Wilshire refugees to its board of directors.