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DETROIT-Hotels relying on interstate travel suffering most; a 25 percent occupancy rate is spooking investors for new hotels in cities including Detroit and Royal Oak.
CHANDLER, AZ-Mississippi-based EastGroup Properties is plotting a major redevelopment of the 70,000-sf Southpark, an industrial project that's sat empty since its delivery in late 2000. The new owner already has leased 40% of the distribution center.
AUSTIN-INC Research, based in Raleigh, NC, seals a 7,000-sf deal in a space doubling to accommodate the next year's growth. The new location will be along Bee Cave Road. INC has been using Tanistry's Capital of Texas Highway since a takeover last year.
PORTLAND-Industrial over-building has not been as severe as in other product types because most projects aren't breaking ground without tenants already in hand, according to the Grubb & Ellis report. The result is a slight dip in vacancy rates for the third quarter.
ROCHESTER, MN-Mayo Clinic is nearing completion on a $441-million addition to its clinic here that will add more than 1.5 sf feet to the downtown campus. Nearly half the funding has been given or pledged by Mayo Clinic benefactors.
SEATTLE-The Seattle Planning Commission is slated to discuss later this month the revitalization possibilities for the Rainer Beach neighborhood. Agenda topics include ways to create retail/commercial activities and foster a sense of community.
HULL, MA-This town files a lawsuit against the Massachusetts Port Authority in an attempt to block the development of a new runway at Logan International Airport. The agency defends the need for the runway but insists that it focusing almost exclusively on security issues.
LONDON-Connecticut-based furniture retailer Ethan Allen Interiors has formed a joint venture with the MFI furniture group to open up to 50 stores in the UK.
BOLINGBROOK, IL-GM finds a location near the I-55 interchange, an important detail to its expansion plans in the Chicagoland area. The automaker plans to use the space for parts distribution as well as for office space.
JACKSONVILLE, FL-The St. Joe Co. subsidiary posted third-quarter net earnings before interest, taxes, depreciation and amortization of $15.9 million versus $14.4 million in the same 2000 period, an increase of 10%.