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TROY, MI-The strongest Detroit area office submarket is looking at two new laws that would limit development to only high and dry areas. Developers and lawmakers threaten lawsuits if ordinances are passed.
NEW YORK CITY-Local REITS take major steps in their respective restructuring processes. Aegis Realty Inc. hires an investment advisor to find a buyer for the company and Clarion Commercial Holdings announces its first liquidation payout.
BELLEVUE, WA-Cushman & Wakefield says the vacancy rate in the CBD here has nearly doubled since the end of the second quarter, with rent rates are dropping in response. But a C&W broker says the market may have hit a plateau.
FOUNTAIN VALLEY, CA-Fountain Valley Village LLC acquires four-acre parcel for approximately $3 million. The company plans to build an assisted living and Alzheimer's care facility on the site.
NEWTON, MA-After two years, it is still unclear what is going to happen to the proposal to develop a senior housing complex here. The developer would like to build 40 units but a number of engineering issues are reportedly standing in his way.
ORLANDO-The Lakeland, FL supermarket chain is demolishing a dormant Winn-Dixie Supermarket store to build a 27,887-sf structure at the 70,000-sf, 19-year-old neighborhood shopping center in neighboring Seminole County. The lease has an estimated value of $11 million.
PORTLAND, OR-Although Oregon and Washington account for some of the highest jobless rates in the nation, one analyst believes the region will be stronger and more prosperous next year.
HOUSTON-In the Houston space race, leases totaling about 8,000 sf close for two office buildings around town. The largest deal pulls 3,374 sf from the city's sublease roster, with Future Petroleum readying for a move into 1800 W. Loop South.
SAN FRANCISCO-The city leads the nationwide plummet of the hotel real estate industry to the bottom of the market cycle following last month's terrorist activities. But industry experts remain positive the market will rebound.