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YAKIMA, WA-Demolition commences this week, allowing for the first phase of construction on a $38-million, 280,000-sf expansion to the Valley Mall. Development had been delayed a year because of environmental concerns.
MAUI, HI-The 288-unit apartment complex, one of the largest on the island, was recently converted from short-term vacation rentals into long-term apartment rentals. It is owned by Del Mar Pacific Group.
CHANDLER, AZ-Gustine Properties of Pittsburgh has closed a $1.8-million deal for a two-acre tract in Chandler. The developer will immediately start work on a 12,987-sf CVS pharmacy, the first Arizona location for the chain.
PHOENIX-Rent is stagnant and concessions abound in a multifamily market that's experienced several years of back-to-back hardy growth. But, says Marcus & Millichap researchers, the region's fundamentals remain strong and demand will stay steady.
NEW YORK CITY-Overall average co-op prices are down compared to last year, although in most categories, ranging from three-to-3.5 up to seven-to-eight rooms, the prices are higher. Only apartments with nine rooms or more are cheaper, by 14%.
VANCOUVER, WA-As consultants mull new uses for the oldest military post in the Northwest, Brian and Mike McMenamin are considering it for a venture similar to their transformation of the 38-acre Multnomah County poor farm into a thriving, alcohol-oriented resort.
ATLANTA-The hospitality firm will be using new online property management system tools that is supposed to reduce hardware and operational costs for the individual hotels. Terms of the deal weren't disclosed.
LOS ANGELES-The project's ground-breaking will commence on Monday, Aug. 27. Known as MC&C Commerce Center, the 500,000-sf industrial facility will rise on a 20-acre site. Completion is slated for spring 2002.
DETROIT-Pick-Fort Shelby, a former grand hotel and meeting place, may again open its doors after being vacant 27 years if a $50-million project advances this year. The planning commission gives it a favorable recommendation.
KILDEER, IL-The 175,000-sf community shopping center at Rand and Long Grove roads counts Bed Bath & Beyond, Circuit City, Cost Plus, Old Navy and Ulta 3 among its tenants. Stores open beginning this fall.