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BANNOCKBURN, IL-Oak Brook, IL-based Great Lakes REIT closes on the purchase of 3000 Lakeside Dr. in this far north suburb, buying in at a projected first-year capitalization rate of approximately 9%.
PHOENIX-Rascals International will place a 300-seat comedy club in the Crowne Plaza Hotel in downtown Phoenix, the first of several such ventures the New Jersey-based entertainment company is planning with other hoteliers.
ENGLEWOOD, CO-A radically different layout using a circular flow of traffic will allow those inside to easily see around the store from any point. Technology and education centers also are included.
MIAMI-The commitment from Ocean Bank would enable the locally based provider of Internet infrastructure and managed services to restructuring existing debt, in addition to creating a new source of capital.
ORLANDO-A July 27 Massachusetts Superior Court decision that appears to favor property owners on the unlimited-access-to-buildings issue is boiling up again as BOMA and ALTS gear up for a new round of litigation.
BREA, CA-Privately held GK Investments of San Francisco acquires the 64,478-sf Park Lambert Business Center here from CT Realty Corp. The multitenant project is fully leased.
SUNNYVALE, CA-The Downtown Sunnyvale Urban Design Study will be conducted through July of next year and will determine the economic and development realities of expanding the downtown area, preparing the urban design framework that will link all of the new projects together.
SALEM, OR-A change in plans for $10 million in bonds approved for the fairgrounds by the 2001 Legislature will result in an 8,000-seat pavilion where an unsafe grandstand now sits. The project is set for a ground breaking next year and completion in about two years.
AUSTIN-The "Live Music Capital of the World" has set up a special fund to finance property improvements for music-related businesses. Real estate acquisitions are out, but upgrades are in under the new program, which carries a 50% loan guaranty.