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LOS ANGELES-According to a recent report by NAI Capital Commercial, rents are climbing in the Los Angeles Basin's office sector, even as vacancy rates continue to rise. The average rental rate for class A space is currently $2.27 per sf compared to $2.16 at year-end 2000.
LOS ANGELES-Known as Pacific Palms Conference Resort, the newly renovated property of Majoestic Realty is being touted as the only first class business-resort facility within 30 minutes of five Los Angeles area airports.
CHICAGO-Prime Group Realty Trust chairman Michael W. Reschke and Quebec-based Cadim Inc. is offering $14 per share for the REIT's common stock, which shoots up after closing at $12.80 the previous day.
NEW YORK CITY-An Upper East Side pharmacy will make room for a chic women's clothing store. Searle's, with four locations in the same area, will open its fifth store at 74th and Third.
SACRAMENTO-Haverford Capital and a Los-Angeles based investor join forces to purchase the complex. The duo intends top renovate and reposition the property into a higher rent class.
THE WOODLANDS, TX-Tharaldson Development Co. of North Dakota is undertaking its second Residence Inn project and fourth hotel in the Woodlands. Ground will break in mid-September on the 96-room project at Six Pines and Lake Woodlands Drive.
PORTLAND-The financing, through Archon Financial, pays off a $14 million Wells Fargo construction loan for the high end, 131-unit market rate apartment building in the condominium-filled Pearl District. The building sold out within six months of the first move in last September.
AURORA, CO-Mohawk Industries is a Majestic Realty tenant at business parks in Salt Lake City and Southern California, making the choice of Building #22 at the Majestic Commercenter a bit easier.
DENVER-Colorado's Ocean Journey, which can't pay off the $63.1 million in debt, is dealt another blow when the Scientific and Cultural Facilities District rejects a request for $750,000 a year.