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WASHINGTON, DC-A year ago Northern Virginia office real estate soared with the fortunes of technology companies. Those fortunes have evaporated, and the District is now sitting on top of the heap, while Maryland continues to pull up third place.
ALEXANDRIA, VA-This builder is constructing 315 apartment units scheduled to begin leasing in June 2002. The top level of the 555-vehicle garage will have basketball and tennis courts.
ORLANDO-One developer wants a local landowner to honor a 76-year-old contract that calls for a price of $12 per sf for a 2,500-sf parking lot. The lot--on prime CBD land--is currently appraised at $100,000 or at least $40 per sf.
BANNOCKBURN, IL-The 202,000-sf office building at 3000 Lakeside Dr. in this north suburb known more as the former home of Chicago coaching icons Mike Ditka and Phil Jackson is being bought by Great Lakes REIT.
SEATTLE-Nordstrom Inc. has begun construction this week on stores in Las Vegas and Coral Gables, FL. Both facilities are expected to open in fall 2002.
SAN DIEGO-Seven years in the making, the $216-million expansion of the San Diego Convention Center -- a project arguably more important to the future of Downtown than the proposed ballpark project -- is nearly finished.
BOYNTON BEACH, FL-The real estate investment group, 1325 Congress, pays $4.85 million, or about $93.27 per sf, for the 52,000-sf, class B office property in this Palm Beach County community 52 miles north of Miami.
ROSWELL, GA-The single-story, 72,020-sf Offices at King's Landing, 20 miles north of Downtown Atlanta, is on the market for $7.95 million with a going-in cap rate of 10%-plus. Julien J. Studley Inc. is the marketer.
LAKE FOREST, CA-The campus-style project will encompass nearly five million sf and will cost an estimated $450 million. It is being developed by Shea Properties and the Baker family interests.
LONDON-Lessons learnt by developers in the property slump of the early 1990s appear to have been well heeded according to research released today by agency Knight Frank. New speculative starts around the M25 have been put on hold.