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AUSTIN-It's taken a couple of years, but Dallas-based Phoenix Property Co. is now ready to move from the drawing board to construction of a four-story, 50-unit apartment building in the CBD. Dirt should be flying by year's end.
TEMPE, AZ-USA Broadway, a RREEF entity, has transferred ownership of a 25,000-sf warehouse in Tempe to On-Time Logistics, a local freight shipper. The building carried a selling price of $52 per sf or $1.3 million.
NEW YORK CITY-Not only is this market sector populated by older properties and tired brands, the new limited-service hotels that compete against them are attracting travelers who are opting for less-expensive accommodations.
VAIL, CO-The largest owner of ski resorts in Colorado plans upgrades this year at Vail, Breckenridge ($13.4 million there alone), Keystone and Beaver Creek, as well as Grand Teton Lodge Co. in Jackson, WY.
NEWARK, NJ-The massive program, which will still cost $2.3 billion, will deepen channels to 50 feet by 2009 instead of 2016, giving regional commerce a major boost.
SHOREVIEW, MN-Wells Fargo & Co.'s $40-million- to $60-million-deal represents a trend in which banks are moving their back office and customer support operations away from congested Downtown districts.
CHICAGO-Parkway Properties, Inc.'s purchase of Two Illinois Center from Tishman-Speyer for $175 million--or $164 per sf -was lower than office deals this year even though at least one other deal may come in even lower.
With the lowest take-up in office space since the property market emerged from recession a report published today suggests that the down-turn in the US hi-tech market is having a severe impact in one of the UK's most prized office locations
LOS ANGELES-The law firm of Winston & Strawn takes 50,000 sf in Wells Fargo Center through 10-year deal valued at about $15 million. After suffering throughout much of the 1990s, the CBD now appears to be on its way back.