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PLEASANTON, CA-The deal is valued at more than $20 million dollars and is expected to be finalized by the end of the summer. Ikea's only existing Bay Area location is in Emeryville. A third store is being proposed for East Palo Alto.
GLENDALE, AZ-Scottsdale investors Jeff and Kathy Flores have bought their fourth apartment complex in a year. This sale brings about $1.3 million for seller Doug Vaughn of Paradise Valley. The newest holding is the 40-unit Glenwood Apartments.
NORTHBROOK, IL-For the third time in three months, the real estate company taps Ernst & Young for a top executive. CEO Mark R. Costello joins president and CEO Barry Barovick and CFO Ian Bress.
DENVER-Six months ago, office rents were at an all-time high and vacancies were near an all-time low. Since then, four million sf of sublease space has hit the market, which could push vacancy rates near 1980s levels.
ATLANTA-The Wall Street conduit lender provides a $1.95 million loan to Ramada Limited Suites in suburban Forest Park, GA to pay off the original construction financing on the five-year-old, 79-room property.
ORLANDO-In a double whammy, Orange County commissioners reject a $40-million, 260,000-sf addition to the $750-million, three million-sf fourth phase of the Orange County Convention Center. A day earlier, they turned down Orlando Magic's request for a $250-million NBA arena.
ORANGE COUNTY, CA-Newport Beach City Council OKs private group's plan to build 10-story complex inside Koll Center Newport. Now it must be approved by local citizenry, the first test of a new slow-growth ordinance.
DETROIT-A new report by Marcus & Millichap Real Estate Investment Brokerage Co. shows growth despite the economic slowdown, and advises on smart investing and construction. Vacancy rates should stay in the single digits, it says.
ST. ANTHONY, MN-The Minneapolis architectural firm handling the library relocation and expansion for Hennepin County also has hired Stewart Haugen as project architect.
LONDON-Industrial rents across the UK are climbing to new highs, according to a new survey from Jones lang LaSalle, with the hottest rents achieved to the south and west of London.