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LOS ANGELES-The units are part of a single apartment complex in Palm Desert that was 95% occupied at the time of sale. The transaction is the latest in a string of multifamily deals involving locally based investors.
HOUSTON-Bed, Bath & Beyond has picked a 32,000-sf retail site along Kirby Drive for its seventh Houston location. Rice Properties owns the spot that had been handpicked by a Weitzman team.
BOSTON-A group of local developers revise their plans for a hotel, commercial and residential complex at the Prudential Center. The initial plans for the site were criticized by a number of local groups and were rejected by an advisory committee.
LOS ANGELES-A 75-room Best Western motel changed hands recently at a price equal to $63,800 per unit. The offer was made, negotiated, countered and closed in a little more than 60 days, says Irwin Woldman, a Grubb & Ellis broker who worked on the deal.
SEATTLE-Following its merger with a separate operating group of Georgia-Pacific, Plum Creek will be the second largest private timberland owner in the United States, with more than 7.8 million acres of timberlands located in 19 states.
ATLANTA-The new office space, preferably in a northern suburb such as Dunwoody, GA would house Cingular's workers at Northpark Town Center where the company and Bellsouth jointly occupy 300,000 sf on a lease that expires in 2002.
BIRMINGHAM, AL-Collateral Mortgage Capital finds financing for apartment properties totaling over 1,000 units in Florida, Texas and Minnesota through Freddie Mac's network of lenders set up in 1993 to handle multifamily product exclusively.
PHOENIX-The price of the 32 unit complex--$31,240 per unit--is below the local trend due in large part to the shift in lifestyles that makes Downtown assets more valuable.
SAN JOSE-Several recent deals show that as long as rates stay reasonable, deals will continue to occur. For example, Capella Photonics just got into a triple net sublease of more than 9,000 sf of office/tech space here for little more than $3/sf.
MIAMI-The industrial-use classification allows developers to reduce off-street parking requirements on projects designed to store high-tech telecommunications equipment.