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PHOENIX-California-based investor Irmas Industrial has taken the reins to the 44,800-sf, multi-tenant Desert Cove Industrial Center in northwest Phoenix. The property is situated in a Valley hotspot. Seller VJ Desert Cove LLC gets about $2.6 million from the sale.
NEW YORK CITY-The New York real estate legend and long-time Real Estate Board of New York executive gave Vornado its firepower when he sold his company--Mendik & Co.--to the REIT in the late 1990s.
GLENDALE, CO-Investor Joe Nguyen grosses a 33% profit in a year on a 24-unit apartment project in the small Denver suburb. The $59,166-per-unit sales price far is greater than most small, 40-year-old properties command.
MORRIS TWP., NJ-Some 81,000 sf of space remains at the new Mt. Kemble Corporate Center after the company leased 40,000 sf in the two-tower, 220,000-sf class A property.
NEW YORK CITY-Jonathan Rudes, president of Delphi Real Estate Advisors LLC and co-chair of the Real Estate Technology Forum, tells GlobeSt.com brokers here are reluctant to jump aboard initiatives that require sharing information.
COLUMBIA, MD-The local REIT that focuses on suburban office properties has declared five different dividends to be paid to shareholders. All will be paid to shareholders of record as of June 29,2001.
SAN FRANCISCO-The Mission Bay Project is going ahead with a 275,000-sf building despite the soft market, but another 150,000 sf building there has been put on hold. Catellus vows to keep the project moving despite the market downturn.
LOS ANGELES-The President tells an angry governor that the feds won't limit prices energy providers can charge for power. Separately, a federal appeals court rejects an effort to force government intervention.
ORLANDO-Robert W. Miller, senior vice president, CB Richard Ellis Inc., Orlando, says deals are being done faster using the Internet but they are not closing in cyberspace. Michael Heidrich, a vice president at Realvest Partners Inc., flatly rules out Web deals.