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WINSTON-SALEM, NC-Cleveland-based Jacobs Group sold the retail centers to CBL & Associates Properties for an average $56.5 million per mall or about $67.70 per sf for the total 19.2 million sf. Three of the properties are in the Winston-Salem area, about 70 miles north of Downtown Charlotte.
DENVER-It's strictly a strategic investment, says Chateau Communities, which is pumping $11 million into a Milwaukee-based Asset Development Group. Chateau is eyeing a plum 20% internal rate of return in exchange for its backing.
ORLANDO-Homegrown brothers James and Charles Veigle await a Circuit Court judge's ruling this week that could decide the fate of one of the most profitable assets in their real estate-entertainment-auto brokerage empire--a two-story, 15,000-sf suburban Orlando adult nightclub netting $400,000 a month.
SOUTHFIELD, MI-The real estate company promotes two senior brokers and hires two more to boost firm production. Mark Collins is senior vice president and Stephen Kurtz is first vice president.
NEW YORK CITY-Rented properties with no more than 25% debt that have leases rolling over on a regular schedule and feature a geographical and tenant/industry diversification offer an excellent returns on a risk-adjusted basis.
TOLEDO, OH-Health Care switches management of properties by Summerville, which wanted closer care of its facilities. The management portfolio had been located on the East Coast and Southeast.
LOS ANGELES-Pacific Theatres Realty has changed its name to Robertson Properties Group to more accurately reflect the real estate company's diverse holdings.