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ORLANDO-In a consolidation mode, Florida Power Corp. is taking 85,000 sf for 10 years at the Indianapolis REIT's 110,000-sf North Point Park of Commerce in suburban Lake Mary, FL. The estimated value of the lease, which has five five-year renewal options, is $17 million.
LYNDHURST, NJ-The class B facility will be redeveloped and repositioned as class A tech space in a submarket, the Meadowlands, that currently has less than a 1% vacancy rate for top-class space.
AUSTIN-Texas BOMA is getting ready for a battle of the airwaves, building a war chest to cover any legal expenses over forced access in privately owned structures. Some in the industry say last year's PUC ruling disenfranchises property owners' right to choose.
DENVER-A Delaware bankruptcy judge pondered less than 15 minutes yesterday before stamping reorganization papers for United Artists. No objections had been lodged, but there remains a 10-day filing period for complaints before the plan goes into effect.
FORT LAUDERDALE, FL-The Morris Richter partnership expects to begin construction in April on the 23-story building along the Atlantic Coast, 30 miles north of Downtown Miami. The estimated hard construction cost of the venture is $26 million.
SOMERVILLE, MA-A member of a local activist group initiates an appeal against Taurus of New England to prevent construction of a Home Depot at Assembly Square. Local officials are concerned about the potential impact this will have on development here.
WAUKEGAN, IL-If Martin Tuohy can get equity financing, his University Station project could bring an educational, entertainment, office and condominium complex as well as redeveloping the struggling mall.
KANSAS CITY-Plans call for renovation of historic buildings and a new home for Output Technology Solutions. However, initial estimates put the environmental contamination cleanup costs at more than $2.2 million.
ATLANTA-Spotting a niche in the market for small office/warehouse quarters, Valencia Mechanical Co. is breaking ground in two weeks on a $2.5 million, 16-acre spec project next to its offices in Fairburn, GA, 18 miles southwest of Downtown.