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PHOENIX-Despite sharp rise in construction, vacancy factor for industrial space in Metro area will end the year in single digits for the seventh time in a row.
WALNUT CREEK, CA-Earlier this year, the real estate investment trust inked agreements with Novato-based Fireman's Fund Insurance Co. and Louisville, Colo.-based Storage Technology Corp. that brought the twin 10-story, 375,000-sf towers to 94% occupied.
ORANGE COUNTY, CA-Equity Residential Properties has completed its $90-million purchase of Toscana Apartments in Irvine. The $160,000 per-unit price is a county record.
PHOENIX-Officials in the suburb of Chandler plan to spend as much as $500,000 on a study to see how their community might build a light-rail transit system that will connect into one being built in Phoenix, Tempe and Mesa.
CHICAGO-Gross absorption through the third quarter totals about 20 million sf. With a strong finish this year absorption could reach more than 30 million sf for the seventh consecutive year.
SAN JOSE-Despite objections from landowners who want more office space, San Jose city officials approved buying $3.7 million worth of property in an old Italian neighborhood to protect it from losing its character.
ROSELAND, NJ-Chelsea GCA Realty buy costs $240 million totals more than 1.6 million sf. Fortress Investment Group is partner in the far-flung properties, which are 99% leased.