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WASHINGTON, DC-An Arlington-based nonprofit signs a $100-million contract to buy the much-prized Pennsylvania Avenue development site where it plans to build new Newseum, and pay installments of $10 million. DC Council has yet to approve the sole-source transaction.
WESTWOOD, MA-The new owners, who erect and manage telecommunications towers, paid Equity Office Properties $24 million for the 15-year-old suburban property, which the company intends to occupy as back office space.
PHOENIX--Once courted by city officials, big-box retailers are now being shunned by several Valley cities that may adopt regulations to restrict size and location of retail stores.
PHOENIX-Scottsdale officials are worried about the $100-million investment of public funds in a $557-million mixed-use project being developed by Steve Ellman and are demanding that he hand over sensitive financial information.
MILPITAS, CA-The independent supplier of storage management software buys the property for development of a second Silicon Valley campus. The first one, in Mountain View, will be completed in June.
ATLANTA-The auto maker signed a seven-year lease for 132,000 sf in Suwanee Creek's Building 300 and plans to move in by the end of the year. The lease's estimated value is $9.4 million. Seefried Properties is developing the building.
WASHINGTON, DC-Graimark-Walker Urban Land Developments will buy a 23-acre parcel from the city for $3 million and build a 275,000-sf retail complex anchored by Kmart and Giant.
LARKSPUR, CA-Using funds from recent industrial property sales, Spieker Properties picks up Drakes Landing for $330 per sf. The purchase gives Spieker 390,000 sf of space and a dominant position in the submarket.
DALLAS-Newport Mortgage Co., based here, is now the property of KeyCorp, a Cleveland-based commercial lender seeking to develop a nationwide mortgage finance company under the banner of Key Commercial Mortgage. A management shuffle is under way.