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PLANO, TX-The management team's in place and so are the first 100 tenants for Taubman Centers' 1.4-million sf grand entry into the Texas market. The REIT has put together a high-profile tenant lineup, with several making their first appearance in the metroplex retail mix.
ORLANDO-The high-fashion firm's parent, St. Louis-based May Department Stores Co., will pay Saks Inc. about $310 million or roughly $34 million per store for five Parisian locations in Tennessee; three in Louisiana; and the Orlando site. The deal is expected to close in March.
TAMPA, FL-James D. Means, former asset management director at Portland, ME-based UNUM Life Insurance Co. of America, and investor Robin M. Hester paid UNUM $6.36 million for the 20-year-old, 244-unit, 99%-leased Swan Lake Apartments in the bustling Carrollwood neighborhood of Tampa, 80 miles west of Downtown Orlando.
TAMPA, FL-The Jupiter, FL-based development and investment firm paid Dallas-based Archon Group $14.5 million for the 28-year-old, 85%-leased, 177,486-sf asset in Downtown Tampa, 80 miles west of Orlando. An adjacent five-acre, parking-lot parcel was also part of the deal.
CHICAGO-The office and industrial REIT with holdings locally as well as the Southeast blames the fourth quarter distribution of $.03 per share on $1.4 million to improve properties in Tampa, FL and Lexington, KY.
ORLANDO-CalPers, LaSalle Investors, Lend Lease Investments and Adler Development are going with David Murphy to rent their three industrial assets totaling 1.12 million sf in Central Florida's vibrant bulk warehouse, service center and flex space markets.
ORLANDO-Central Florida's 46 million-sf market, with a low 6.4% vacancy level, will probably see only 5.8 million sf of new product in 2001, almost half of the 2000 volume, according to new separate analyses by Marcus & Millichap and Grubb & Ellis Co.
BONITA SPRINGS, FL-With supreme confidence in the market, the luxury-condominium developer expects to presell about half of the 840 proposed units by this summer and then begin construction on one of the single largest shelter projects proposed in Florida.
SAN FRANCISCO-The 2001 forecast report predicts that real estate market fundamentals will remain healthy in the next 12 to 18 months, although increased risk exists due to the economic slowdown and corrections in the technology and dot-com sectors.
CHICAGO-A sale by Banyan Strategic Realty Trust, a REIT based Downtown here, of its real estate portfolio for $226 million to privately-held Denholtz Associates includes more than 250,000 sf in Orlando and Winter Park.