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VINELAND, NJ—PREIT says the announced closing of the 51,000-square-foot JCPenney store at Cumberland Mall in Vineland, NJ gives the real estate investment trust a “significant opportunity to add value” at the regional mall.
HOBOKEN, NJ—National Realty & Development Corp. signed Lex Terrae Inc., a subsidiary of Old Republic Title Company, to a long-term lease at NRDC's 95,000-square foot Baker Waterfront Plaza property in Hoboken, NJ.
BETHLEHEM, PA—CBRE has brokered the lease of 2485 Commerce Center Boulevard, a 677,088 square feet facility within Lehigh Valley Industrial Park VII to UK retail company Primark. The property will serve as Primark's primary east coast distribution facility as the company makes its first venture into the United States.
CHICAGO—In this <B>UPDATE</B>, Brennan's purchase of Mirvac and its 23 B properties is a good sign that more investors are looking at the region's older industrial buildings.
WASHINGTON, DC—Fannie Mae, which reportedly was looking to consolidate its headquarters operations to 555 12th St. NW, is now in serious talks with development firm Carr Properties to move its headquarters into a new office building planned by Carr at the corner of 15th and L Streets Northwest.
WASHINGTON, DC—According to a new report by the Metropolitan Washington Council of Governments, the DC region's infrastructure needs will run approximately $58 billion over the next 15 years. Almost 28% of that cost will involve necessary repairs and improvements to the Metro system.