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RICHMOND, VA-Cornerstone REIT, which owns and manages 72 multifamily communities across the South, says it has satisfied financing requirements to complete an exchange offer of its preferred stock.
OAKLAND, CA-Managing director Keith Mackenzie will move the six-employee branch to larger offices in June and add 24 people by the end of the year, beginning with a team of six brokers from England.
PHOENIX-In spite of strong development, demand for apartments in the Valley was strong enough during the first quarter to push the occupancy rate to its highest point since 1997.
KANSAS CITY-City Union Mission will move administrative offices to the 11,000-sf building, which it bought for about $650,000. Hoffman-Cortes will be moving to a building that it renovated near 16th and Baltimore.
MIRAMAR, FL-Although representatives of the 400-acre Miramar Park of Commerce wouldn't disclose terms, area brokers familiar with the property tell GlobeSt.com the estimated length of the contract is 10 years with an estimated value of $3.7 million, based on current market rents. Miramar is 16 miles north of Downtown Miami.
LYNNWOOD, WA-The economic consequences --including rising vacancy rates and the loss of sales-tax revenue -- will continue to be felt in surrounding cities like Lynwood, which saw its vacancy rate more than double recently thanks to a Boeing exit.
CHICAGO-Banyan Strategic Realty Trust's sale of most of its 3.5-million-sf office and industrial portfolio to Denholtz Management Corp. is now scheduled to close no later than June 11.
NEW YORK CITY-BRT now owns more than 9% of the movie-theater REIT and is offering a 29% premium to increase its ownership, providing its chairman and CEO is elected to the board.
NAPA, CA-The three-story, 30,000-sf building is slated for completion by mid summer. The law firm of Gaw Van Male Smith Myers & Miroglio is part owner and is taking the top floor.