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CHICAGO- The nation's largest industrial REIT has reached a preliminary agreement to sell its huge 50-property, Long Island portfolio to an undisclosed buyer. The trust says its eight-market, nationwide disposition plan continues to move forward.
LOS ANGELES-From sheriffs to dogcatchers, tens of thousands of county workers are hitting the bricks in effort to get a 15.5% raise. Strikes will compound woes caused by the two-week-old transit strike.
FORT LAUDERDALE, FL-Developer E.J. Smoker & Associates reportedly plans an early 2001 start for a $15-million mixed-use project on Las Olas Blvd. The venture, combining townhouses, offices and retail, will be named Himmarshee Landing for the Himmarshee Canal bordering the site.
NEW YORK CITY-The partnership has already sold all but one condo in a building now completing development and is awaiting approval from the state attorney general's office to sell condos in another building.
CHARLOTTE-The city has agreed to sell the old uptown convention center site, an entire uptown block, to PA-based developer LCOR Inc. for $15.2 million. The price equates to $4.6 million per acre or $105.74 per sf.
NEW YORK CITY-After city comptroller Alan G. Hevesi denounced a deal to buy a former industrial building from a real estate speculator with a record, Mayor Giuliani's staff says he'll force the comptroller's hand.
ATLANTA-The locally-based REIT is reining in development, getting out of some markets and selling off assets to self-fund further projects. The company expects a lower-than-expected funds from operations in the third and fourth quarters.