Globest Sectors

ST. CLAIR SHORES, MI-Jefferson Beach Properties high-rise retail and multifamily project needs preliminary approval by the city. However, the primarily residential Macomb County suburb faces severe budget deficits.

NEW YORK CITY-During an event held here late last week, three real estate appraisal experts explained the harsh realities facing valuations of Lower Manhattan real estate. Unfortunately, said the experts, a turnaround in property assessments is not in the foreseeable future.

DANVERS, MA-Galyan's Trading Company enters the New England region with the opening of an 80,000-sf store at 96 Commonwealth Ave. right next to the Liberty Tree Mall. The Plainfield, IN-based company sells sports and outdoor equipment.

CARMICHAEL, CA-The Five Points Shopping Center, a 50,440-sf shopping center whose tenants include Long's Drugs and Picadilly Circus, is sold to Progenitor Holding, a Stockton-based partnership.

HOLLYWOOD, CA-The Motion Picture Hall of Fame will lease 50,000 sf at the 6300 Hollywood Blvd. building, which occupies one of the film community's storied intersections. The building is owned by Meringoff Equities.

ATLANTA-The 52-year-old, $8 billion Dallas-based homebuilding and financial services firm is paying about $3.2 million for the East Fox Court dirt in suburban Alpharetta, GA, across from Roberts Realty Investors Inc.'s Addison Place apartment community.

DALLAS-A well-heeled German family gets a 40,250-sf office building, a 12-year tenant and an option to buy more in a high-growth area. Centex, in turn, gets an immediate exit strategy for future product on its land mass along Texas 121.

SAN DIEGO, CA-Carmel Valley Housing Associates LP wraps up its 112-unit Torrey Del Mar project three months ahead of schedule. The project was built by Wermers Multi-Family Corp.