Globest Sectors

PHILADELPHIA-Although net absorption of industrial space remains negative, overall industrial vacancy in the four suburban counties is 10.5%, and direct vacancy is 9.6%, a range that has held for the past seven quarters.

MIAMI-The South Florida developer plans to start the 237-unit, luxury apartment community, Fairview Forest Signature Apartment Homes, in January and finish in late summer. The estimated project cost is $25 million.

DETROIT-The Michigan Economic Development Corp. agrees to arrange tax-increment financing for brownfields in three Michigan cities, where more than $350 million in private investment is expected to follow.

PHOENIX-MEGA Life and Health is taking over 75,011 sf in the 138,000-sf Concorde Corporate Center in a 10-year lease. A company, bought earlier in the year, will be consolidating its offices into the single location and gaining some room in the process.

CHICAGO-A joint venture between the Wells Real Estate Investment Trust and Wells Limited Partnership Fund XIII pays $124 per sf for a four-story building in the Crosspoint Business Park in northeast Indianapolis.

DALLAS-Shareholders get until midnight Friday or an extra five trading days in the $61-million tender offer for common stock of Transcontinental Realty and Income Opportunity Realty. The merger is settlement for a class-action lawsuit.

SAN DIEGO, CA-The Currie Partners is preparing to start work on Phase II of its $12.5-million Rio San Diego Plaza, with groundbreaking just a few months away. Design is currently underway, as KMA Architecture & Engineering has recently been retained to plan the second phase.

ATLANTIC CITY-The combination of the two adjacent properties creates this city's biggest hotel/casino with more than 1,750 rooms and almost 180,000 sf of casino space.