DONAHUE SCHRIBER BEGINS FACELIFT OF SAN DIEGO LIFESTYLE CENTER
Costa Mesa, Calif.-based Donahue Schriber has begun a $2.9 million renovation of Clairemont Town Square, a 510,000 sq. ft. lifestyle center in San Diego. Plans for the renovation include a decorative fountain with extensive landscaping, and roadways will be expanded to improve access to the property. Completion of the project, which is owned by the State Teachers Retirement System of Ohio and is managed and leased by Donahue Schriber, is expected in September. The center is anchored by Pacific Theatres, Circuit City, Burlington Coat Factory, Big Lots and TJMaxx.
RREEF SCOOPS UP SEATTLE INDUSTRIAL PORTFOLIO
RREEF has acquired the 712,980 sq. ft. East Valley Highway industrial portfolio in suburban Seattle from Fisher Properties for an undisclosed price. The complex consists of two manufacturing and warehouse/distribution properties: Kent South East includes seven buildings totaling 436,627 sq. ft., while Auburn Industrial Center has five buildings totaling 276,353 sq. ft.
CT REALTY PICKS UPAPARTMENTS
CT Realty Corp. of Newport Beach, Calif., has purchased The Arbors at Warner Center, a 250-unit apartment community in Woodland Hills, Calif. The firm acquired the property as a joint venture between its CT California Fund III LLC and a pension fund for $34 million. The seller was BRE Properties Inc. of San Francisco. The 95% occupied Arbors at Warner center consists of 12 2- and 3-story buildings. Amenities include a swimming pool and spa, exercise center and clubhouse.
HREC APPROVES $50.5M IN HOTEL FINANCING
HREC Investment Advisors has arranged $50.5 million in permanent debt financing for a 720-room, five-property portfolio owned by Wayne, Pa.-based Gulph Creek Hotels. The portfolio includes three Hampton Inns, a Hampton Inn & Suites and a Homewood Suites, all in Philadelphia.
BEGINS ON PORTLAND LIFESTYLE CENTER
Columbus, Ohio-based Continental retail development is ready to begin construction on a 850-acre mixed-use development in suburban Portland, Ore. The Streets of Tanasbourne will contain more than 2 million sq. ft. of office space, 4,000 residential units and a 550-room hotel. Construction is scheduled to begin in May, and the development will open in the spring of 2004. Leasing commitments have been signed by Abercrombie and Fitch, Hollister, Ann Taylor and American Eagle.
HOLDER TO DEVELOP S.C. OFFICE PROJECT
Holder properties has begun development of Meridian, a 17-story, 350,000 sq. ft. office building in Columbia, S.C. Nelson Mullins Riley & Scarborough LLP will be the building's anchor tenant, leasing approximately 190,000 sq. ft. Construction on the site began in December and Meridian will open in the first quarter of 2004.
SONY SELLS DISTRIBUTION CENTER TO PROLOGIS
Sony Corp. has sold its 411,600 sq. ft. distribution facility in Monroe Township, N.J., to ProLogis. Cushman & Wakefield negotiated the multi-million dollar transaction on behalf of both parties. The building, located in the prime New Jersey Turnpike Exit 8A region, sits on 37 acres with rail access, and also offers expansion potential.
HOME PROPERTIES BUYS BOSTON APARTMENT
Home Properties has acquired the 280-unit Stone Ends Apartments in Stoughton, Mass., for $34 million. The property is currently 97.7% occupied, with monthly rents averaging $1,164. Amenities include a community center, fitness center, swimming pool and reading room. Home Properties plans a $2 million renovation in the next few years to upgrade kitchens and bathrooms.