CHAINLINKS/DJM TO HELP KMART DISPOSE OF 283 LEASES
Troy, Mich.-based Kmart Corp. has hired DJM Asset Management LLC and its marketing partner, ChainLinks Retail Advisors, to help dispose of leases for the 283 Kmart stores the retailer plans to close. The retailer filed for Chapter 11 bankruptcy protection in January. Under the agreement, DJM and ChainLinks will help Kmart's internal real estate staff find retailers, investors and landlords interested in obtaining the leases for the closing stores.
DENVER TO USE PUBLIC FINANCING TO BUILD CONVENTION CENTER HOTEL
Instead of teaming with a private developer, the City of Denver plans to issue bonds to construct a convention center hotel. The city cancelled plans for a 1,100-room, $285 million Hyatt hotel after Denver developer Bruce Berger was unable to obtain the financing necessary to guarantee a completion date for the project. The convention center will be expanded by 300,000 sq. ft., and a new hotel will be needed to serve the increase in visitors after the expansion is completed in December 2004.
BENTLEY FORBES SNAGSINDUSTRIAL PROPERTY FOR $30M
Los Angeles-based Bentley Forbes has purchased a 412,580 sq. ft. industrial facility in Temecula, Calif., for $30 million from Los Angeles-based Kearny Real Estate Co. Completed in August 2001, the building contains 200,000 sq. ft. of manufacturing space, 185,000 sq. ft. of warehouse space and 25,000 sq. ft. of office space. Kearny Real Estate developed the building as a build-to-suit for The Scotts Co., a producer of lawn care and gardening products.
CAMDEN BEGINS CONSTRUCTION OF UPSCALE HOUSTON APARTMENTS
Houston-based Camden Property Trust has begun construction on Camden Oak Crest, a $24 million, 364-unit upscale apartment community in Houston. The first phase of the community will open in early 2003, while the entire complex is slated for completion by the middle of next year. The 14-acre complex will feature one-, two- and three-bedroom units, ranging in size from 635 sq. ft. to 1,364 sq. ft. Amenities will include a fitness center, swimming pool and barbecue area.
BARON PROPERTIES SNATCHES UP RED HAWK RANCH APARTMENTS IN DENVER
Baron Properties has purchased Red Hawk Ranch Apartments, a 384-unit apartment complex in suburban Denver, for $40.3 million. Carmel Cos., the developer that built the complex last year, was the seller. The Denver office of Encino, Calif.-based Marcus & Millichap represented the seller and the buyer, both of whom are based in Denver. The complex consists of 15 buildings and features one-, two- and three-bedroom units, ranging in size from 675 sq. ft. to 1,156 sq. ft. Monthly rents range from $850 to $1,250.
GEORGIA-PACIFIC RENEWS LEASE FOR SUBURBANFACILITY
Atlanta-based Georgia-Pacific Corp. has signed a lease renewal for a 574,000 sq. ft.regional distribution center in Bolingbrook, Ill. Newport Beach, Calif.-based PM Realty Advisors is the owner of the building. The terms of the lease were not disclosed. Dallas-based Trammell Crow Co. represented PM Realty in the transaction, and New York-based Cushman & Wakefield represented Georgia-Pacific. The building, located in the Interstate 55 corridor, features 28 ft. clear ceiling heights and 54 exterior loading docks.