LANDOVER, MD-Borders Books & Music will open its 23rd store in the Metropolitan Washington area this summer at The Boulevard at the Capital Centre, a 490,000-sf shopping complex that is currently under construction.
WASHINGTON, DC-A $1.7 million restoration is in store for the Gonzaga College High School, a Jesuit rectory that was built more than a century ago. With Tucon Construction Corp. as the project's general contractor, work is now scheduled to begin this June.
COLUMBIA, MD-The 475,000-sf Snowden Distribution Center gets a larger commitment from tenant DAL Tile with the company's decision to expand its lease to 107,250 sf. facility.
BALTIMORE, MD-In a $102-million deal, Phillips Edison & Co. snaps up New York City-based Aegis Realty Inc.'s holdings of 27 grocery store-anchored properties in 14 states across the US. Part of the deal also calls for Phillips to assume $68.4 million in debt. The transaction leaves Phillips with a total of 67 properties, accounting for 8 million sf.
ARLINGTON, VA-According to a recent poll by Corfac, half of the surveyed companies believe the economy will produce a positive change in the industry in 2003. However, 80% of those respondents also predict this recovery will not occur until the end of the year.
BALTIMORE, MD-Israel-based multi-sensory entertainment company International Tourist Attractions agrees to become the anchor tenant of the Pier IV Building, a $35-million office and retail property being developed jointly by the City of Baltimore and the Cordish Co. ITA will occupy a 10,000-sf space.
WHEELING, WVA-Wheeling Downs Racetrack emerges from a year of upgrades with a new name, more space, and new additions following the $67-million construction. In addition to added space to accommodate more slot machines, the improved facility will offer a 151-room hotel.
HOWARD COUNTY, MD-Greenebaum and Rose Associates, the developer behind the new Maple Lawn planned community, taps three industry veterans to head up leasing activity for what will be a 1.2 million-sf area of commercial office space. The first office buildings will be ready for occupancy in early 2004.
RICHMOND, VA-With the assistance of real estate investment-banking firm John B. Levy & Co., a $7-million financing package is put in place for retail shopping-center Haynes Chippenham Plaza. The permanent mortgage on the 245,000-sf property is for a 15-year term.
CHARLOTTESVILLE, VA-Equity REITs keep the real estate industry ahead of the investment game in the first quarter of the year by outperforming the S&P 500 by nearly 4.5%. Retail REITs scored the best for the first three months of 2003, showing a 7.7% return increase.