MIAMI-Real estate investment trust Equity One Inc. continues to pursue its strategy of acquiring properties in the high-growth South Florida region with the recent purchase of the Shops at the Meadows for $8.9 million. Publix anchors the 75,500-sf shopping center.
WOODLAWN, MD-The Social Security Administration has signed on to temporarily occupy the 145,800-sf property that was once a Sam's Club. After remodeling the property, the organization will relocate some of its workers to the space until the multi-million renovation of its headquarters is complete.
BOCA RATON-Crocker Realty Trust sells off its remaining 4.3 million-sf portfolio to SCH Corp, which assumes $199 million in debt as part of the deal. Neither party is disclosing the exact purchase price for the group of 89 buildings.
WEST PALM BEACH-The South Florida Science Museum's new Science and Discovery center is on the road to becoming a reality as the Quantum Foundation presents a $500,000 grant for the $40 million project. The money will be matched by a $10 million challenge grant.
WASHINGTON, DC-The Madison Hotel gets a new owner with pension fund Multi-employer Property Trust's reported $80-million acquisition of the luxury property and its adjoining office building. A 30-million renovation is planned.
RICHMOND, VA-Two Paragon Square, a 142,500-sf Class A building built in 1989, sells for $14.8 million to Plymouth Meeting, PA's Brandywine Realty Trust. The acquisition is in line with the company's investment strategy of purchasing Class A properties in its core markets.
ROCKVILLE, MD-Federal Realty Investment Trust decides to sell 1.9 million common shares of beneficial interest to Wachovia Securities. The real estate company plans to use the expected $49 million in net proceeds for current redevelopment projects and acquisitions in metropolitan markets.
WASHINGTON, DC-The $42-million Ellington Plaza development in the District's U Street area gets under way this month with developer Donatelli & Klein Inc. spearheading the project. Upon its 2004 completion, Ellington will offer a 186-unit apartment building with parking and 15,000-sf of retail space.
WASHINGTON, DC-The US House of Representatives passes the Brownfields Redevelopment Enhancement Act, which will simplify the process of qualifying for federal assistance for brownfields cleanups in small communities.
BALTIMORE, MD-Public Storage Inc. opens its new 99,700-sf facility in the 500-acre Carroll Camden Industrial Park area at the facility's recent grand opening celebration. The three-story property underwent an $8 million upgrade and now houses 726 units of storage space.