SPOKANE, WA-Local investor Walt Worthy this week took possession of the Metropolitan Financial Center here from locally based Metropolitan Mortgage & Securities, which is in bankruptcy and selling off assets. Bids for Metropolitan's 70-acre Summit property here were due Thursday.
HILLSBORO, OR-The $6.2-million transaction gives the manufacturing firm 16 acres that includes a 210,000-sf building it will use to consolidate its existing operations and a 733-slip parking lot that the 170-person operation will hold for a future expansion. The original offering price was $9 million.
SAN FRANCISCO-The leasing and property management assignments for two recently traded office buildings totaling 1.1 million sf has landed in the hands of Cushman & Wakefield, which says it is now the largest property manager in the city.
LAS VEGAS-On behalf of 16 tenant-in-common investors, Argus Realty Investors sells the building for $12.6 million, giving investors a 16.8% average annual return four years earlier than expected.
KAUAI, HI-Ramsfield Hospitality Finance of New York provides first mortgage and mezzanine financing totaling $26.8 million that takes out the short-term loan Presidio used to acquire and renovate the property.
EVERETT, WA-In need of a larger headquarters-distribution center here, the retail chain leases about half of the 179,000-sf former Solectron manufacturing plant that Washington Real Estate Holdings acquired in January for $36 per sf.
SAN FRANCISCO-Already leasing 62,516 sf in the building, the Sutter Health affiliate commits to another 48,000 sf. It is the first significant lease in the eight-story, 452,000-sf building since TMG Partners acquired the mostly vacant former data center in July for about $80 per sf.
NARRAGANSETT, RI-Cornerstone Real Estate Advisers acquires the 185,631-sf center from Property Advisory Group for $30.6 million, which translates to an 8% un-leveraged IRR. Property Advisory Group paid $17 million for the property in 1997, and its current assessed value is $15 million.