ANCHORAGE, AK-The 35-year loan from the Alaska Housing Finance Corp. is for the development and renovation of some 1,200 housing units on the Elmendorf Air Force Base here, which will be owned and operated by the private company performing the work. Total development cost of the project is estimated at $232 million.
SEATTLE-While the overall office vacancy rate is about 16% for the Puget Sound area, direct lab space vacancy is 2.82% and is still under 7% when sublease space is factored in, according to a new report on the life sciences market by Colliers International.
SAN FRANCISCO-The Seattle-based hotel company signs a long-term management agreement to operate the 565-room Holiday Inn Select Downtown Hotel & Spa, a 26-story Financial District property that will undergo a $15-million renovation beginning this fall that may lead to a re-flagging.
SEATTLE-The Metropolitan King County Council approves development of a new county-owned office building on the site of a county garage adjacent to the King County Courthouse.
LAS VEGAS-A subsidiary of the Mission Viejo, CA-based investment bank pays about $23.5 million for a seven-building, approximately 274,000-sf multi-tenant office and industrial park and then flips it to a tenant-in-common partnership for $28.2 million.
PALO ALTO, CA-AEW Capital Management of Boston sells its 80% stake in two California apartment projects to its locally based 20% partner Essex Property Trust for $74.6 million in debt and cash.
OREGON CITY, OR-The local community development director denies Wal-Mart's application for a 136,870-sf store here because it is nearly identical to another application the retailer filed within the last year. An appeal to the city commission is likely, as Wal-Mart has made all possible appeals with regard to two other projects in the region that have been denied.
MAUI-The Toronto-based hotel owner and operator agrees to sell the Fairmont Kea Lani Maui to Bethesda, MD-based Host Marriott Corp. for $789,000 per room. Fairmont retains a long-term management contract for the property.
SHANGHAI-The funds would be used in part to build new facilities at GM's local engineering and design center, expand capacity at existing manufacturing facilities and launch a new financing joint venture.
PORTLAND-Mitchell Nelson Group LLC of Portland and Elesco Ltd. (Lee Smith) of Bend, OR are master planning 200 acres surrounding the Pocatello Regional Airport in eastern Idaho for some 3 million sf of buildings as part of the airport's effort to diversify the local economy, create family-wage jobs and bolster airport operations.