REDMOND, WA-Fairfield Residential pays $42 million for the 400-unit Ravenswood at the Park apartment complex in Redmond, the biggest single multifamily transaction since 1999. The price translates to a 6% cap rate, but Fairfield expects that to rise to at least 7% over the next 18 months.
PLEASANT HILL, CA-The University acquires a 102,000-sf office building here for its main campus, which is currently located in Walnut Creek. The building, sold by Bank of America, will house administrative offices, classrooms and libraries for its five schools.
STANFORD, CA-Developed and owned by Stanford University, the 1.3-million-sf open-air mall is one of the most successful regional malls in the nation, with sales per sf of $600 in 2002.
TOKYO-The New York-based jeweler's Japan-based subsidiary purchases the nine-story building housing its flagship store in Tokyo's Ginza shopping district for 16.5 billion yen.
CONCORD, CA-Along with three smaller tenants that recently were signed, the lease by Wells Fargo Home Mortgage brings Sierra Pacific Properties' 10-story, 231,000-sf Metroplex Office Centre in Concord's Diamond District to 30% leased one month prior to completion.
PORTLAND-The third party logistics provider two years ago assumed a lease for 243,000 sf in the 500,000-sf building. The lease was held by A&M Warehouse, which master leased the entire building prior to filing for bankruptcy.
WUHAN, CHINA-Construction is underway on the 1.3-million-sf Wuhan City Plaza, which will include a nine-story department store; six stories of retail shopping; night clubs, movie theaters and other entertainment venues; numerous restaurants; and four stories of office space.
SEATTLE-The self-storage REIT forks over three million common shares for 19 storage centers in Minnesota, pays $164 million for 36 centers developed under a tax retention operating lease facility and pays out another $153 million to gain a majority stake in Shurgard Europe.
BERKELEY, CA-The Berkeley-based value retailer adds to its 188 locations in several Western states with 17 leaseholds in Texas from Lewisville, Texas-based Fleming Companies Inc., which filed Ch. 11 bankruptcy in April.
MILAN, ITALY-Initially reported in March, the transaction represents a portion of the $500 million of hotel assets that Starwood has announced it plans to sell by the end of 2003. The new owner is London-based Dorchester Group Ltd.