SEATTLE, WA-With several successful dispositions under its belt, Colliers International forms a division specifically to provide semiconductor manufacturers with expertise in facility brokerage, valuation, capacity analysis, tax appeal and negotiated tax settlement services.
HONOLULU-The Japan-based seller developed the property 10 years ago for $72 million, paying $33 million for the dirt alone. The buyer, publicly traded Alexander & Baldwin of Honolulu, plans to "condoize" the building, which has 5,500-sf floor plates and is 32% occupied.
SEATTLE-Their franchise agreements with West Coast Hotels having expired, Northwest Hospitality Group and Paramount Hotels turn their 15 three- and four-star hotels into the first Coast Hotels & Resorts-branded properties in the United States.
HAYWARD, CA-Good Guys subleases just under half of its 400,000-sf warehouse at 30750 Wiegman Road in Hayward to Dependable Logistics Services, a third party logistics firm that relocated from Oakland.
SAN FRANCISCO-Despite continued demand for class A view space in the CBD, overall CBD vacancy hit 20% during the first quarter and annualized full-service rates in the CBD declined 3.8% to $30.60 per sf, according to the latest report from Cushman & Wakefield.
FAIRBORN, OHIO-Wright Executive Center Partners sells its 72.6% interest in the eight-building, 480,400-sf development to an affiliate of Munsell Realty Advisors, a Cleveland-based real estate investment firm. The minority interest is held by Dayton-based Miller-Valentine Group, the original developer.
FEDERAL WAY, WA-According to the company that lent Steadfast Commercial Properties the funds to acquire and upgrade the neglected 736,000-sf shopping mall, $9.5 million will be invested in its renovation.
OAK RIDGE, TN-Crown American Realty Trust sells "underperforming" and "deteriorating" Oak Ridge Mall to Crown Investments Trust, an entity owned by Crown American's President and CEO Mark Pasquerilla. The purchase price was satisfied by Paquerilla's company and its subsidiaries reducing their stake in Crown American Properties LP, Crown American Realty's operating partnership.
TEL AVIV, ISRAEL-The subsidiary of Starbucks Coffee Co. and the Delek Group of Israel have "mutually" agreed to end their joint venture, Shalom Coffee Company. The decision will close six Starbucks stores in Tel Aviv, the only Starbucks locations in Israel.
PORTLAND-Panattoni Development is ahead of the schedule, according to its option agreement with the Portland Development Commission, which requires the Sacramento-based developer to take down five acres every 18 months and 20 acres over the first five years.
