ISSAQUAH, WA-The two-story tilt-up in the Snoqualmie Ridge Business Park was about 40% leased at the time of sale and built out as 100% office. The buyer, the Northwest District Council of Assemblies of God, will use the remaining space as its new headquarters.
SACRAMENTO-Conduit lender Wachovia Securities provided the 10-year, fixed-rate loan. The broker that sourced the loan says the challenge was obtaining the full loan commitment prior to the asset's stabilization.
FORT WRIGHT, KY-Regency Centers pays $12 million for 37 acres in this suburb of Cincinnati and simultaneously flips about two-thirds of it to Wal-Mart for an undisclosed price. Wal-Mart will develop a Super Center on the site and Regency will develop periphery pads and an 18,000-sf strip center on the remainder.
BEND, OR-The resort subsidiary of Klamath Falls, OR-based Jeld-Wen Inc. has filed an application with Crook County planners to develop 900 home sites, a golf course, equestrian center, and overnight lodging on 1,800 acres in the Powell Butte area of southwestern Crook County.
OAKLAND, CA-The Oakland-based real estate investor pays about $1.95 million for a 22,860-sf light industrial building with roughly 12,000 sf of office space. The building is located off Highway 880, near the Oakland International Airport.
BERLIN-The International Hotel Investment Forum held in Berlin this month drew a record number of delegates who predicted this year will see fewer construction starts, more portfolio sales and more sale-leasebacks than in 2002.
WALNUT CREEK, CA-Built in 1985, the 319,362-sf, two-building class A office complex in Walnut Creek was 85% leased at the time of sale. MetLife sold the building to Koll Bren Schreiber.
SEATTLE-Vacancy in the close-in Seattle market rises 3.81 percentage points to 5.0% on 726,611 sf of negative net absorption. Vacancy in the Eastside market, which is predominately flex-tech space, rises 2.58 percentage points to 13.18% on 246,224 sf of negative net absorption.
FRANKFURT, GERMANY-ProLogis will construct a 171,157-sf building at ProLogis Park Alzenau, located in the Rhine-Main region of Frankfurt. New Wave Logistics will use the facility to serve Toyota, one of the world's largest automotive manufacturers.
SACRAMENTO-The acreage for the project is a small piece of 2,600 acres of GenCorp land the United States District Court last year said was clean and could be removed from the Aerojet SuperFund site designation.
