ATLANTA-The Oak Brook, IL-based retail REIT continues its shopping spree by picking up the 74,000-sf, 96%-leased Forest Hills Shopping Center from Atlanta-based IRT Property Co. for $6.6 million. IRT says it is negotiating more sales this year.
PHILADELPHIA-In perhaps the biggest office deal in downtown Columbus, OH this year, Pizzuti has obtained a 15-year, 64,000-sf lease from this Cincinnati-based bank and its subsidiaries that puts Provident's name on the 12-story tower and takes the building to 50% occupancy.
ATLANTA-A locally based partnership of Superior Building Co. and Martin-Marietta Aggregates has sold the vacant 24,000-sf former headquarters of the Mexican Consulate in Raleigh, NC to Raleigh Commercial Real Estate and Development for $635,000. The buyer plans a $500,000 renovation.
ATLANTA-The Brentwood, TN-based owner and operator of 61 hospitals negotiates to buy all but one of the hospitals owned by Memphis-based Methodist Healthcare. The package encompasses 676 beds at facilities in Brownsville, Dyersburg, Jackson, Lexington, Martin, McKenzie and Selmer.
PHILADELPHIA - The Johnstown, PA-based REIT pays Equitable Life $151 per sf for the 331,000-sf portion of the La Crosse, WI, center not owned by anchors Sears, Marshall Field's and Herberger's. Valley View's total of 587,000 sf includes a 35,000-sf detached strip center.
PHILADELPHIA-Michael D. Blunt is promoted to associate director of the financial services group at the local office of Cushman & Wakefield of Pennsylvania. He joined this office in 1995. Meanwhile, C&W expands a law firm's lease at One Liberty Place.
PHILADELPHIA-A "Mills Makeover" is in store for Cincinnati's 1.5-million-sf Forest Fair Mall. Arlington, VA-based REIT Mills Corp. will renovate the 12-year-old property to fit the "festive" format of its existing mall portfolio and rename it Cincinnati Mills.
ATLANTA-The former Saint Margaret's Hospital in Montgomery, AL, which lay vacant for 13 years, is undergoing a $28-million conversion into a new state criminal justice facility. The 400,000-sf building is expected to be completed by the end of 2003.
ATLANTA-Locally based Bent Creek Trust pays $8,500 per unit to B C Atlanta LLC for Bent Creek Village Apartments, a 32-year-old property that emptied this June. Units range from 936 sf to 1,145 sf. The estimated rent rate is $675 per month.