ATLANTA-The 20-story office tower of a planned $175-million hotel/office project in Atlanta's Buckhead neighborhood falls victim to a soft office market. The city rezoned the 3.7-acre tract on condition that the initial plan was followed. Six Continents wants a hotel-only plan.
ATLANTA-San Francisco-based SATS Technologies picks up the 39,000-sf building in Smyrna, GA, formerly held by Reston, VA-based X-O Communications. X-O filed for Chapter 11 bankruptcy protection this month. SATS' lease is for 12.5 years at an estimated $17 per sf.
PHILADELPHIA-A comparison of Pennsylvania business taxes in relation to those of other states, conducted by Harrisburg, PA-based Keystone Research Center, disputes business-sponsored studies aimed at reducing state business taxes. KRC recommends holding off a planned phase-out of $1 billion in business taxes.
PHILADELPHIA-Locally based-Berwind Property Group buys a majority stake in Whiteland Towne Center, a 356,000-sf shopping center in Exton, PA. Whiteland is 97%-occupied, anchored by Kohl's and Acme, and located in rapidly growing Chester County.
PHILADELPHIA-Exeter, PA-based Amato/Kropp buys 81,500-sf Ames Plaza in Broadheadsville, PA for $3.75 million. The anchor tenant, Rocky Hill, CT-based Ames Department Stores, is reorganizing under Chapter 11 bankruptcy protection.
PHILADELPHIA-Cleveland, OH based-Allegro Realty Advisors nabs three new principals from the big accounting firm to expand its services and broaden its market. Their collective experience covers finance, law and government.
PHILADELPHIA-The $104-million, 335,000-sf Hillman Cancer Center, near completion in Pittsburgh's upscale Shadyside neighborhood, is sparking a land grab and driving additional development throughout the area. Locals recall earlier explosive growth of commercial real estate around its Ohio neighbor's Cleveland Clinic.
PHILADELPHIA-With Franklin Realty's purchase of 80 acres in the 202-acre Keystone Opportunity Zone at Bucks County, PA's former Naval Warfare Center, office facilities join the 100-unit Erickson retirement community that broke ground in January. Franklin pays Erickson $6.3 million.
ATLANTA-An 84,000-sf diagnostic and cancer-treatment facility adjacent to Union Regional Medical Center in Charlotte, NC, is slated to open in October. The new building and renovation of a 37,000-sf acute-care facility are funded by $25 million in A-rated revenue bonds.
ATLANTA-A four-story, 70,000-sf building for medical faculty is slated for a tight spot across from Emory University's Downtown-Atlanta Grady Hospital. The Atlanta office of HOK is the architect. Construction begins this July and completion is scheduled for September 2003.