Globest Sectors

GERMANTOWN, MD-Tucon Construction Corp., based in Dulles, VA, has begun construction on an office and manufacturing building for Acterna, a technology company, to lease from joint venture company Milestone Industrial LC.

PALM BEACH GARDENS, FL-A newly formed subsidiary of locally based Correctional Properties Trust is using the proceeds to finance the acquisition and refinancing of two North Carolina prisons. Palm Beach Gardens is 73 miles north of Miami.

ACTON, MA-W.R. Grace, the Columbia, MD-based chemical company, explores redeveloping portions of its 259-acre former Superfund site here and in Concord. This move is stirring up local activists who contend the site is not clean.

LONDON-The Portfolio Property Fund has bought 52/54 Southwark Street, London SE1 from the Milton Group to show an equivalent yield of 8.65%. The fund has now bought 11 properties, and also invests in property company shares.

HOUSTON-Tranwestern Commercial Services' Houston office is up and running on a new leasing assignment in the city's south central submarket. The 653,533-sf contract is for the eight-building Main Park Service Center and Main Park Distribution Center.

ROUND ROCK, TX-Dirt's flying on Houston-based Martin Fein Interests, Lakeside at La Frontera. The 388-unit complex is Fein's second project in the development and comes on the heels of the Enclave reaching 50% lease-up.

TROY, MI-New Home Depot stores here and in Orion Township will provide a retail niche for do-it-yourself builders with 120,000-sf outlets. Both donated money to local youth groups upon opening their doors.

MIAMI-A new report by Cushman & Wakefield of Florida Inc. shows vacancies at 14.6% in Broward, up 1.1%; and 14.2% in Dade, up 2.9%. Palm Beach County's vacancy rate moved down slightly in the second quarter from 12.9% to 12.8%.