Print this page
Wednesday, 21 March 2001

Mid-Atlantic Regional Digest (3/22/01): MeriStar Hospitality Corp. sells Cherry Hill, NJ, Four Point

Written by 
Rate this item
(0 votes)
March 22, 2001

MeriStar Hospitality Corp. sells Cherry Hill, NJ, Four Points

WASHINGTON - MeriStar Hospitality Corp. recently completed the sale of the 193-room Four Points Hotel in Cherry Hill, N.J. Proceeds of $7.5 million sale will be used primarily to pay down existing debt.

Fremont Properties breaks ground for Gaithersburg, Md., office building

GAITHERSBURG, Md. – Fremont Properties has begun construction of Washingtonian Two, a mid-rise office tower in the Washingtonian Center development off Interstate 270. The San Francisco-based owner/developer has already signed Marriott International Inc. to a 15-year lease for the entire 285,000-square-foot building. The project, which includes plans for 1,150 parking spaces, will be built in two phases. The first calls for a build-out of about 150,000 sf of space scheduled for initial occupancy in the summer of 2002. Phase two calls for construction of about 135,000 rentable sf that will be ready for occupancy in the second quarter of 2004.

Retail vacancy rate in Central NJ held at 4.3% during 2000

OLD BRIDGE, N.J. – The vacancy rate in retail properties along central New Jersey's four primary shopping corridors remained unchanged at 4.3 percent during 2000, according to a survey by R.J. Brunelli & Co. Inc. However, the company cautions that the rate may rise this year due to the bankruptcies of Bradlees, Grand Union and other retailers. The study found 944,100 sf of vacancies in the 21.7 million sf of space surveyed along Routes 1, 9, 18 and 35 in Mercer, Middlesex and Monmouth counties and a small portion of Ocean County. Improvements along Route 1 and 18 were offset by higher vacancy rates along Routes 9 and 35. The 4.3 percent rate for 2000 and 1999 was the lowest in the 11 years that the firm has been surveying the central New Jersey market.

Judge backs Hanover, NJ, in developer's suit
The Star-Ledger (Newark, N.J.)

HANOVER, N.J. – Hanover officials and developer Hanover Renaissance LLC have been arguing over the potential use of a 65-acre site at Route 10 and North Jefferson Road, directly across from the municipal building. The developer wants to build an office building and more than two dozen single-family homes. The township is considering condemning the land to use as open space.

Tower plan stirs fight in Lynwood, Md.
The Baltimore Sun

LYNWOOD, Md. - Residents are protesting a rezoning request that would allow for office tower construction at the junction of Route 100 and Route 103. The request applies to a 17-acre parcel at the northeastern corner of the juncture and a four-acre parcel at the southeastern corner. The residents argue that the building would cause rush-hour traffic congestion around Route 103.

Commercial Real Estate Direct provides links to full stories where available.


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Subject: Mid-Atlantic Regional Digest (MADIG), Property Acquisitions (ACQ)
Read 671 times

Latest from Administrator