Grubb & Ellis expect a healthy year in Chicago's commercial and industrial markets. Positive absorption is expected in the suburban office market, though the city will see office construction in an environment of negative absorption. The industrial market is expected to see absorption over 20 million square feet, compared to 15.8 million in 2005 with the fastest growth in the south suburbs.
Tristar Business Communities, the developer of St. Louis's 2,300 acre Gateway Commerce Center, has sold 450 acres to Trammel Crow for a reported $16 million. The park is located near I-255 and I-270 in Madison County, Illinois and has 17 buildings totalling almost 8 million square feet.
The West Edge, a $116 mixed-use project which will include a boutique hotel, headquarters for an advertising agency and a museum of advertising characters and symbols, broke ground today just off Kansas City's Country Club Plaza. The project, designed by renowned architect Moshe Safdie 40,000 square feet in half a dozen landscaped terraces and an office building surrounded by a large spacious atrium. The project is scheduled for completion by the end of 2007.
Anekona Properties is doing a condo conversion on the Kauai Beach Resort with a $76 million loan from Fremont Investment & Loan. The 12-acre property will have 350 condos with prices of $249,000. 60% were presold.
The city of Mesa, Arizona is looking for businesses to fill 92-acres at Falcon Field Airport as a first step toward developing an additional 158-acres west of the airfield into a shopping complex or similar commercial enterprise. The city is interested in expediting business developoment of the airport and «making leases more equitable» to attract businesses.
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