RealStake

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.

This is Fremont's third loan to Anekona Properties, a local developer. So far, Anekona has developed the Royal Sea Cliff in Kailua-Kona on the Big Island, the Luana in Waikiki and the Islander on the Beach in Kapaa.

Anekona secures $76 mil - 2005-12-12

Missouri's Randolph County is selling its old jail building on eBay at a starting bid of $32,500 after the neighboring county sold its 5,500 square foot jail that way for $42,000.

The buyer was Gary Kaplan, a Los Angeles attorney who said the asking price was “practically free by California standards.”

Reached by phone, Kaplan said he expects to spend $200,000 or more to renovate the jail. Originally built in the 1880s, the jail is equipped with comfortable living quarters because it housed the sheriff and his family. Kaplan hopes to refurbish that residence and make it a second home.

Ultimately, he said, he expects the jail and cell block area to be a museum.

“The inside is a complete disaster,” said Kaplan, 56. “But it’s quite a beautiful building.”

Not interested in jails?

Fine. The options are endless.

Hospitals. Apartment complexes. Even a 200-foot communications tower.

Kansas City Star | 12/04/2005 | Buildings market is thriving online

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.

«We've entered into a private-public partnership for marketing the airport and bringing in people who are interested in doing business here,» Martin said.

Paying commissions to real estate agents to find buyers or renters of any city-owned property was taboo until three years ago, and the city has never used real estate professionals to lure clients for the airport, said Doug Tessendorf, real estate services director.

Airport looking to lure business

The Federal Reserve Beige Book, released Wednesday, showed strong commercial real estate activity in most Fed Districts. The Boston market is flat and some suburban New York markets have softened, but nationwide the picture is very good for commercial real estate.

Commercial real estate markets strengthened in many Districts. Atlanta, San Francisco, Philadelphia, and Kansas City reported that demand for commercial real estate has continued to improve. Boston, however, reported that commercial real estate in the Boston area remains flat. Office vacancy rates in most areas of the St. Louis and San Francisco Districts fell and demand for office space picked up in the Philadelphia, Dallas, and Kansas City Districts. Commercial agents expect continued improvement in the office market for the Kansas City District. The New York District reported that lower and midtown Manhattan's office markets continued to strengthen, while most suburban markets slackened moderately. Industrial vacancy rates fell in much of the St. Louis District, and contacts reported that demand for industrial space was on the rise in the Philadelphia and Dallas Districts. Commercial construction has improved in the Chicago District, while commercial construction was generally flat in the Richmond District. The St. Louis District reported that commercial construction remains active.

FRB: Beige Book--Summary--November 30, 2005

Jones Lang LaSalle has agreed to purchase leading Boston-based office leasing and development firm Spaulding and Slye Colliers for $150 million. Spaulding and Slye has 500 employees in offices in Boston and Washington. Jones Lang LaSalle, based in Chicago, has 20,000 employees worldwide but no previous presence in Boston.

Spaulding & Slye's decision to sell comes amid gains mixed with a significant recent setback.
The firm has enjoyed record revenue in recent quarters, but also lost its role as a key player on the $1.2 billion Fan Pier project on South Boston's harborfront.

MetroWest Daily News - Business Coverage