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CHATTANOOGA, TN-In the second and final stage of the 23-property acquisition, completed March 14, the Southeast's largest mall owner (52 properties) paid $422,088 in cash; assumed $26.6 million in loans; and issued 499,730 shares in stock valued at $32.25 per share ($16.1 million).
FERNDALE, MI-The suburban Detroit location is too far away from true Michigan farms and should be moved, says State Sen. Leon Stille. He points to falling attendance as a reason for relocation.
DETROIT-Mayor Kwame Kilpatrick addresses the need for new permanent casinos in the Downtown area in his first State of the City speech, but points out the cost and process of acquiring land has been much greater in dollars and time than previously expected.
DENVER-The Rocky Mountain News owns almost 100,000 sf at 400 W. Colfax Ave. in the Golden Triangle neighborhood while the Denver Post leases space at Equity Office Properties' 1560 Broadway.
CANNES-Lloyds TSB is to take 25 Gresham Street, EC2, as its new corporate headquarters. Developer Asticus swapped it for 71 Lombard Street, EC3, and cash.
ARLINGTON, VA-Cost Plus World Market opens its fifth location in the Washington DC area at the outdoor mall Pentagon Row. Located at 1301 South Joyce St., the new World Market outlet offers 16,300-sf of specialty retail space and is the company's flagship store in the DC region.
CANNES-Bristol-Myers Squibb Company has moved across Brussels, Belgium, from Waterloo Office Park to 160,000 sf in Parc De L'Alliance. The group moved from 120,000 sf of existing facilities south of Brussels.
SULPHUR SPRINGS, TX-An investment group from Europe, the US and Canada lobs a back-to-back play as it signs to buy the Outlet Mall in Sulphur Springs, 65 miles from Dallas. Seller Five Prime Properties paid $2.2 million in summer 2000 to Konover.
ORLANDO-Small buildings in good physical condition are also in demand by institutional buyers, George D. Livingston, founder/chairman, Realvest Partners Inc., tells GlobeSt.com. Pensions funds and insurance companies are scouting the state for new industrial acquisitions.