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DENVER-Five major conventions are expected to draw more than 32,000 people and inject $45 million into the local economy despite travel fears in the wake of the Sept. 11 terrorist attacks.
DALLAS-Quality Air Products of Dallas negotiates a $300,000 sale for a 17,500-sf industrial building that it's occupied for the past four years. Last year's subdivision opens the door for the final sale of an older build-to-suit, once home for BOC Gases.
NEW YORK CITY-In the aftermath of the September 11 terrorist attack, the real estate industry surveys the damage and talks about rebuilding. Most respondents predict only short-term downside in the valuation of high-rise CBD office space.
ORLANDO-Siemens Westinghouse Power Corp., based in Orlando, accepted a $12.2 million city-county incentive package today to build its 430,000-sf, 500-employee high-tech fuel cell manufacturing facility 3 1/2 miles northwest of Churchill, PA, a Pittsburgh suburb.
FARMINGTON, MI-The Michigan Municipal League lauds the $615,000 purchase and renovation of the historic theater, keeping it from wrecking ball. The city also cited downtown economic development in buying the property.
DENVER-Philip F. Anschutz's investment group will pay 90 cents on the dollar immediately to Edwards Theatres creditors, or 100% if they're willing to wait seven years. The Edwards family gets $5 million plus stock.
DETROIT-General Motors Corp. says sports cars are no longer hot, so the company can't keep up production at its 36-year-old plant in Canada, where it invested $3 billion since 1986. It will close next September.
HOUSTON-Four of Houston's favorite sons and business legends are being inducted into the 2001 Texas Business Hall of Fame. Hailing from the commercial real estate ranks is the 73-year-old Stanford Alexander, chairman of Weingarten Realty Investors.
SANTA ANA, CA-Funds from the $5-million participating note program will be used to acquire additional income properties in California. The properties will then be resold in fractional interests to investors looking to complete 1031 exchanges.
BELLEVUE, WA-The regional developer is moving its headquarters from Kirkland to its latest project, Civica Office Commons in downtown Bellevue. Schnitzer will take about 16,000 sf on the fourth floor in the north building of the two-tower, 300,000-sf development, bringing it to 86% occupancy.