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CHICAGO-The REIT is negotiating a contract to sell nearly 21 suburban office and 31 industrial properties, representing about 40% of its net operating income. The prospective purchaser is in the midst of due diligence.
ALBANY-New York Governor George Pataki reports that the Empire State Development Corp. has approved incentive packages for six upstate firms that plan to invest a total of $21 million in a variety of expansion projects.
DETROIT-The Milwaukee-based company scouts a 36-acre site for an automotive division headquarters in Southeast Michigan. However, two other Midwest states are under consideration, officials say.
KANSAS CITY-A new 25,000-sf store in the heart of the Westport entertainment and shopping district, five times larger than its previous location a mile away, is scheduled to open in November.
FARMINGTON HILLS, MI-The developer of neighborhood community shopping centers and single-tenant properties posted modest gains and paid a lower fourth-quarter dividend despite a 9.5% revenue increase for the year.
REDMOND, WA-On the heels of a strong fourth quarter's performance, the vacation timeshare company announced its common stock will be split three-for-two. The company is also about to be added to the Nasdaq Financial-100 Index.
PORTLAND-Occupancy dropped last year as the market continued to soak up five new hotels in the past four years. So far this year, hoteliers in select areas are sounding a little happier. Then again, more hotel rooms are on the way.
ORLANDO-Ajax Construction Co. of Orlando is building the 347,826-sf project for 1,864 students at a hard-and-soft construction cost of $115 per sf, up from a quoted $102 per sf last July. The $40 million high school is going up $16 million over the original planned cost, 25 miles west of Downtown Orlando.