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THE COLONY, TX-A retail project is on the drawing boards for this suburb north of Dallas. NEC Paige/121 Ltd. has bought 16.8 acres for a development that earmarks 14.5 acres for a Home Depot. The property is along Texas 121, a development hotspot these days.
CHARLOTTE-First Citizens Bank & Trust has purchased First Union National Bank's 30-year-old SouthPark branch for $4.26 million, according to county records. First Union maintains the purchase price covers the branch's real estate and not the branch's assets and deposits. The per sf-price makes the transaction one of the highest ever recorded in the state.
SUNRISE, FL-Touted as the largest owner of American-flagged, American-crewed passenger vessels, the Illinois cruise line is getting a $4.2 million-economic incentive package from city, county and state agencies to relocate.
EDISON, NJ-National Paper is the second paper company and the 10th company overall to have been moved out of Brooklyn, NY by Weichert Commercial in the last year.
PORTLAND-Locally-based Elmer's financed the transaction by issuing $1.15 million in convertible debt. The seven-year notes bear interest at 10%, and are convertible to common stock after six months at $6.50 per share. The company's current share price is $4.87.
DETROIT-Eight "underperforming" stores in Michigan, most in the Detroit area, will be closed by the office supply retailer. Meanwhile, the company plans to open 50 new stores.
HOUSTON-Nashville-based Medical Properties of America likes the way Houston is shaping up. The city's dynamics have prompted the purchase of the 55,000-sf Tomball Professional Atrium amid talks for 20 more properties statewide.
NEW YORK CITY-Four of the companies are Hong Kong firms looking to establish a foothold in the US. Also, six current tenants have renewed their leases and three have expanded their space.