X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-Catellus Development Corp. is reporting today third quarter earnings of $35.6 million, or 33 cents a diluted share, up dramatically from the same 1999 period when profits were $19.1 million, or 18 cents a diluted share. Profits through the first nine months of the year are $96.4 million, or 89 cents a diluted share, versus $53.3 million, or 49 cents a diluted share for the same period in 1999. By year end, the company expects to post totals 20 percent above 1999 earnings.

The announcement comes on the heels of a busy quarter for Catellus. Earlier this week, the company signed Cisco Systems to a 34-year deal for 3.4 million sf in the still-under-development Pacific Commons project in Fremont. That deal alone will bring almost $102 million into Catellus’ coffers by the middle of next year. Meanwhile, at the Mission Bay development in San Francisco, the pace remains frantic. Catellus recently sold a one-acre parcel to Signature Properties and The Riding Group, LLC, for $13.5 million. The partnership plans to develop 100 condominiums on the site. That deal is expected to close by February.

AvalonBay communities will begin construction of their 250-unit apartment building at Mission bay in January. An additional 300-unit building will be going up in the Third Quarter of next year. Catellus will also break ground on their mixed-use projects at Mission Bay in the Second Quarter of 2001. That project will include 160,000 sf of office and retail space, along with 622 residential units, some of which will be for sale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.