the Editors of Commercial Property Executive
Dallas OKs First TIF District Focused on Multi-Station Transit Development
Millions of square feet of mixed-use development could be built near Dallas’ light rail stations in the future as part of the city’s first Tax Increment Financing district that links multiple stations and covers nearly 600 acres. The TIF district was approved by the Dallas City Council for a 30-year term and will cover 559 acres, as well as public rights of way, stretching from the Lovers Lane/Mockingbird area to the Lancaster/VA Medical Center region. Real property values are expected to grow from $320 million in 2008 to $3.52 billion by 2038 with future developments. During the life of the…
$87M Casino Gets Under Way in Historic Dodge City
Ground will officially be broken on Monday for the $87.5 million Boot Hill Casino and Resort in Dodge City, Kan., although construction is already under way. The developer is Butler National Service Corp., a subsidiary of Butler National Corp., in conjunction with BCH Development.Phase I of the development is scheduled for completion in December 2009. Butler National reported that a State of Kansas research study estimated the potential revenue from the casino, in highly rural southwestern Kansas, at $40 million to $60 million annually. The casino has been designed to evoke the 1880s era during which Dodge City, perhaps best…
Detroit Gets a Little Relief
The Bush administration has decided not to let the auto industry implode on its watch, doling out $9.4 billion to GM and $4 billion to Chrysler from the TARP program, which has seemed to stray somewhat from the financial industrial bailout it was designed to be. Ford, which didn’t ask for an immediate cash infusion, isn’t getting anything for the moment. The catch is that the automakers have until March 31 to figure out how to restructure themselves. By that time, the auto mess will also be the Obama administration’s problem. The news probably comes as fairly big relief in…
Nationwide Completes Sale-Leaseback of Newark Corporate Office
Nationwide Financial Network has finalized the sale and partial leaseback of its corporate office at 300 Continental Drive in Newark, Del. Nationwide was represented by CB Richard Ellis Inc. in the deal. The three-story, 160,000-square-foot Class A office building is located on 22 acres of land. The buyer, Sallie Mae, purchased the property for $20.75 million and will leaseback 72,000 square feet to Nationwide for a term of one year.The property is within close proximity to hotels, restaurants, shopping and mass transit and is approximately eight miles from both the New Castle County Airport and the Newark Amtrak Station and…
Signet Solar to Build $840M Plant in New Mexico
Signet Solar Inc., a manufacturer of thin film silicon photovoltaic modules based in Menlo Park, Calif., plans to build an $840 million manufacturing facility in Belen, N.M., about 30 minutes south of Albuquerque. The project will go up in two phases. Expected to open in 2010, the $200 million first phase will bring about 200 high-wage jobs to the state. Phase II will cost about $640 million and add another 400 permanent jobs. The plant will span 600,000 square feet. “We are already in discussion with suppliers and support businesses that will be drawn to the area by this project,”…
Centro Staves Off Liquidation
Australia-based shopping center owner Centro Properties Group has avoided liquidation by agreeing to give lenders 90 percent of the company’s stock in exchange for extensions on billions of dollars in debts. The eleventh hour agreement allows Centro to avoid having to sell off its some 775 retail properties, located in the U.S., Australia and New Zealand. Centro’s creditors–including JP Morgan Chase Co., BNP Paribas SA and National Australia Bank Ltd.–will now grant the firm several more years to pay off its $16 billion in debts. The lenders’ acquiescence to the extension may be a sign that the banks feared the…
Nike Profits Up, Abbott Acquires Firm
In the midst of the doom and gloom topping headlines lately, some small glimmer of light shone through with a report on weekly jobless claims set for release this morning with the indication that jobless claims may have fallen to 558,000 from 573,000, according to a Reuters report.Profit at Nike Inc. grew 9 percent in the second quarter with its net income risng to $391 million compared with net income of $359.4 million in the same quarter last year, according to the Associated Press. Abbott Laboratories will buy smaller firm Isis Pharmaceuticals Inc’s unit, Ibis Biosciences Inc, in a deal…
New SEC Head Faces Tough Tasks
President-elect Barack Obama has picked Mary Schapiro to chair the Securities and Exchange Commission. Schaprio was a member of the SEC from 1988 to 1994–originally appointed by President Reagan–and is currently CEO of the non-governmental Financial Industry Regulatory Authority, a post she has held for about two years. She also chaired of the Commodity Futures Trading Commission for two years during the Clinton administration. Schapiro has a lot a work ahead of her as head of the SEC, to prevent this sort of thing from happening again: SEC: “Anything funny going on here, Mr. Madoff?” Bernie Madoff: “No, not at…
General Growth Gets Extensions from Lenders
General Growth Properties Inc. has reached a forbearance and waiver agreement with its syndicate of lenders on its Fashion Show and Palazzo mortgage loans totaling $900 million. The agreement, in connection with loans that originally had a Nov. 28 maturity date, extends until Feb. 12, 2009. In addition, the shopping center REIT has entered into a forbearance and waiver agreement with the syndicate of lenders for its 2006 senior credit agreement; the agreement extends till Jan. 30, 2009. In connection with the agreement, General Growth has agreed to certain restrictions and covenants during the forbearance period. The news followed an…
NorthMarq to Manage 845,000 SF of Twin Cities Retail Space
NorthMarq is adding six new third-party retail assignments to its retail property management and brokerage business in the Minnesota’s Twin Cities. The six properties total 845,000 square feet, and include Calhoun Square in Minneapolis; Southdale Square in Edina; The Shoppes at Oak Park Heights; Plymouth Town Center in Plymouth; Fountain Place in Eden Prairie; and Fischer Marketplace in Apple Valley. Northmarq also announced it has hired new staff to assist with the new assignments. Gayle Siegler, Jim Larson and Ken Seifert will handle the Calhoun Square assignment, while Wendy Aaserud will be working on the remainder of our portfolio. With…