Archive for June 23rd, 2009
Continue Reading June 23rd, 2009
Tropicana Atlantic City Casino & Resort is set to come under new ownership, just over one year after owner Tropicana Entertainment L.L.C. filed for Chapter 11 protection. But it’s not a big-name gaming company that will take over the property’s reigns. The United States Bankruptcy Court in Camden, N.J., has green-lighted a “stalking horse” asset purchase agreement calling for pre-petition lenders–a group that includes billionaire investor Carl Icahn’s Icahn Capital–to take hold of the asset in return for forgiving $200 million of debt owed by Tropicana.
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Continue Reading June 23rd, 2009
Southern California-based private real estate investment firm Hager Pacific Properties has leased a 108,700-square-foot office/industrial property in Ontario, Calif., to Kim Lighting, a division of Hubbell Lighting Inc.
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Continue Reading June 23rd, 2009
It’s an office trade of such a size that has not been seen in
Connecticut, no less challenged by job losses and economic malaise than
most other markets, in quite a while. Matrix Connecticut L.L.C. has
just taken over ownership of the 1 million-square-foot Danbury
Corporate Center in Danbury, Conn., from GERA Danbury L.L.C. in a $72.4
million merger transaction. The deal is a coup for Connecticut, as well
as its neighbors, as it marks the largest multi-tenant office
transaction in the suburban New York Tri-State area so far this year.
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Continue Reading June 23rd, 2009
Hartz Mountain Industries has agreed to a lease deal with Breeze-Eastern Corp., a publicly-traded designer of lifting devices for military and civilian aircraft.
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Continue Reading June 23rd, 2009
Existing home sales rose 2.4% in May — the second consecutive monthly increase, the National Association of Realtors said today. But the May level — adjusted for seasonal variations — was lower than some economists had predicted.
The important thing here is that home sales aren’t falling, indicating that a bottom might be near. Michelle Meyer, economist with Barlays Capital in New York, told me that she thinks the increase is good news. But she also pointed out that the sales that closed in May went into contract a month or two earlier. So the rising interest rates have yet to be factored into the sales data.
Interest rates for a 30-year fixed mortgage have increased from 5.13% on April 1 to 5.76% on June 17, according to Bankrate.com.
“It reflects housing conditions in April, prior to the runup in mortgage rates,” Meyer said. “I don’t know how it will respond to the jump in mortgage rates in the last month.”
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Continue Reading June 23rd, 2009
A former Verizon call center in Upper Darby, Pa., has been acquired by a buyer with plans to transform the 84,000-square-foot property into office space.
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