Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Tue, Aug 18 1992 Date: Tue, 18 Aug 92 04:30:58 EDT Message-ID: 08-18 0000 DECISIONLINE: Real Estate USA TODAY Update Aug. 18, 1992 Source: USA TODAY:Gannett National Information Network GE BUYS SHOPPING CENTERS: A unit of General Electric Capital Corp. bought 47 shopping centers from the Resolution Trust Corp. for $71 million in cash, company officials reported Tuesday. The shopping centers contain 6 million square feet of retail space. The portfolio had a total book value of about $218 million. The GE unit is paying less than $12 per square foot, which experts say is low. ABB TO BUILD PUERTO RICAN PLANT: Asea Brown Boveri Inc., a Stamford, Conn.-based company, received a $133 million contract to build Cambalache Station, Puerto Rico's largest power plant in 20 years. The company announced Tuesday its Gas Turbine Power Division was contracted to build three gas turbines. The ABB division is responsible for permitting, designing and building the 248-megawatt station. BLACK PROPOSES PRINTING PLANT: Conrad Black, whose buyout offer was accepted by The New York Daily News board of directors Monday, proposes the construction of a $200 million color printing plant in New York City. Black, chairman of Toronto-based Hollinger Inc., will buy all the business assets of the Daily News for about $75 million, including assumption of $8 million in liabilities. MICROTEL REPORTS LOSSES: Microtel Franchise & Development Corp. said Tuesday its fiscal first-quarter loss widened to $158,400 from $137,000 a year earlier, according to Bloomberg Business News. Per-share, the loss was unchanged at seven cents. Revenue in the quarter ended June 30 rose to $72,800 from $25,500. Microtel develops and franchises a chain of economical lodging facilities under the name "Microtel." MERRY LAND BUYS APARTMENTS: Merry Land & Investment Company Inc. of Augusta, Ga. announced Tuesday its purchase of two apartment properties in the Atlanta market for a total of $14.5 million. Both properties are located in fast-growing Gwinnett County and were more than 95% occupied at closing. Merry Land has bought three communities with 890 units in the Atlanta area within the last month for a total of $25 million. UPCM LOSEES WIDEN: United Park City Mines Co. said Tuesday its second-quarter loss widened to $414,200 from $306,500 a year earlier. The loss was unchanged at one cent a share on a per-share basis. Revenue for the quarter fell to $79,500 from $144,000. The company leases, develops and sells property located around Park City, Utah. They also own mineral rights to 13,436 acres of land near Park City. CEDAR INCOME REPORTS RESULTS: Cedar Income Funds Ltd. said its second-quarter net income fell 43% to $70,000, or three cents a share, from $122,000, or five cents, a year ago. Revenue rose 6% to $509,000 from $479,000. Cedar Income invests in commercial real estate properties in Kentucky, Florida, Utah and Illinois. EQK ANNOUNCES NET LOSS: EQK Realty Investors I announced Monday its operational results for the quarter ended June 30, 1992. The company reported a net loss of $1.3 million, or 18 cents per share, and cash flow from operations of $2.4 million, or 32 cents per share. The company's real estate portfolio consists of three commercial properties located in Harrisburg, Pa., Indianapolis and Atlanta. WREIT INCOME INCREASES: The Washington Real Estate Investment Trust reported Tuesday a net income of $4,766,036 for the second quarter of 1992, an increase of 5% compared to the same period in 1991. Net income for the first six months of 1992 was $9,667,942, an increase of 11% compared to the first half of 1991. The Bethesda, Md.-based company owns commercial properties around Washington, D.C. FIXED-RATE MORTGAGES FALL: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 7.96% Monday, down from 8.06 on Thursday and the week before. They were at 9.19% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.30%, unchanged from Thursday and the week before. A year ago they were at 7.05%. ARM INDEXES DECLINE: The one-year Treasury ARM index rates were listed at 3.43% Monday, down from 3.57 Thursday and the week before. A year ago they were at 5.72%. For the 11th District ARM index, rates were at 5.258%, unchanged from Thursday and unchanged from the week before. A year ago they were at 7.155%. T-BONDS DECLINE: Treasury security rates for 30-year bonds showed a decline Monday, listing at 7.36%. That's down 0.05% from rates of 7.41% Thursday but the same as 7.36% the week before. A year ago T-bonds were at 8.09%. Real Estate Editor: Martin Baucom. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution purposes violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM