Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.real,americast.usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Thu, Sep 10 1992 Date: Thu, 10 Sep 92 05:44:18 EDT Message-ID: 09-10 0000 DECISIONLINE: Real Estate USA TODAY Update Sept. 10, 1992 Source: USA TODAY:Gannett National Information Network THEME PARK CONTRACT AWARDED: Circus Circus enterprises Inc. has awarded the building contract for its Grand Slam Canyon theme park in Las Vegas to Perini Building Corp. The contract for construction of the five-acre park is worth $75 million. The park is scheduled to be finished by July 1993 and will operate year-round. PERINI AWARDED CONTRACT: Perini Building Corp. won a $75 million contract from Circus Circus Enterprises Inc. Wednesday to build the Grand Slam Canyon theme park in Las Vegas. Perini recently received a construction contract from Circus Circus to construct the $300 million Luxor hotel:casino in Las Vegas. Last Thursday, Perini was awarded an $81 million contract to build a bus terminal in Boston. UTILITY MAY SELL MORTGAGE BONDS: Central Power and Light Company Wednesday filed with the Securities and Exchange Commission to sell as much as $800 million first mortgage bonds. The electric utility is a subsidiary of Central and South West Corp. The utility may issue the bonds periodically and on terms to be released at the time of sale, according to the S-3 filing. UNIVERSAL TO PAY DIVIDENDS: Universal Health Realty Income Trust announced Wednesday that its board of trustees voted to pay a dividend of $.41 per share on Sept. 30 to shareholders of record as of Sept. 21. The trust also named Cheryl Ramagano vice president and treasurer. Universal is a real estate investment trust which invests in health care and human service related facilities. FANNIE MAE ANNOUNCES DECLINES: Fannie Mae said Wednesday its net interest margin and its net investment spread declined in August because of a prefunding arrangement to increase mortgage purchases. Fannie Mae's investment spread - the difference between its cost of borrowing and the return on average net investments - narrowed to 77 basis points in August from 78 points in July. JMB REPORTS PARTNERSHIP: JMB Institutional Realty Corp. said Wednesday that JMB Group Trust V and the State of Wisconsin Investment Board acted as partners in a purchase. The partners bought a 50% equity interest in The Pavilions at Buckland Hills mall in Manchester, Conn. Terms were not disclosed. JMB said yearly retail sales at the 1.32 million square-foot mall exceed $330 a square foot. IRT AGREES TO SELL PROPERTIES: IRT Property Co. said Wednesday it agreed to sell 23 shopping center properties to Ingles Markets Inc. for $55.6 million. In a move to limit its exposure to one operator, IRT sold the properties it had been leasing Ingles. After the sale closes in October, the real estate investment trust will have seven Ingles Markets in its portfolio. WASTE RECYCLING PLANT PURCHASED: Integrated Resource Technologies Inc. will purchase a plant in an undisclosed borough of New York City that recycles construction and demolition wastes, Bloomberg Business News said Wednesday. Terms of the transaction weren't disclosed. The recycling station has net profit margins of 20% to 40% and annual revenues of $15 million. NAMC APPLICATIONS INCREASE: North American Mortgage Company reported Wednesday that its August 1992 loan applications of $1.904 billion set a new record for the company. Loan applications at NAMC were up 147% over August 1991 applications of $772 million. Loan originations during August reached $1.012 billion, an increase of 136% over the $428 million originated in August 1991. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 7.94% Wednesday, unchanged from Tuesday but down from 8.01% the week before. They were at 9.14% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.24%, unchanged from Tuesday but down from 5.26% the week before. A year ago they were at 6.93%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.52% Wednesday, unchanged from Tuesday and unchanged from the week before. A year ago they were at 5.70%. For the 11th District ARM index, rates were at 5.258%, unchanged from Tuesday and unchanged from the week before. A year ago they were at 6.998%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Wednesday, listing at 7.23%. That's up 0.01 from rates of 7.22% Tuesday but down 0.15 from 7.38% the week before. A year ago T-bonds were at 8.01%. Real Estate Editor: Martin Baucom. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution 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