BRIEFCASE APARTMENTS SOLD FOR $126.8 MILLION.Byline: - From staff and wire reports COSTA MESA Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. - Trammell Crow F. Trammell Crow (born June 11, 1914, in Dallas, Texas) is an American property developer who created several famous projects, including Dallas Market Center, Peachtree Center (Atlanta, Georgia), and San Francisco's Embarcadero Center. Residential officials Thursday announced the sale of two of its residential rental communities in Southern California to Sobrato Development Cos., the Silicon Valley's largest commercial developer. The sale of the Alexan Parc Rose town houses in Oxnard and the Alexan CityPlace apartment complex in Pasadena is valued at $126.8 million, according to Kevin Andrade, division partner of Trammell Crow Residential. ``The transactions between Trammell Crow Residential and Sobrato Development Companies are near the record prices paid per square foot for nonbeachfront rental units in Los Angeles and Ventura counties, underlining the strength of the housing market in Southern California,'' Andrade said. The purchases mark Cupertino-based Sobrato Development's first foray into the Southern California real estate market. The company owns and operates more than 120 commercial buildings and 3,600 residential units in the Bay Area. Gap credit rating hits the junk level SAN FRANCISCO - Gap Inc.'s credit rating fell to junk status Thursday after both Standard & Poor's and Moody's Investor Service concluded the struggling retailer is likely to remain mired mire n. 1. An area of wet, soggy, muddy ground; a bog. 2. Deep slimy soil or mud. 3. A disadvantageous or difficult condition or situation: the mire of poverty. v. in a 21-month slump in sales. The downgrades came the same day the Gap announced it had lined up a $1.3 billion credit line from several major banks. The new credit line replaces a lending agreement Lending agreement A contract regarding funds transferred between a lender and a borrower. set to expire in June. Both S&P and Moody's warned lending money to Gap is a risky proposition. ``Management faces significant challenges in turning around the performance of each of its brands,'' said S&P analyst Diane Shand. ``Because of this, no significant improvement in credit measures is likely to occur in the near term.'' In Moody's analysis, the author said San Francisco-based Gap faces more declining sales in 2002, ``given the soft economy, fierce competition and sated sate 1 tr.v. sat·ed, sat·ing, sates 1. To satisfy (an appetite) fully. 2. To satisfy to excess. consumer apparel market.'' Financial officer changes bosses Elizabeth Murray has resigned as executive vice president and chief financial officer of Korn/Ferry International, the global recruitment firm. Her resignation from Los Angeles-based Korn/Ferry International was announced Thursday at the same time officials at Calabasas-based Digital Insight Corp. announced that she has been named executive vice president and chief financial officer there. Murray joined Korn/Ferry in 1998, and helped lead the company through its successful initial public offering in 1999. Donald Jordan, senior vice president has been appointed interim CFO See Chief Financial Officer. . The company, with nearly 100 offices in 38 countries, delivers customized executive-search, mid-level search and management-assessment services, conducts formal evaluations of senior management teams; and recruits middle managers through its Futurestep subsidiary. Princess, Royal merger in limbo LONDON - A planned merger between P&O Princess PLC and U.S. rival Royal Caribbean Cruises Ltd. hung in the balance today after Princess' shareholders delayed a crucial vote on the deal. Investors stalled the London-based firm's merger with Royal Caribbean so a hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. bid for P&O Princess could be considered. Carnival Corp. has also tabled a bid for P&O Princess. It insists its $5.4 billion offer - which it has sweetened sweet·en v. sweet·ened, sweet·en·ing, sweet·ens v.tr. 1. To make sweet or sweeter by adding sugar, honey, saccharin, or another sweet substance. 2. To make more pleasant or agreeable. three times - is genuine despite failing to put a formal bid in writing. Miami-based Carnival is the world's biggest cruise operator with 43 ships and an estimated 27 percent share of the global market for 2002, according to U.S. brokerage A.G Edwards. It wanted the vote delayed so Princess' shareholders could properly assess its offer. A vote for an adjournment A putting off or postponing of proceedings; an ending or dismissal of further business by a court, legislature, or public official—either temporarily or permanently. was subsequently passed at the extraordinary general meeting of P&O shareholders at London's Royal Lancaster Hotel. The meeting had been arranged by the company to approve the merger with Royal Caribbean. The outcome was delayed until 5 a.m. (midnight EST EST electroshock therapy. EST abbr. electroshock therapy ) today. It took 14 hours to reach the decision to adjourn adjourn v. the final closing of a meeting, such as a convention, a meeting of the board of directors, or any official gathering. It should not be confused with a recess, meaning the meeting will break and then continue at a later time. (See: recess, session) due to the volume of votes cast and a high turnout by institutional shareholders. Princess has a large call center based in Valencia. |
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