Capstone Quarters Student Condo Auction Results in $3.21 Million Sellout

Thursday’s auction of 29 units in the Capstone Quarters development was a complete sellout, with bidders snapping up all of the units for a combined $3.21 million. “We had a great product and a strong field of bidders. That led to an excellent outcome,” said Warren Ward, president of Albert Burney Auction Company, which managed the sale. Thursday’s sale was the second auction for the development. An auction in April had resulted in the sale... 

Price Legacy Corporation Declares Series 1 Preferred Stock Dividend

Price Legacy Corporation announced today that its Board of Directors declared a dividend of 29 cents per share payable on August 15, 2008 to Price Legacy 6.82% Series 1 Cumulative Redeemable Preferred (OTC: PLREP) shareholders of record on August 8, 2008. The Company is a subsidiary of PL Retail LLC, a joint venture between Kimco Realty Corporation (NYSE: KIM) and clients of DRA Advisors LLC.

Spartan gets 6-year tax break on new machinery

Spartan Steel Coating has been given a 50 percent property tax break for six years on a $13.5 million investment in new machinery at its plant in Frenchtown Township. The township board voted 7-0 to approve the industrial facility’s tax exemption Tuesday afternoon following a brief public hearing. The six years starts in 2008. Dave Brandau, operations manager for the firm, said he was surprised the firm didn’t get the full 12 years allowed...