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Catellus to Sell $200 Million of Residential Land at Mission Bay
SAN FRANCISCO, Sept. 29 /PRNewswire-FirstCall/ -- Catellus Development
Corporation (NYSE:CDX) announced today it has entered into a contract to sell
land entitled for residential for-sale units and supporting retail space at
Mission Bay in San Francisco, California, to Bosa Development California, Inc.
(http://www.bosadev.com/) for approximately $119 million.
The transaction consists of the sale of the portions of Mission Bay Blocks 2,
11, 12, and 13 that are entitled for market rate residential units, and is
structured with four closings scheduled to occur from April 2006 to April 2008.
Catellus also announced today that during the past several months it placed
five other Mission Bay land parcels under contract with and taken deposits from
multiple developers for a total sale price of approximately $81 million.
Entitlements for the five parcels include residential for-sale, for-rent, and
affordable housing units. These transactions are projected to close over the
next 15 months.
In total, the transactions represent entitlements for 2,300 residential units,
leaving entitlements for approximately 800 residential units at Mission Bay.
"We are pleased with the progress overall at Mission Bay. These current
transactions highlight the strong residential market in San Francisco,"
commented Nelson C. Rising, Catellus chairman and CEO. "It is especially
pleasing that we have expanded on an existing relationship with Bosa, a well
regarded residential developer who previously acquired from us several parcels
at Santa Fe Depot in San Diego, and we welcome them to Mission Bay."
Catellus Development Corporation is a publicly traded real estate development
company that began operating as a real estate investment trust effective
January 1, 2004. The company owns and operates approximately 41.4 million
square feet of predominantly industrial property in many of the country's major
distribution centers and transportation corridors. Catellus' principal
objective is sustainable, long-term growth in earnings, which it seeks to
achieve by applying its strategic resources: a lower-risk /higher-return
rental portfolio, a focus on expanding that portfolio through development, and
the deployment of its proven land development skills to select opportunities
where it can generate profits to recycle back into its business. More
information on the company is available at http://www.catellus.com/.
Except for historical matters, the matters discussed in this release are
forward-looking statements that involve risks and uncertainties.
Forward-looking statements include, but are not limited to, statements about
plans, opportunities, and development. We caution you not to place undue
reliance on these forward-looking statements, which reflect our current beliefs
and are based on information currently available to us. We do not undertake any
obligation to publicly revise these forward-looking statements to reflect
future events or changes in circumstances, except as may be required by law.
These forward-looking statements are subject to risks and uncertainties that
could cause our actual results, performance, or achievements to differ
materially from those expressed in or implied by these statements. In
particular, among the factors that could cause actual results to differ
materially are: changes in the real estate market or in general economic
conditions, including a worsening economic slowdown or recession; product and
geographical concentration; industry competition; availability of financing and
changes in interest rates and capital markets; changes in insurance markets;
discretionary government decisions affecting the use of land, and delays
resulting therefrom; changes in the management team; weather conditions and
other natural occurrences that may affect construction or cause damage to
assets; changes in income taxes or tax laws; liability for environmental
remediation and changes in environmental laws and regulations; failure or
inability of third parties to fulfill their commitments or to perform their
obligations under agreements; failure of parties to reach agreement on
definitive terms or to close transactions; increases in the cost of land and
construction materials and availability of properties for future development;
limitations on, or challenges to, title to our properties; risks related to the
financial strength of joint venture projects and co-owners; changes in policies
and practices of organized labor groups; shortages or increased costs of
electrical power; other risks inherent in the real estate business; and acts of
war, other geopolitical events and terrorists activities that could adversely
affect any of the above factors. For further information, including more
detailed risk factors, you should refer to Catellus Development Corporation's
annual report on Form 10-K for the fiscal year ended December 31, 2003, and its
report on Form 10-Q for the quarter ended June 30, 2004, filed with the
Securities and Exchange Commission.
Contacts:
Margan Mitchell
Vice President, Corporate Communications
Catellus Development Corporation
415-974-4616
DATASOURCE: Catellus Development Corporation
CONTACT: Margan Mitchell, Vice President, Corporate Communications, of
Catellus Development Corporation, +1-415-974-4616
Web site: http://www.bosadev.com/
Web site: http://www.catellus.com/