CBL tileCBL sells share in Durham center
CBL & Associates Properties, Inc. said Thursday it has sold its share of a Durham, N.C. shopping center for $64.6 million as part of the company’s strategy to dispose of part of its portfolio.
CBL, which owned half of 363,000-square-foot Renaissance Center shopping center in Durham, will dispose of the site in the first quarter of 2016, subject to the assumption of a $16 million loan secured by the property’s second phase, defeasance of the $31.6 million loan secured by the property’s first phase and other customary closing conditions.
“We continue to achieve significant progress on our non-core and community center disposition program at attractive pricing, with more than $220 million in transaction announcements to date,” said Stephen D. Lebovitz, CBL’s president and chief executive officer. “The sale of Renaissance Center allows us to monetize this value, generating significant proceeds to reduce leverage and further bolster our financial strength.”
CBL is one of the largest developers of malls and shopping centers in the United States with interest in 147 properties, including Hamilton Place, Northgate and 89 other regional malls.
Fewer Americans file for jobless benefits
Fewer Americans applied for unemployment claims last week, another sign of strength in the job market.
Weekly applications for unemployment benefits fell 11,000 last week to a seasonally adjusted 271,000, the Labor Department said Thursday. The less volatile 4-week average was essentially unchanged at 271,000.
The numbers show that most American workers are enjoying job security. The number of weekly claims for unemployment benefits amounts to a proxy for layoffs. And another Labor report shows that layoffs have dropped to well below where they were before the Great Recession of 2007-2009.
FILE – In this Thursday, Dec. 3, 2015 file photo, European Central Bank President Mario Draghi speaks during a press conference following a meeting of the governing council in Frankfurt, Germany. In contrast to the U.S. Federal Reserve, which ended the year by increasing interest rates for the first time in nearly a decade, the ECB has gone the other way. It has launched a massive bond-buying program and cut one of its main interest rates into negative territory in an attempt to shore up the recovery across the 19-country eurozone and push up anemic levels of inflation. (AP Photo/Michael Probst, File) Mortgage rates rise to 3.97 percent
Average long-term U.S. mortgage rates rose slightly this week in the days before the Federal Reserve announced a historic increase in its key short-term interest rate.
Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage edged up to 3.97 percent from 3.95 percent a week earlier. The average rate on 15-year fixed-rate mortgages increased to 3.22 percent from 3.19 percent.
Just Mayo maintains name without eggs
Just Mayo says it will get to keep its name, a decision that caps a rollercoaster year for the vegan spread that has rattled the egg industry.
After months of discussions, Just Mayo’s maker Hampton Creek says it worked out an agreement with the Food and Drug Administration that lets the eggless spread keep its name, as long as a few changes are made to its label. The resolution comes after the FDA sent a warning letter to Hampton Creek in August saying Just Mayo was misbranded because mayonnaise is defined as having eggs.
Without providing details, the FDA said in statement it worked with Hampton Creek to address the issues cited in its letter, and that it considers the matter to be resolved.