Globest Sectors

WEST PALM BEACH, FL-The developers are expecting an 11% return on their $250 million investment, according to published reports. If they achieve that, it would rank the venture among the top 10% to 15% in profitability for shopping centers in the country, say industry sources.

ASHEVILLE, NC-The state government voted unanimously to take the land in DuPont State Forest from the developer and pay $12 million. The case could go to court.

ORLANDO-Greg Hughes' Chesapeake Logistics Inc. of Tampa, FL is paying $31 million for the assets of 500,000-sf Mid-Florida Freezer Warehouses Ltd. in Port Canaveral, 60 miles east of Downtown. Mid-Florida Freezer officials concealed from Federal inspectors and later sold contaminated drums of fruit juice over a 30-year period, the government charged.

ORANGEBURG, NY-Lord Baltimore Capital Group has sold a two-building, 378,000-sf warehouse/distribution facility here to Rockland Realty Holding Corp.

MACON, GA-After increasing occupancy by nearly 30%, Ocwen Federal Bank is unloading Highridge Centre, a four-story, 195,252-sf asset just off Interstate 75.

CHICAGO-High-powered real estate partnership that includes Lakeside East backers Magellan and Near North gets big construction loan from a group of banks led by Bank of America. The Grand Plaza will be built on the last remaining parcel of the AMA's formerly huge near-north land holdings.

NEWNAN, GA-The first component of a mixed-use project here is a six-acre office park geared to small high-tech business. The first buildings will be four one-story office structures designed and wired for high-tech use.

SAN DIEGO-One of the famed music venues is being planned for the Gaslamp Quarter, confirming lengthy speculation of local boosters.