Posted by brad berton (12.224.156.185) on May 22, 2002 at 13:58:12:
while i'm bugging various parties to see if there's a story here (i contribute regularly to the l.a. times real estate coverage), i'm wondering if anyone has insight into how cleveland-based shopping center builder/manager developers diversified realty was able to report $2.3 million in 'other income' in its latest quarterly financials related to the 'sale of development rights' linked to the ambassador site. the company had apparently hooked up with the 'california urban investment partners' fund (a venture teaming calpers with advisor macfarlane partners) to help the trump-wilshire group pursue that power center plan i reported in the times three or four years ago. it doesn't appear that the trump group ever formally sold the property to that team, so i'm thinking the income may pertain to options to participate in the development (or perhaps purchase the property). can anyone educate me here?