W.P. Carey has acquired an 824,624-square-foot distribution facility in suburban Chicago for $48 million. Exeter Property Group is the seller of the property, which is leased to a subsidiary of J.M. Smucker.
Atlantic City could owe the Borgata Hotel Casino & Spa for incorrectly assessing property taxes. A tax court found the city assessed the property at 2.5 times its value in 2009 and 2010, which could lead to a tax refund of more than $48 million. The city plans to appeal the ruling.
The Mississippi Gaming Commission approved a proposal by entertainer Jimmy Buffett to build Margaritaville Casino & Restaurant in Biloxi. Buffett, a native of Pascagoula, Miss., plans to build a $48 million resort along Biloxi's Back Bay. The resort, which will feature a 68,000-square-foot casino, is scheduled to open in 2012.
London-based Cellnovo has raised $48 million in a Series B round of financing spearheaded by Edmond de Rothschild Investment Partners. The money will be used to market a mobile diabetes management system that can wirelessly transmit data and deliver insulin to patients, Cellnovo officials said.
General Growth Properties reached a $48 million settlement with Caruso Affiliated Holdings related to a California mall joint venture. Caruso had originally been awarded an $89 million judgment in the February 2004 lawsuit.