Sheesh. Don’t forget about Catellus!
With all the talk about the struggles of SunCal’s various LLCs out there, and Michele Ellson has a great rundown, it wouldn’t seem right to not talk about how Alameda’s other large development partner is doing. As of yesterday ProLogis, parent company of Catellus, saw its shares down 96 percent from it’s high less than a year ago. More from the Rocky Mountain News:
Denver-based ProLogis, by far the top competitor in the worldwide warehouse business, represents one of the largest and most unexpected victims of the global economic crisis.
Blame it on fears that the company will not be able to make payments or refinance more than $11 billion in debt, at a time when demand and lease rates are falling for its giant warehouses throughout North America, Europe and Asia.
Depending on whom you talk to, the company will make recent investors rich or take all their money in a bankruptcy.
….The company’s stock has fallen 96 percent from its 52-week high of $71.79.
The stock closed at $2.82 on Monday, down about 7 percent from $3.04 on Friday, on a day the overall market rallied.
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