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Group buys former Armour meatpacking site in Stockyards

The 16.8-acre site of the historic, former Armour meatpacking plant in Fort Worth’s Stockyards has changed hands, and its new owners aren’t saying anything about their plans. Chesapeake Land Development Co., which bought the site

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Hulen Pointe Shopping Center sold

Hulen Pointe Shopping Center, located in southwest Fort Worth on South Hulen Street one mile south of Hulen Mall, has been purchased by Addison-based Bo Avery with TriMarsh Properties for an undisclosed price.

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Dallas-Fort Worth in top five commercial real estate markets in 2015

According to the Emerging Trends in Real Estate 2015 report, just co-published by PwC US and the Urban Land Institute (ULI), Dallas-Fort Worth ranks No. 5, with two other Texas cities, Houston and Austin ranking at No. 1 and 2 respectively. San Francisco ranks No. 3 and Denver No. 4.

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Social House Fort Worth plans to open mid-November

Social House has leased 5,045 square feet at 2801-2873 W Seventh St. in Fort Worth, according to Xceligent Inc.

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Fort Worth temporarily stops issuing new home permits in TCU area

The moratorium will give a committee and the City Council time to review a proposed overlay that will pare the number of permissible unrelated adults living in the same house.

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Marathon Oil selling Norway ops in $2.7B deal

HOUSTON (AP) — Marathon Oil Corp. of Houston is selling its Norwegian business to Det Norske Oljeselskap ASA in a deal valued at about $2.7 billion as it streamlines operations and hones its focus on the U.S.

Det Norske is buying the subsidiary Marathon Oil Norge AS, which comes with the Alvheim floating production, storage and offloading vessel, 10 company-run licenses and some non-operated licenses on the Norwegian Continental Shelf in the North Sea. Last year's net production in Norway averaged approximately 80,000 barrels of oil equivalent per day.

Marathon anticipates approximately $2.1 billion in net proceeds from the sale, after adjusting for debt, net working capital and interest.

In 2011, Marathon spun off its refining operations, effectively splitting the company in two. Since then, CEO Lee Tillman said the company has conducted $6.2 billion of strategic divestitures, ramped up share buybacks, and increased activity in lucrative U.S. oil and gas plays.

The Houston company recently sold off assets in Angola, while accelerated rig activity in Eagle Ford, Bakken and Oklahoma Woodford formations in the U.S., areas that have boomed due to new drilling techniques.

Marathon had been shopping its U.K. North Sea business as well, but said Monday that it had not receive an acceptable offer, and would hold on to those assets.

The company plans to use proceeds from Norwegian sale to accelerate activity in the U.S. and for additional stock buybacks, Tillman said Monday.

The sale of the Norwegian assets is expected to close in the fourth quarter.

Shares of Marathon Oil are up almost 4 percent over the last year and at Friday's closing price of $36.66, they are approaching all-time highs reached in 2007, when energy prices were streaking toward record levels.

 

 

 

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