Business Briefs: PierPASS, Lions Gate, Macerich, Ryland Group

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– PierPASS Inc.

announced the creation of its new TruckTag program, which is designed to enhance security at the Ports of Los Angeles and Long Beach by improving the process of checking trucks entering the terminals. PierPASS will distribute RFID (Radio Frequency Identification) electronic tags to be installed on trucks, enabling quick and secure check-in at the terminals. The move is meant to fulfill the requirement set by the Department of Homeland Security and Coast Guard to provide security by ensuring that only those with proper business at the ports are given access.


In July, the Long Beach-based not-for-profit company launched the OffPeak program, aimed at reducing congestion in and around the ports by establishing new night and Saturday shifts. By December, more than 1 million truck trips had been diverted out of daytime traffic.



– Lions Gate Entertainment Corp.

and Starbucks Corp. have partnered to market and distribute the Santa Monica-based studio’s upcoming movie “Akeelah and the Bee,” set for release on April 28. Starbucks’ marketing will include offering sneak previews for its customers, a Wi-Fi network promotion, and, utilizing its relationship with XM Satellite Radio, creating special programming on its Hear Music Channel. The Seattle-based company will also sell the film’s soundtrack and DVD in its coffeehouses.



– Macerich Co.

agreed to acquire the Valley River Center mall in Eugene, Ore., for $187.5 million from private investment company Grosvenor. Valley River Center is a 916,000 square foot mall anchored by Macy’s and JC Penney. Annual tenant sales per square foot are approximately $420. Macerich currently manages the mall. Grosvenor will continue to own certain parcels adjacent to the mall.


Macerich also said Thursday that it will raise money to fund two recent acquisitions by issuing new shares of its common stock. The company said in a filing that it will use the stock sale to fund portions of its recent $1.5 billion acquisition of Wilmorite Properties Inc. Proceeds will also be used in the acquisition of Valley River Center. Macerich did not disclose how many shares it would sell or the timing of the transaction.



– Ryland Group Inc.

announced it has entered into a $750 million unsecured revolving credit facility. The facility, which matures in 2011, may be increased up to $1.5 billion, subject to the availability of its commitments. The facility replaces the company’s existing $500 million revolving credit facility.

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