Word: penney
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Behind the Hale-Penney swap was an object lesson: "How To Get On in the Real-Estate Business...
Then he offered Hale Bros.: 1) a for-the-duration lease at their old rental, or 2) a 50-year lease at $106,000. Hale's management stalled again. The next thing they knew he had leased it out from under them to J. C. Penney for a cool minimum guarantee of $180,000 a year...
...Hale Bros, found itself stuck. With San Francisco jammed with war work, it had to move into Penney's old quarters at a still higher rental ($120,000) than Lurie's top price to them. To add insult to injury, Penney's nondescript store site was hard by San Francisco's largest department store, The Emporium. Hale's only consolation: the hope (and expense) of building a brand-new store on another Market Street corner after...
...Hale-Penney operation was atypical Louie Lurie coup...
...Market Street for $5,000, put up a $10,000 building and sell the deal for $18,000-$20,000." In that way he 1) put up 259 buildings, including a score of San Francisco's cinemas; 2) kept his own growing fortune strictly liquid. The Hale-Penney deal did nothing to harm his finances...