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...just another Kaffir returning to his kraal." To British officialdom, according to solemn agreement, he was a private citizen of Bechuanaland, with all the rights thereof, permitted to return at last to his homeland. But to a hundred thousand Ba-mangwato tribesmen whose kraals spread over 40,000 sq. mi. of Bechuanaland, Seretse Khama, 34, was still the chief. Last week, as a charter aircraft flew Seretse back from six years' exile in Britain, the Bamangwato, with their wives and children, crowded the airport at Francistown by the thousands. Many had trekked for days through the parched African bush...
...each other across the mall. Nearly all the big new shopping centers are planned so that specialty stores can compete, department by department, with the dominant department store in the same center. Between them, Mondawmin, Southdale and Seven Corners have almost as much store space (nearly 2,000,000 sq. ft.) as Manhattan's Macy...
...research firm has helped develop 33 shopping centers from Toronto to Omaha. Through complex market research Rouse, who has a part-interest in six of the centers he has developed, not only decides where to build a new shopping center but can estimate in advance the revenue per sq. ft. It took him seven years and 4,000 separate mathematical calculations to decide on the exact location of Mondawmin, where the anticipated revenue is $65 per sq. ft. Rouse not only has plans for two huge new suburban shopping centers in Maryland, but will soon reverse his tried and true...
Fast Renting. And demand still keeps outracing supply. One of the newest structures, 711 Third Avenue, was built 20 stories high; the owners now wish they had 35. Rentals have climbed from an average $4.75 to $5.25 per sq. ft. in the past five years, and the vacancy rate runs at a minuscule 1.4%. Such speedy renting and high occupancy has made possible a novel technique for financing construction. The builder either options or purchases a parcel of land, has an architect draw up building plans, and on that basis signs up prospective tenants. Commitments in hand, he then goes...
Biggest example of the new financing technique is the 45-story, 1,600,000-sq.-ft. Socony Mobil Building across from Grand Central Terminal. On the basis of plans drawn by Architects Wallace Kirkman Harrison and Max Abramovitz, Real-Estate Men Peter Ruffin and John Galbreath got Socony Mobil to sign a letter of intent for a 25-year lease on nearly half the proposed building. They took the plans and tentative leases to the Equitable Life Assurance Society, which put up $37.5 million in principal financing for the building. Next month the Socony Mobil Building, world's largest...