SSR Realty client welcomes Liz Claiborne building
On behalf of an undisclosed client, SSR Realty Advisors Inc. has purchased the Liz Claiborne Distribution Building, a 608,220 sq. ft. facility in Los Angeles, for $31.5 million. Palo Alto, Calif.-based Keenan, Gaube, Sweeney & Yamagiwa was the seller. SSR Realty is based in San Francisco and White Plains, N.Y.
The building, located in the Mid-Counties submarket, is fully leased through 2009 to a division of Liz Claiborne. Constructed in 1980, the facility was expanded in 1990 and renovated in 2000. The building features 96 loading doors and a rail spur.
In other California news, Tejon Ranch Co. and Reno, Nev.-based Dermody Properties have formed a partnership to build a 650,000 sq. ft. distribution building in the Tejon Industrial Complex, located in Tejon Ranch's home of Kern County. Construction of the for-lease property began in April, and completion is slated for December. The Tejon/Dermody project will be adjacent to the Western North American Distribution Center, a 1.8 million sq. ft. distribution center under construction for IKEA of Sweden AB, based in Almhult.
Finally, Newport Beach, Calif.-based Master Development Corp. (MDC), in a joint venture with two partners, has purchased 15 acres in Otay Mesa for $15 million to develop Britannia Corporate Center, a 283,000 sq. ft. industrial park that will be located approximately 20 minutes from downtown San Diego. CMK Corp., a Japanese circuit board manufacturer, was the seller. MDC's joint venture partners are Stamford, Conn.-based GE Capital Real Estate and Newport Beach-based Buchanan Fund I. Carlsbad, Calif.-based BRE Commercial/NAI represented the buyers, and San Jose, Calif.-based Colliers Parish represented the seller.
Construction of the center, which will feature six buildings ranging in size from 26,000 sq. ft. to 84,000 sq. ft., is scheduled to begin in May. Completion is expected in first-quarter 2002.
Trammell Crow set to open project in hot Texas summer
This summer, Dallas-based Trammell Crow Co. will open a 396,750 sq. ft. warehouse in Mesquite, Texas. The project, which is being constructed by the Dallas office of St. Louis-based Clayco Construction Co., is scheduled for completion in June. The building is the first of three that Trammell Crow will build in the Peachtree Centre industrial park; the other two properties will total 116,250 sq. ft. and 82,250 sq. ft.
The 396,750 sq. ft. warehouse can house one or more tenants, with a maximum capacity of six. The facility will feature 30 ft. clear-height ceilings, 76 dock doors, and parking for 37 tractor-trailers and 275 vehicles.
In other Texas news, a 452,000 sq. ft. regional distribution center for The Quaker Oats Co. in Grand Prairie has been completed. San Francisco-based Catellus Development was the developer of the project, and Dallas-based Cadence McShane was the general contractor. The facility is in the Stellar Way Business Park. Featuring 30 ft. clear-height ceilings, the building contains 5,000 sq. ft. of office space and 447,000 sq. ft. of warehouse space, as well as a 150,000 sq. ft. expansion capacity.
Singapore government and AMB get hitched
San Francisco-based AMB Property Corp. has formed a $335 million partnership with GIC Real Estate Pte Ltd., the real estate investment subsidiary of the Government of Singapore Investment Corp., to own and operate distribution facilities in the United States. The 50-50 joint venture will own and operate 59 industrial buildings in six U.S. markets; AMB contributed the buildings to the partnership.
AMB also contributed $76 million in equity to the partnership, including cash and the properties. Meanwhile, GIC has contributed $75 million in equity. The partnership has assumed $73 million in existing debt and expects to finance up to 65% of the total capitalization.
Industry City buys warehouse on New York City waterfront
New York-based Industry City Associates has purchased a 450,000 sq. ft. warehouse complex in New York's Brooklyn borough. New York-based Mercedes Books was the seller. Terms of the transaction were not disclosed. New York-based Sholom & Zuckerbrot Realty LLC represented both parties.
The complex features two, 6-story buildings facing New York Harbor. Mercedes Books used the facilities as distribution centers. Industry City plans to market the space to telecom tenants or as back-office space.
IDI is ready to make a big splash in Cincinnati
Two speculative distribution buildings in the Cincinnati area that will total more than 1 million sq. ft. are scheduled for completion this spring. Atlanta-based IDI is the developer of both projects. Chicago-based Kajima Construction Services is the general contractor.
One of the buildings is a 480,000 sq. ft. facility located in Port Union, an industrial park in Westchester, Ohio. The building will feature 32 ft. clear-height ceilings and 37 truck docks. The other building is a 522,500 sq. ft. structure in Park West International, an industrial park in Hebron, Ky. The facility will contain 32 ft. clear-height ceilings and 27 truck docks. buildings will offer build-to-suit office space.
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