Lend Lease pads their pockets with a 30-property purchase
NEW YORK – Lend Lease Real Estate Investments Inc. has acquired a 2.8 million sq. ft. portfolio from American Industrial Properties for $292.2 million. The portfolio includes industrial, R&D and office developments throughout the country. Ranging in size from 33,000 sq. ft. to 260,000 sq. ft., almost half the properties are more than 90,000 sq. ft. in size.
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The portfolio includes:
The Black Canyon Tech complex and Metro Business Park III, two R&D properties in Phoenix of 100,000 sq. ft. each; Bridgeway Tech Center, a 169,997 sq. ft. R&D structure in Newark, Calif.; Centre Pointe Office Park, a 197,424 sq. ft. office building in Walnut Creek, Calif.; Baytech Park, a 188,825 sq. ft. office building located in San Jose, Calif.; Interlocken Office Park, a 121,970 office complex in Broomfield, Co.; and Battlefield Business Park, a 154,226 sq. ft. R&D center located in Manassas, Va. The largest property in the acquisition is the Northview Business Center in Austin, Texas, a 260,000 sq. ft. office building built in 1973.
All properties are located in the 6 states of Colorado, Texas, Arizona, Florida, Virginia and California. This portfolio was purchased to benefit Lend Lease’s Value Enhancement Funds IV (VEF IV), and the acquisition is the latest in a series of land purchases by Lend Lease.
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