DivcoWest acquires three portfolios in joint venture In a joint venture with Westbrook Partners Inc., San Jose, Calif.-based DivcoWest Properties has acquired three industrial/R&D portfolios, totaling more than 2.4 million sq. ft., located throughout Santa Clara County, Calif.
The acquisitions include: the Golden Pacific Properties LLC, a seven-property portfolio located in San Jose; San Jose Technology Partners LLC, a 17-building portfolio located in Mountain View, San Jose and Sunnyvale; and Silicon Valley Partners LLC, a 28-property portfolio located throughout Mountain View, San Jose and Sunnyvale.
MEPC American Properties fully leases Lakeway Business Center-based MEPC American Properties has fully leased Lakeway Business Center, a 200,515 sq. ft. office and warehouse in Water's Ridge Business Park, Lewisville, Texas, to Moore Corp. Ltd. Lakeway Business Center is located next to the 170,000 sq. ft. national headquarters and distribution facility MEPC is building for Fitz and Floyd.
MEPC has 370,515 sq. ft. under development in Water's Ridge Business Park and another 400,000 sq. ft. of space under way near the Dallas/Fort Worth International Airport.
Koll eats up land to begin new industrial developments In four separate transactions, Newport Beach, Calif.-based Koll Real Estate Group has acquired more than 98 acres for approximately $23 million for development.
One of the transactions involved the purchase of a 40-acre site in southwest Las Vegas on which an eight-building, $50 million, 615,000 sq. ft. speculative industrial project, known as Valley View Business Park, will be developed. Apollo Real Estate Investment Advisors of New York acted as the financial partner in the transaction.
In the second, Koll and Kilroy Realty Corp. acquired a 30-acre site in Anaheim, Calif., upon which the two will develop a 575,000 sq. ft., five-building flex-tech business center called Anaheim Tech Center Phase II.
And in a joint venture with Citicorp North America, Koll acquired 11.9 acres of land in Otay Mesa, Calif., for the development of San Diego Distribution Center, a 195,000 sq. ft. speculative manufacturing and distribution center.
Finally, Koll purchased 16.3 acres in Morgan Hill, Calif., for the development of the 285,000 sq. ft. speculative industrial facility named Koll Business Center.
Insignia/FC&S advises seller intransaction Advising the seller, 450 Addison Limited Partners, Insignia/Frain Camins & Swartchild, Chicago, has negotiated the sale of 450 South Lombard Road to Lombard/Addison Properties LLC.
Located in Chicago's northwest suburban market, 450 South Lombard is a 154,000 sq. ft., multitenant property that is 100% occupied. The asking price for the building was quoted at $7 million.
Cushman & Wakefield sells Bloomingdales' warehouse facility On behalf of Bloomingdales Properties Inc., New York-based Cushman & Wakefield has negotiated the sale of the former Bloomingdales merchandise warehouse, located on Hunters Point Avenue in Long Island City, to Industry City Associates.
Plans for the 640,000 sq. ft. involve turning the property into a multitenant warehouse and manufacturing facility.
Weeks, St. Joe & Codina combine strengths In an agreement to combine their commercial, office and industrial real estate operations, Jacksonville, Fla.-based St. Joe Corp., Atlanta-based Weeks Corp. and Miami-based Codina Group Inc. have joined forces to provide real estate services as well as to develop commercial, office and industrial property in South Florida. St. Joe and Weeks will each acquire one-third interests in the Codina Group, which is currently owned by Armando Codina, under the terms of the agreement.
As part of the transaction, Weeks will acquire the 2.4 million sq. ft. Beacon Centre for approximately $180 million. Developed by Codina Group, the industrial and office project is located two miles west of Miami International Airport. Current investors in Beacon Centre, including Armando Codina, Laurence A. Tisch, Preston R. Tisch and Benenson Capital, will become equity investors in Weeks Corp. Armando Codina will join the board of Weeks.
This transaction marks Weeks Corp.'s entry into the South Florida market.
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