Trammell Crow soars with $25.5M Rite Aid Corp. purchase In a 77-acre transaction valued at $25.5 million, Dallas-based Trammell Crow has acquired Rite Aid Corp.'s former Thrifty PayLess headquarters in Wilsonville, Ore. The buildings contain a total of 736,000 sq. ft. of floor space, including a 516,000 sq. ft. distribution facility on 34 acres, a 120,000 sq. ft. headquarters building on threeacres, an annex and several metal buildings.
Trammell Crow, assisted by Colliers International in Portland, then sold the distribution center and 12 undeveloped acres to San Francisco-based AMB Property Corp. for $18 million. Audix Corp. of Wilsonville, a current occupant, bought the annex building and three acres for approximately $2.3 million. Local developer Tom Garnier also purchased 16 undeveloped acres for $1.6 million.
Gale & Wentworthacquires 26 acres in Carlsbad In a joint venture, Irvine, Calif.-based Gale & Wentworth California LLC and Morgan Stanley Real Estate Fund III have purchased 26 acres in Carlsbad, Calif., for the development of the speculative 440,000 sq. ft. Carlsbad Commerce Park. The three-phase R&D and light industrial complex will have an estimated value of $40 million upon build-out.
The property, located near Palomar Airport Road, was acquired from Beckman Instruments for approximately $9.45 million. Groundbreaking for the project's first phase, two buildings measuring more than 140,000 sq. ft., is planned for the third quarter of 1998. The first phase of this project, the second in Southern California for this venture, is scheduled for completion in mid-1999.
Kilroy Realty was here, bought $64.3 million San Diego complex Kilroy Realty Corp., based in San Diego, has purchased the 39.8-acre Pacific Corporate Center, a research and development facility in the Sorrento Mesa area of San Diego. The seller in the $64.3 million all-cash transaction was LMP Properties.
The park includes seven high-end facilities totaling 411,339 sq. ft. and two development sites measuring 12.8 acres. Kilroy Realty plans to build three additional buildings occupying 240,000 sq. ft. on the two development sites.
Meridian plans developments for Kraft and Unilever in three states In multistate build-to-suit endeavors worth $90 million, San Francisco-based Meridian Industrial Trust is adding more than 2 million sq. ft. to its industrial portfolio.
A 600,000 sq. ft. distribution facility will be occupied by Unilever HPC in Fairburn, Ga., a suburb of Atlanta. Two Kraft Foods developments planned for Columbus, Ohio, total almost 673,678 sq. ft. In Bethlehem, Pa., two more Kraft build-to suits add up to nearly 800,000 sq. ft. All five buildings are scheduled for completion this year.
McDonald Development begins nine buildings in metro Atlanta Atlanta-based McDonald Development Co. has begun developing 1.28 million sq. ft. of industrial buildings, valued at more than $50 million, at four business parks around Atlanta.
Two buildings will be going up in the new Windward Chase park, one measuring 86,944 sq. ft., the other 151,544 sq. ft. Peachtree North will get two rear-load facilities measuring 86, 944 sq. ft. and 232,359 sq. ft.
In WestLake, located in the Fulton Industrial submarket, McDonald is developing over 500,000 sq. ft. of industrial space, including a rear-load facility, a front-load building and a cross-dock structure.
Julian Toft & Downey arranges $27.25 millionloan Flying Food Fare Inc., a flight kitchen and food preparation operation, has acquired the Midway Business Center near Chicago after securing a $27.25 million loan through Julian Toft & Downey. Teachers Insurance and Annuity Association was the lender for the 51.2-acre property.
Originally a Sears Roebuck & Co. catalogue showroom and warehouse, the property was converted into a multitenant warehouse and distribution facility in the early 1990s. The 1.28 million sq. ft. development is a steel frame, brick construction with 18- to 24-foot clear heights.
The center is currently 90% leased. Flying Food Fare hopes to benefit from the facility's proximity to nearby Midway Airport, currently undergoing expansion and renovation.