Prudential, Trammell Crow team up to develop in China Trammell Crow International China (TCIC), an affiliate of the Dallas-based Trammell Crow Group of companies, and a subsidiary of The Prudential Insurance Co. of America have formed a 50/50 joint venture to develop warehouses and distribution centers throughout the People's Republic of China.
The new firm will be called China Distri-Park Limited and will have authorized capital of US$200 million. It will manage the properties and lease space to multinationals and international distribution and logistics specialists.
Over the next four years, China Distri-Park plans to develop 15 to 20 warehouse distribution centers in such cities as Guangzhou, Shanghai, Beijing, Wuhan and Chengdu.
Michael Law, former managing director of TCIC, has been appointed chief executive of the new joint venture company.
Sares-Regis acquires California industrial/business park portfolio Irvine, Calif.-based Sares-Regis Group has purchased a 24-building, 913,658 sq. ft. industrial portfolio, which had a $38.5 million asking price, on behalf of AMRESCO Advisors Inc., a Boston-based institutional realty advisor. The 24 properties are made up of eight business parks and two freestanding buildings. Seven of the properties are located in Orange County, Calif., and the three are in Riverside County.
Sares-Regis will oversee property management and leasing operations of the portfolio.
Voit Commercial completes sale of 546,000 sq. ft. property Voit Commercial Brokerage, an Irvine, Calif.-based brokerage firm, has sold 4201 Bonita Place, a 546,000 sq. ft. building in Fullerton, Calif., to New York-based Amroc Investments Inc.
Currently the building is configured as primarily back-office, but Amroc plans to reconstruct and reposition it for research and development or industrial users. Plans include a multimillion-dollar renovation to meet the demands of the market.
C&W represents PREI in warehouse portfolio sale New York-based Cushman & Wakefield assisted Prudential Real Estate Investors in the sale of its 761,200 sq. ft. bulk warehouse portfolio near Harrisburg, Pa. The portfolio was sold to a public REIT that specializes in long-term triple net leases, for $27 million.
The portfolio consists of three warehouse distribution facilities, and all the properties are 100% leased until 2006 with options to extend. Exel Logistics is the tenant of all three properties.
Walsh, Higgins breaks ground on West Marine's East Coast facility Chicago-based Walsh, Higgins & Co. has broken ground for a 472,000 sq. ft. distribution center in York County, S.C., for West Marine Inc., which will relocate and expand its operations to the center. Walsh, Higgins & Co. will develop and own the project, and West Marine will lease it in its entirety.
The $15 million facility represents Walsh, Higgins & Co.'s first project in South Carolina.
The Klabin Co. negotiates $26 million Lincoln acquisition The Klabin Co. of Los Angeles represented both the seller, a private investor, and the buyer, Irvine-based Lincoln Property Co., in a $26 million transaction. Lincoln acquired over half a million sq. ft. of Class-A industrial space in Orange and Los Angeles counties. The largest property bought was a 345,000 sq. ft. facility occupied by Nissan Motor Corp.
URS Greiner provides design/ build services for printing facility URS Greiner Inc., a division of URS Corp., in association with Gilbane Properties and Harvey-Clearly Engineers and Builders, is providing design/build services for a 314,000 sq. ft. digital printing research and manufacturing facility in Kettering, Ohio. The two-story building will combine office space with high-tech lab and production areas and warehouse space. It is scheduled to be completed later this year.
USR Greiner has furnished the tenant, Scitex Digital Printing, with a master plan designed to meet the anticipated future need for an additional 100,000 sq. ft.
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