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.
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.