SSR SEALS $98M LA APARTMENT DEAL
The 391-unit Post Paseo Colorado apartments in Pasadena, Calif., have sold for $98 million to San Francisco-based SSR Realty Advisors on behalf of SSR Western Multifamily LLC. The transaction was one of the largest apartment transactions in L.A. County history. Developed by Atlanta-based Post Properties Inc. in 2002, the complex is located in downtown Pasadena, atop the 557,000 sq. ft. Paseo Colorado retail and entertainment center.
HERSHEY TO BUILD $65M DISTRIBUTION CENTER IN ILLINOIS
As part of a strategy to improve customer service and implement a low-cost supply chain, Hershey Foods Corp. has selected Gateway Commerce Center as the site for a new 1.1 million sq. ft. super-regional distribution center. The $65 million center will join the company's three other high-performance warehouse sites in Hershey, Pa., Atlanta and Redlands, Calif. The center, which will open in March 2004, will be built on 90 acres of land in the 2,300 acre business park Gateway, which is being developed by St. Louis-based TriSTAR Business Communities.
JOINT VENTURE BUYS 10 UNIVERSAL CITY PLAZA FOR $190 MILLION
CarrAmerica Realty Corp. has acquired 10 Universal City Plaza in a joint venture with Beacon Capital Partners LLC. The joint venture paid $190 million for the 774,240 sq. ft. Class-A office buildings in Los Angeles' Tri-Cities/Media District submarket. In addition to its 20% ownership stake, CarrAmerica will provide leasing and property management for the project.