Industrial News

Koll set to build $55 million 'Plantation' in City of Industry Koll Real Estate Group will develop "The Plantation," a 71-acre business parkin City of Industry, Calif., which will highlight the property's history asmolasses farmland. The 1.4 million sq. ft. development, which will feature14 buildings ranging in size from 23,000 sq. ft. to 268,000 sq. ft., will bedesigned for high-end manufacturing, R&D, distribution and warehouse use.

Newport Beach, Calif.-based Koll purchased the site for $15 million and expects to be built out by the end of 2001. Development of Phase I, featuring six buildings totaling almost 670,000 sq. ft., is set to begin in June 1998.

The project will incorporate an authentic water tower, historical plantation equipment and extensive landscaping into the business park's design.

First Industrial enters Hartford market in portfolio acquisition Chicago-based First Industrial Realty Trust Inc. has purchased an 11-property portfolio in the Hartford, Conn., area.

Purchased from the Illinois Teachers' Retirement Pension Fund for $15.2 million in cash, the portfolio comprises 526,000 sq. ft. of space and seven acres of zoned, developable land.

Seven facilities measuring 340,000 sq. ft. on 35.5 acres are located in Manchester Industrial Park in Manchester, Conn., along with the seven acres of land. Four other properties totaling 186,000 sq. ft. occupy 25.5 acres in Hayden Station Business Park in Windsor, Conn.

SF Properties purchases half of The Spectrum of Las Vegas In one of the biggest industrial transactions in Las Vegas history, Portland, Ore.-based SF Properties acquired 405,209 sq. ft. of industrial space at The Spectrum of Las Vegas. SF Properties was represented by CB Commercial in a transaction which was valued at more than $20 million.

The space was not on the market, but SF Properties had concluded a separatedeal with the seller, Lewis Properties, which afforded better access to thespace at The Spectrum. Lewis Properties retains approximately 400,000 sq. ft.of space in The Spectrum, which counts Bank of America, the MetropolitanPolice Department and Syncor International among its tenants.

Quantum First Capital closes mortgage on Blockbuster facility Dallas-based Quantum First Capital closed on a $29.5 million permanentmortgage for the acquisition of Blockbuster Entertainment's worldwidedistribution facility in McKinney, Texas. The 844,377 sq. ft. center, which sits on approximately 48 acres east of I-75, has been leased to Blockbuster for 15 years.

The buyer, McKinney BB L.P. is a limited partnership formed to acquire property on behalf of a European investment firm. The nonrecourse loan was priced at 7.21% fixed for 10 years, amortized over 30 years.

Master Development Corp. plans 500,000 sq. ft. complex Southern California-based Master Development Corp. (MDC) is set to beginconstruction of the 500,000 sq. ft. North County Corporate Center in Vista,Calif. MDC, in a joint venture with Conning Asset Management, purchased the26 acres of land from pharmaceutical concern Warner Lambert Co. for $5million.

The $30 million speculative industrial complex will consist of five buildingsranging in size from 65,000 to 125,000 sq. ft. The center, to be completed inearly 1999, will be a manufacturing, distribution and corporate headquarterscomplex.

Holten Meat Inc. breaks ground on new food processing plantSt. Louis-based Holten Meat Inc. has begun construction on a $9.5 millionfood processing facility in Sauget Business Park in Sauget, Ill. The 85,000sq. ft. plant will occupy 7.25 acres and is scheduled for completion bymid-November.

Holten Meat, a family owned wholesaler of frozen meat products, hired St. Louis-based Discovery Group LLC to help locate a suitable site. This site was chosen from among several on both sides of the Mississippi River.

Discovery Group arranged a tax-increment financing agreement through the Village of Sauget, saving the company millions of tax dollars.

The Manila Harbour Centre story in the March Industrial News omitted the names of international team members RTKL, PROS and SLA Inc. Also, the artist's rendering was provided courtesy of RTKL.

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