Petco determining it needed a facility around
a half-million sf, with occupancy planned for
the first quarter of this year. “We looked at a
number of options throughout Northwest
Atlanta and briefly considered doing a build-to-suit,” he says. “But we found it really
wasn’t necessary because there was so
much product on the market and under
construction. It was a very good time to be
looking from a tenant perspective.”
Studley initially scouted about 12 buildings,
and seriously negotiated with the ownership
the Barrow County Economic Development
Council—worked with the tenant to get the
deal done.
A spokesperson for the Metro Atlanta
Chamber of Commerce says the $19-million
investment is largely attributed to the lease.
According to a spokesperson for the Georgia
Department of Economic Development, the
state gave job tax credits valued at $1.9 million over five years.
The agencies “were very solicitous and
cooperative and wanted to know about
what Petco’s needs were in terms of training and tax credit programs,” Dudley
says.—Maria Wood
Sales: Did You Know?
Jones Lang LaSalle’s capital markets group
arranged the sale of 2099 Pennsylvania Ave. in
Washington, DC for $172.5 million, or $867 per sf.
JLL spoke for the seller, Germany-based Wealth
Management Capital Holding GmbH. Vico Capital
of Ireland bought the 199,000-sf class A office build-ing…Strategic Capital Partners LLC and Emri
Group teamed up to buy a 144,000-sf, class A R&D
building in San Diego’s Poway submarket for $25.3
“The difficulty was
choosing among all the
really good alternatives
that were out there. ”
sales
SETH DUDLEY
STUDLEY
2099 Pennsylvania Ave.
of five of them before choosing the vacant
Sears facility. “Several of the Petco logistics
people are former Sears employees, so they
were familiar with the building,” he says.
“When they saw it was available, they wanted
to make sure it was in consideration.”
According to Dudley, the building needed
very little in the way of upgrades before it
becomes fully operational this month. “One
of the reasons we chose this building was
because it didn’t need a whole lot of work,”
he says. According to Petco, the distribution center will serve more than 200 stores
in the South.
Several economic development agencies in the state and region—the Georgia
Department of Economic Development, the
Metro Atlanta Chamber of Commerce and
NHP CLOSES SECOND PHASE
OF $2B MEDICAL OFFICE DEAL
New York City—Nationwide Health
Properties Inc. last month closed on the purchase of six medical office facilities from
Pacific Medical Buildings LLC. The transaction
is part of a four-year, $2-billion agreement
between the two firms that is being touted as
the biggest medical real estate deal in history.
The buildings in this part of the sale traded
for a combined $132.3 million, account for
337,974 sf and are located throughout
California. NHP will buy another nine properties in 2008, bringing the year’s total to $460
million, to be followed by three assets in 2009
for $180 million and two in 2010 for $130 million. Combined with the seven properties the
firm added to its portfolio last year, Newport
Beach, CA-based NHP will acquire nearly $1
billion worth of assets from PMB.
The firm also has the exclusive right to
Leasing: Did You Know?
An autumn headquarters relocation is being planned by Crosstex Energy LP. Repped by the Staubach Co., the natural gas company has signed for 114,000 sf on five floors at the International Center IV building, a Harwood
International asset, in Uptown Dallas. The new site can accommodate more than 400 employees…MB Real Estate
negotiated a 72,000-sf build-to-suit for AMCOL International Corp. in Hoffman Estates, IL. Occupancy is slated for
the third quarter in the two-story building, which will serve as a new headquarters and wet lab. The property is expected to achieve a LEED Silver rating…World Kitchen LLC has extended its lease for an undisclosed number of years at
Matrix Business Park in Greencastle, PA. The manufacturer of bakeware and household tools currently occupies a million-sf warehouse and distribution building at the park, which is owned by Matrix Development Group.
NAI/Commercial Industrial Realty Co. advised the tenant, while Matrix used in-house representation…Pompano
Beach, FL is the new location for Whole Foods Market’s South Florida distribution center. Advised by CB Richard Ellis,
the grocer has signed a 10-year lease for 71,754 sf at 2700 NW 19th St. IDI spoke for building ownership, Pompano
Business Center LLC…Philips Electronics
has agreed to stay on for another five years at
the 400,000 sf it occupies at Centerpoint II in
Memphis. Concurrently, Strategic Real Estate
Advisors, which manages the site, purchased
an adjacent 25-acre parcel for $1 million on
which it will build an $8.6-million, 200,000-sf
AMCOL International’s headquarters expansion for Philips.
million. The seller, ResMed Inc., will lease the property as its headquarters until June 2009. Strategic
Capital made the investment on behalf of its Strategic
Partners Value Enhancement Fund I…The Rivers
Apartment Communities in Marietta, GA has flipped
into the portfolio of Ceebraid-Signal for $72 million.
Greystar Management and GE Capital sold the
property, which consists of three garden-style communities with 708 units on 77 acres. The new owner
plans to make significant improvements to the
asset…Butters Construction and Development
has earned $46 million in the sale of the Lyons Tech
portfolio to Principal Global Investors. Located
within the Lyons Technology Park in Coconut Creek,
FL, the five office and flex properties total 310,779
sf. CB Richard Ellis’ capital markets team arranged
the sale of the 94% occupied business campus,
which Butters will continue to lease and man-age…Swiss investment group AFIAA has bought
the Elston Logan Plaza, a 159,800-sf retail property in Chicago, for an undisclosed price. Mid-America Real Estate Corp.’s investment sales
group brokered the deal. The seller was a partnership of Joseph Freed & Associates and Wynn and
Associates…A joint venture of Ashkenazy
Acquisition Corp. and the Carlyle Group bought
650 Madison Ave. in New York City for $680 million.
Hiro Real Estate Co. sold the 600,000-sf tower,
which consists of primarily of office and 90,000 sf
of retail space. Eastdil Secured advised the buyer,
while JPMorgan Chase Realty Advisors represented the seller…The 832-unit Deer Valley Village
in Phoenix has changed hands to the tune of $85.2
million. Sterling American Property Inc. and
Thompson Michie Communities bought the garden-style community from SCI Real Estate
Investments. Located at 3010 W. Yorkshire Dr., the
property offers one- to three-bedroom units as well
as two fitness centers, three heated pools, a hot tub
and clubhouse. The buyer intends to implement a
$2-million capital improvement project.
