Real Estate: December 2007

Petaluma investor buys Capitol Oaks building

Basin Street Properties, a Petaluma-based investor in Northern California and Nevada commercial properties, has purchased an 89,500-square foot, four-story office building at 2535 Capitol Oaks Drive in South Natomas from an institutional real estate fund for an undisclosed amount, the company announced late Monday.

The building, sold by McMorgan Institutional Real Estate Fund, will undergo a series of capital improvements. It's the second major acquisition in the region by Basin this year. In April, the company bought California Center Business Park, a 168,000-square-foot, three-building corporate campus at 8950 Center Drive.

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source: bizjournals.com

Office space provider leases more space

Pacific Building Centers Inc., which specializes in providing furnished and staffed office space on a part-time or full time basis to startups or other small users, has opened its second office in Sacramento, leasing 17,500 square feet at 8880 Cal Center Drive near Highway 50 and Watt Avenue.

Palo Alto-based Pacific Building Centers expects the new office to be open by February. In addition to providing traditional office space, the company plans to use the location to launch a pilot program designed to meld the comforts of home-based business with a more professional atmosphere.

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source: bizjournals.com

Iron Mountain buys Royersford building from Wetherill

Data storage company Iron Mountain Inc. bought a 225,000-square-foot building for $12.3 million in Royersford, Pa., and plans to eventually use the entire structure.

The company (NYSE:IRM) bought the building from Wetherill Associates, a Royersford company that makes aftermarket auto parts, according to Cushman & Wakefield, which arranged the transaction.

The facility had served as Wetherill's corporate headquarters and distribution facility. Wetherill continues to lease a portion of the building and has relocated its distribution facilities to Memphis. Iron Mountain, which had already been leasing space in the building, plans to grow into it. Iron Mountain maintains its regional headquarters in 90,000 square feet in nearby Collegeville, Pa.

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source: bizjournals.com

Rockwell Collins adding 250 Space Coast jobs

Rockwell Collins Inc. is expanding its operations in Melbourne with a new building and the addition of 250 jobs.

The communications and aviation electronics contractor (NYSE: COL) inked a five-year lease for 60,038 square feet at 795 West Nasa Blvd. in Melbourne. The building is a warehouse previously used by Nokia.

Renovations are underway to convert the space into office and laboratory space and should be done during the first quarter of 2008.

Rockwell Collins expects to create about 250 new jobs with an average salary of $60,000 as part of the expansion.

The Space Coast Economic Development Commission estimates Rockwell Collins will generate about $15 million in direct economic impact and another $11.2 million in indirect benefits to local businesses.

Rockwell Collins will get about $1 million in tax breaks from local and state governments, including a five-year, $73,955 ad valorem tax abatement from the city of Melbourne; a 10-year, $167,040 ad valorem tax abatement from Brevard County; and an $800,000 Qualified Targeted Industry Tax Refund from Florida.

Rick Solik, senior director of office brokerage services, represented Rockwell Collins in the lease transaction.

Rockwell Collins develops communication and aviation electronics for both commercial and government applications. The Cedar Rapids, Iowa-based company employs 20,000 people. About 1,200 people work at Rockwell Collins' Hibiscus Boulevard campus in Melbourne.

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source: bizjournals.com

Developer donates $1M to Maitland Historical Society

The Morgan Group, a multifamily property developer, donated $1 million to the Maitland Historical Society last night.

The Houston-based company also gave $500,000 to the Maitland Parks Trust Fund and $25,000 for the Cultural Corridor Trust Fund.

The Maitland Historical Society is working on plans to add a new building to its existing facility at Lake Lily Park.

The society currently has exhibits at two different locations which it wants to consolidate at a new Lake Lily Park location for the convenience of visitors. The society will move its general history and telephone collection from its current location off Packwood Avenue to the new building.

The Morgan Group's $1 million donation is the first donation toward the new facility. Andrea Bailey Cox, executive director of the Maitland Historical Society, says the society wants to raise up to $4 million, including a $1 million endowment for future sustainability. "This is a fantastic start for us," she says.

The official fundraising campaign will kick off in a few months, after the society completes its feasibility study.

The Morgan Group currently is developing The Village at Lake Lily, a 450-unit, mixed-use, urban development on the south end of Lake Lily Park.

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source: bizjournals.com

Real Estate

Saturday, December 15, 2007

Petaluma investor buys Capitol Oaks building

Office space provider leases more space

Iron Mountain buys Royersford building from Wetherill

Rockwell Collins adding 250 Space Coast jobs

Developer donates $1M to Maitland Historical Society

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