Arden Realty Acquires 6 Office Buildings in Phoenix, LA and Orange Counties for $150.2 Million.Purchase Signals Move into New Markets LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- Capping a series of year-end acquisitions that reflect the company's strategic growth plans and expansion outside of its Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, portfolio, Arden has completed the purchase of three properties comprised of 6 office buildings in major markets in Phoenix, Los Angeles County and Orange County. The acquisitions total approximately 571,500 square feet. Two properties were purchased from Layton Belling and Associates (LBA (Logical Block Addressing) A method used to address hard disks by a single sector number rather than by cylinder, head and sector (CHS). LBA was introduced to support ATA/IDE drives as they reached 504MB, and Enhanced BIOSs in the PC translated CHS addressing into LBA ) for $107.5 million, including: * Towne Centre Plaza in Foothill Ranch, CA - 3 buildings 205,077 sf * Airport Technology Center in Phoenix - 2 buildings 196,501 sf Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Robert Peddicord and Acquisitions Director, Doug Campbell Doug Campbell was a rock and roll guitarist from Nebraska, and the recipient of the 2000 Ron Tuccitto Award from the Nebraska Music Hall of Fame. References
In addition, Arden acquired a 169,926 square foot office building in Cerritos (Los Angeles County) for $42.7 million from an affiliate of Trans Pacific Development Corporation. Bill Palmer of the Palmer Team in Sacramento represented the seller. The Phoenix property is the first of many acquisitions in new markets expected in coming months as part of the company's targeted expansion beyond its Southern California portfolio. Arden was acquired earlier this year by GE Real Estate as the company's growth platform for the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century and has plans for significant growth in Northern California, Washington, Oregon and Arizona. About Arden Realty Inc. Arden Realty, Inc. is one of the largest office landlords in Southern California with approximately 15.9 million square feet comprised of 111 properties and 191 buildings from Ventura to San Diego counties. Arden is also a nationally recognized leader in energy conservation and efficiency. For three consecutive years the Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and cited Arden as the "Commercial Real Estate Owner of the Year" for its innovative energy initiatives and for owning the most energy efficient buildings in a single portfolio in the nation. For more information on the company, visit the Arden website at www.ardenrealty.com. About GE Real Estate GE Real Estate (www.gerealestate.com) is one of the world's premier commercial real estate companies with US$49 billion in assets and a presence in 24 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 26% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide. |
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