Arden Realty Completes $162 Million Acquisition of DRA Portfolio.San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Purchase Launches Arden's Western Regional Growth Plan 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. -- In a move that launches its growth plan throughout 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 , Arden Realty has acquired five separate properties in San Diego from New York-based DRA DRA Delta Regional Authority DRA Developmental Reading Assessment (educational test) DRA Division of Ratepayer Advocates (California) DRA Data Research Associates DRA Directory and Resource Administrator Advisors LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The portfolio is comprised of 533,315 square feet and 10 buildings in San Diego's highly desirable north and central submarkets and includes: * Highlands Plaza (two buildings) Del Mar Del Mar is the name of several places in the United States of America:
* Creekside (three buildings) Sorrento Mesa * 944 Balboa (one building) Kearny Mesa Kearny Mesa is a community in eastern part of San Diego, California. It is located in the area of the city that is bounded by California State Route 52 to the north, Interstate 805 to the west, Aero Drive to the South, and Interstate 15 to the east. * Carmel Point (three buildings) Carmel Mountain Ranch * West Bernardo (one building) Rancho Bernardo Collectively, the portfolio is 88% leased to 36 tenants and is anchored by well-known credit tenants, including Fireman's Fund Insurance, Allstate, Panasonic, Samsung and Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. . Arden's First VP, Paul King, and Director of Acquisitions, Doug Campbell, represented Arden, and Trammel Crow's Executive VPs and Principals Rick Putnam and Jeff Cole and Ed Hernandez represented DRA Advisors. The acquisition signals the beginning of significant expansion activity expected from Arden in the coming months. Arden was acquired earlier this year by GE Real Estate as the company's growth platform for the Western United States. "We have a very big appetite for new assets in our core markets and beyond," commented Arden President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Joaquin De Monet, "and our acquisition of this outstanding portfolio is just the beginning." "This portfolio represented a very rare opportunity to acquire significant market share in the best submarkets of San Diego, and was very highly sought after. Arden Realty should see significant increases in yield due to the on-going and long-term strength in those markets," commented Trammel's Rick Putnam. The acquisition of the DRA portfolio reflects Arden's strategic plan to acquire growth assets in good locations within rising rental markets. Arden is leveraging its long-standing presence and relationships to target properties in its core markets in Southern California in addition to expanding in Northern California, Arizona and Washington. The new assets are synergistic with Arden's 14 existing properties in San Diego County - one of the strongest office markets in the region. "Momentum has begun," stated De Monet. "Growth is our primary objective, and with Arden's in-house expertise and the resources of GE, there is no limit to what we can accomplish." About Arden Realty, Inc. Arden Realty, Inc. is one of the largest office landlords in Southern California with 15.3 million square feet comprised of 108 properties and 185 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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