Bentley Forbes Group Acquires, Then Leases Back, Facilities of Sunrise Medical in California and Wisconsin.Business Editors/Real Estate Writers LOS ANGELES--(BUSINESS WIRE)--Feb. 24, 2000 The Bentley Forbes Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control today announced that it has acquired industrial office, warehouse and manufacturing buildings of Carlsbad, Calif.-based Sunrise Medical Inc. (NYSE NYSE See: New York Stock Exchange :SMD (1) (Storage Module Device) A high-performance hard disk interface used with minis and mainframes that transfers data in the 1-4 MBytes/sec range (SMD-E provides highest rate). See hard disk. ) in Stevens Point Stevens Point, city (1990 pop. 23,006), seat of Portage co., central Wis., on the Wisconsin and Plover rivers; inc. 1858. The major industries are insurance and the manufacture of wood products, cheese, furniture, and fishing equipment. The Univ. , Wis., and Fresno, Calif., and simultaneously leased the properties back to the company. A similar sale-leaseback deal for a third Sunrise Medical facility -- located in the northeastern United States -- is expected to close soon. Although the specific purchase price was not disclosed, principals involved in the transaction said the total deal for all three sites is in the $25 million range. Sunrise Medical's facility at 5001 Joerns Road in Stevens Point is a 314,528-square-foot concrete and steel building on 40 acres of land. This property now carries a 15-year triple net bondable lease. The company's Fresno property at 2842 Business Park Avenue is a 218,303-square-foot building on approximately 20 acres, and it now carries a 20-year triple net bondable lease. La Salle Bank N.A. in Chicago financed the transaction through its correspondent bank Correspondent bank Bank that accepts deposits of, and performs services for, another bank (called a respondent bank); in most cases, the two banks are in different cities. , Rembrandt Capital, in Atlanta. Founded in 1983, Sunrise Medical is one of the world's largest manufacturers of home care, extended care and assistive technology Hardware and software that help people who are physically impaired. Often called "accessibility options" when referring to enhancements for using the computer, the entire field of assistive technology is quite vast and even includes ramp and doorway construction in buildings to support products. Sunrise has more than 4,400 employees worldwide, 12 factories in North America and Europe, and company-owned distribution organizations in 15 countries. C. Frederick Wehba II, president of Los Angeles-based Bentley Forbes, said this transaction increases his firm's portfolio to more than $600 million. The Bentley Forbes Group is a national, full-service commercial real estate investment firm that specializes in the acquisition and ownership of single-tenant, income-producing properties ranging from office buildings and shopping centers to light industrial facilities and warehouses. |
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