CB Richard Ellis Sells Land to Marriott International in Palmdale for $1.5 Million.LOS ANGELES--(BUSINESS WIRE)--Oct. 12, 1999-- CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Retail Services, a division of CB Richard Ellis (NYSE NYSE See: New York Stock Exchange :CBG CBG corticosteroid-binding globulin. ), the world-market leader in real estate services, has announced that Marriott International Marriott International, Inc. (NYSE: MAR) is a worldwide operator and franchisor of a range of value and luxury hotels and related lodging facilities. Marriott currently has 2,300 accommodation properties in North America alone. has purchased 4.63 acres in Palmdale, Calif., for $1.5 million from Sierra Development Group. CB Richard Ellis First Vice President Vince Roche of Bakersfield, Calif., represented the seller in the transaction. The Washington, D.C.-based Marriott International has granted a franchise to Tharaldson Enterprises of Fargo, N.D., to construct two hotels on the site: a Marriott Courtyard and a Marriott Residence Inn. The site is located on an outparcel at the Palmdale Promenade shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into on Avenue P, near Fifth Street West. The two three-story hotels are expected to open next summer. "Marriott has such a terrific corporate identity and brand," Roche said. "Marriott provides more rooms to corporate America than any other hotel chain in the country, so bringing the hotels here is a real validation of the quality of this area." The 90-unit Marriott Courtyard will cater to short-term guests and will include a guest-only restaurant. The 90-unit Marriott Residence Inn will accommodate visitors on extended stays, offering in-room kitchen facilities as well as a buffet-style breakfast. Both hotels will have indoor swimming pools, spas and exercise rooms. Tharaldson Enterprises operates more than 230 limited-service hotels under 20 names in the Midwest and Plains states. Its hotels include Comfort, Hampton and Fairfield Inns as well as Marriott. Additional retail and restaurant pads are available on a 3.5-acre parcel adjacent to the Palmdale Marriott hotels along Highway 14 and Avenue P. The parcel is also adjacent to a Wal-Mart and Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box , two of the highest volume retailers in the Antelope Valley. Just down the street is the Antelope Valley Mall The Antelope Valley Mall is an enclosed shopping mall in Palmdale, California. Opened in September, 1990, its buildings take up around 1 million square feet (90,000 m²). Its physical main building, parking lots, and ring road businesses encompass an area a bit less than 0. with a new Dillard's and the Palmdale Marketplace, which includes a Barnes & Noble Bookstore, Linens 'N Things Linens 'n Things, Inc., headquartered in Clifton, New Jersey, is the second-largest large-format retailers of home textiles, housewares and decorative home accessories in the United States, behind Bed Bath & Beyond. , Best Buy and Target. "The remaining pads are strategically located to service the entire Antelope Valley as well as the guests of the new Marriott hotels, with easy access and tremendous freeway visibility," Roche said. "Marriott and other nationally recognized retailers have recognized that long-term, this is the strategic location to serve the entire valley," added Roche. CB Richard Ellis (NYSE:CBG) is the world's leading real estate services company. With headquarters in Los Angeles and nearly 10,000 employees worldwide, the company serves real estate owners, investors and occupiers through nearly 250 principal offices in 35 countries. Services include property sales and leasing, property management, corporate advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal and facilities management, mortgage banking, investment management, capital markets, appraisal/valuation, research and consulting. CB Richard Ellis had 1998 revenues of more than $1 billion. For more information about CB Richard Ellis, visit the company's Web site at www.cbrichardellis.com. |
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