COMPLEX'S NEW OWNERS PLAN UPGRADE; LAKESIDE LOCATION TO IMPROVE.Byline: Kevin KEVIN Keepers of the Eternal Vigilance of the Islamic Nation (fictional, from White Teeth by Zadie Smith) F. Sherry sherry [from Jérez], naturally dry fortified wine, pale amber to brown in tint. The term sherry originally referred to wines made from grapes grown in the region of Jérez de la Frontera, Andalusia, Spain; today it may refer to any of the Daily News Staff Writer The sale of the 100,000-square-foot Landing on the Lake office complex to an Irvine Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. partnership will likely bring a new parking lot, a fresh paint job and higher rental rates. A Japanese conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. seeking to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the its American assets sold the five-building complex to Dolphinshire Partners for $11.7 million, said Cheryl Richmond of Capital Commercial Real Estate, the brokerage company that handled the deal. ``It's been coming for a couple years,'' Richmond said. ``We thought the time was right.'' A face lift to the complex would be a welcome addition, said Steve Boggs, the division president of Standard Pacific of Ventura, which has called the Landing home for the past 25 years. ``It's a beautiful location; it sits right down on the lake,'' Boggs said. But ``there's been some deferred maintenance that probably should have been taken care of a long time ago.'' Parking also has been a perennial perennial, any plant that under natural conditions lives for several to many growing seasons, as contrasted to an annual or a biennial. Botanically, the term perennial problem for the complex, he said. Six years ago the complex was only 45 percent full, she said. Today each of the 88 units is filled, and the facility has a waiting list of tenants, Richmond said. The healthy economy and full capacity helped the sale by demonstrating that the Landing was a viable place to do business, Richmond said. The lack of new office space also helped fill the Landing, she said. ``Nothing's been built, and the demand for occupancy has been great,'' Richmond said. The new owners have a five-year plan Five-Year Plan, Soviet economic practice of planning to augment agricultural and industrial output by designated quotas for a limited period of usually five years. to fix up the parking lot, redo To reverse an undo operation. See undo. the landscaping and give the buildings a new paint job, she said. ``It's going to be beautiful when they're finished,'' Richmond said. ``It's nice, but it's going to be nicer.'' Those renovations will come with a price, she said. ``As they improve the park, the most obvious thing is the rents will go up,'' Richmond said. Already the new owners have begun charging one tenant not by the traditional per-square-foot rate, but by a flat fee for the space based on factors like its location in the complex and the number of windows it offers, she said. ``It's a very different way of renting things in this marketplace,'' Richmond said. ``The new owners just decided to do that.'' The 88 units range from 250 square feet to 5,000 square feet and house a variety of shops, businesses and restaurants, she said. ``Most of the tenants tend to be smaller, entrepreneurial-type tenants,'' Richmond said. |
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