GE partners up for $61m West Coast buying spree.Venture targets office and industrial properties in 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. Stamford, Connecticut-based GE Real Estate and The Shidler Group, a San Diego-based owner, announced the formation of a strategic joint venture to acquire office and industrial properties in San Diego and the closing of the venture's first deal. The $61.9 million deal consists of a portfolio of 14 research and development buildings and an office property located in the Sorrento Mesa area of San Diego. The properties, known as Center Park Plaza, Pacific Point and Sorrento Tech, are approximately 75% leased. GE Real Estate and Shidler are purchasing the properties from Mullrock LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . "GE Real Estate's capital strength and industry expertise, combined with The Shidler Group's San Diego market expertise and solid track record of enhancing, managing and leasing commercial properties will help us build a strong, diversified diversified (di·verˑ·s , industrial and office property portfolio in the recovering San Diego market," noted Christian Garner, Western Region Manager, GE Real Estate. "This joint venture and deal fits right into our new recovery strategy, to actively invest in markets and sub-markets that are set to fully recover over the next 3-5 years." "Our partnership with such a well respected and knowledgeable group as The Shidler Group offers us the ability to acquire office and industrial properties with high growth potential and commit the resources necessary to maximize performance and value," added Pritesh Patel, GE's Relationship Manager for The Shidler Group joint venture. "We expect to acquire additional properties in San Diego with The Shidler Group in the near future." "We value GE Real Estate's contribution and believe that our combined strengths will allow us to execute immediately on future opportunities," said Matt Root, a Partner with The Shidler Group. GE Real Estate a unit of GE Commercial Finance, is one of the world's leading resources for commercial real estate capital. Headquartered in Stamford, Connecticut Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. , GE Real Estate has assets of almost $30 billion and more than 30 offices throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia/Pacific. It is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the General Electric Company. The Shidler Group is a national real estate organization that actively acquires commercial real estate for its own account. It currently owns and operates over 8 million square feet of commercial property throughout Texas, Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , Hawaii and 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, . Since its founding in 1972. The Shidler Group and its affiliates have facilitated the acquisition of over 130 million square feet of commercial property. |
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