ING and Trammell in $26m JV.ING Clarion and Trammell Crow F. Trammell Crow (born June 11, 1914, in Dallas, Texas) is an American property developer who created several famous projects, including Dallas Market Center, Peachtree Center (Atlanta, Georgia), and San Francisco's Embarcadero Center. Company have entered into a $26 million joint venture to develop two industrial warehouse and distribution properties in Beaumont, California Beaumont is a city in Riverside County, California, United States. The population is 28,250 as of January 1, 2007 [1]. Beaumont was California's fastest growing city in 2006 as it grew 21. . The agreement with TCC TCC The Car Connection (web site) TCC Tidewater Community College TCC Tallahassee Community College TCC Temporary Continuation of Coverage TCC Tucson Convention Center (Tucson, AZ, USA) was made on behalf of ING Clarion Development Ventures II, an opportunistic closed-end commingled fund Commingled Fund A type of mutual fund consisting of assets from several accounts that are blended together. Sometimes called a "pooled fund." Notes: They are "commingled" to reduce the costs of managing them separately. advised by ING Clarion. The two new buildings will be constructed in the Beaumont Business Park. The properties are expected to contain approximately 560,000 square feet of space, on a building site of more than 26 acres of land. "Due to very limited in-fill opportunities in traditional industrial markets throughout Southern California, many large users of space are desirous de·sir·ous adj. Having or expressing desire; desiring: Both sides were desirous of finding a quick solution to the problem. de·sir of locating their facilities in the Inland Empire East. With a low vacancy rate combined with strong demand, an excellent location and a strong development partner, we believe this is an attractive development opportunity for our fund," said Doug Bowen, managing director and portfolio manager at ING Clarion. "Beaumont represents an excellent opportunity to continue our focus on developing distribution centers serving the greater Los Angeles market," said Tom Bak, senior managing director of Trammell Crow Company. Bak noted that John Atwell, TCC senior vice president, is the development manager for this project. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion