Sony Pictures Plaza sale could top the $100 million mark.TRANSPACIFIC trans·pa·cif·ic adj. 1. Situated on or coming from the other side of the Pacific Ocean. 2. Spanning or crossing the Pacific Ocean. Development Co. is under-going a major reorganization of its portfolio, with the company cashing out its office properties and buying warehouse and distribution centers outside the state. The Torrance-based company hopes to raise about $350 million by selling three 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, office properties, including its Sony Pictures Plaza at 10000 Washington Blvd. Sony Pictures leases the entire 345,000-square-foot Culver City Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. , office building, which is across from the company's studio backlot backlot Noun an area outside a film or television studio used for outdoor filming . Sow's lease runs through 2027 and allows for rents to be adjusted to market rates every five years. Brokers believe that the eight-story building will fetch more than $300 a foot, which values the property at a minimum of $103.5 million. Palmer Team, based in Sacramento, has the listing. Profits from its office buildings will be used to help pay for portfolios of warehouse properties. On Dec. 9, TDC TDC Top Dead Center TDC Time-to-Digital Converter TDC Tabular Data Control TDC Total Development Cost TDC Texas Department of Corrections TDC The Discovery Channel TDC Torpedo Data Computer TDC Theater Deployable Communications expects to close on a $130 million purchase of a 1 million-square-foot portfolio of Midwest warehouse and distribution buildings. In addition, the company is in advanced stages of negotiating for another warehouse portfolio of a similar size, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Tom Irish, Transpacific Development's president. Even in an overheated o·ver·heat v. o·ver·heat·ed, o·ver·heat·ing, o·ver·heats v.tr. 1. To heat too much. 2. To cause to become excited, agitated, or overstimulated. v.intr. L.A. County market, TDC's volume of activity stands out. The company is on track toward $225 million in sales and acquisitions by year's end and $500 million in 2006. So far this year TDC sold a 215,000-square-foot office building at 400 R Street in Sacramento to California Public Employees Retirement System for $44 million. The company used the proceeds to buy a 930,000-square-foot Calpers portfolio consisting of two Texas distribution centers for $39 million. In the second quarter, TDC sold its 303-room Cerritos Sheraton to San Clemente-based Sunstone sun·stone n. See aventurine. Noun 1. sunstone - a translucent quartz spangled with bits of mica or other minerals aventurine Hotel Investors Inc. for $24 million. However. Irish said that TDC will likely hold onto its nearby Cerritos Town Center, which is currently about 74 percent leased. "We still plan on holding several California properties," Irish said. "but overall we're trading high quality California assets for distribution centers in the Midwest and in Texas, which makes more sense economically." In addition to the Sony building, TDC has listed a 500,000-square-foot Oakland office building at 1999 Hamson St. Secured Capital Corp. has the listing. The company is also in preliminary stages of selling a Hawaiian office building at 711 Kapiolani Way in Honolulu. |
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