Spokane Business and Industrial Park sells in one of region's largest real estate transactions.SPOKANE, Wash.--(BUSINESS WIRE)--March 4, 1996--In one of the region's largest real estate transactions, the Spokane Business and Industrial Park was purchased last week by Crown West Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. , L.L.C., a privately funded real estate investment company whose owners operate commercial and industrial properties nationwide. Crown West Realty purchased the 405-acre Spokane Business and Industrial Park from Pentzer Development Corp., as subsidiary of Pentzer Corp., 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 Washington Water Power Co. The transaction was completed March 1, 1996. Terms of the sale were not disclosed. One of the nation's largest, with over 4 million square feet of business and industrial space, the park is comprised of the Spokane Industrial Park, a 305-acre, 3.8 million-square-foot industrial facility and the Spokane Business Park, a 100-acre development of 12 new, high-tech facilities and 16 improved lots. The newly formed, Spokane-based Crown West Realty has retained Pentzer Development's management and development team to direct operations at the Spokane Business and Industrial Park and identify new opportunities for growth. "We are thrilled thrill v. thrilled, thrill·ing, thrills v.tr. 1. To cause to feel a sudden intense sensation; excite greatly. 2. To give great pleasure to; delight. See Synonyms at enrapture. with the enthusiasm and commitment the new ownership brings to Spokane," said Richard Rollnick, new Crown West Realty president. "They have made a long-term commitment to the park and to the community." The new ownership also announced it will invest $6 million in capital improvements to the park over the next three years to deliver added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
tr.v. paved, pav·ing, paves 1. To cover with a pavement. 2. To cover uniformly, as if with pavement. 3. To be or compose the pavement of. and common areas landscaped. Additionally, efforts to enhance tenant services and foster reciprocal Bilateral; two-sided; mutual; interchanged. Reciprocal obligations are duties owed by one individual to another and vice versa. A reciprocal contract is one in which the parties enter into mutual agreements. business opportunities will be introduced. "We will continue to provide the most cost-effective and efficient industrial space in the region," Rollnick said. "We want to contribute to our tenants' competitiveness and their success in business." Rollnick said that Crown West's decision to purchase the park was driven by long-term growth potential in the Northwest and the park's dominance in the local market. The facility represents nearly 50 percent of the area's industrial space in the over 10,000 square feet category. He added that Crown West is interested in acquiring other West Coast properties. Pentzer Development announced more than a year ago that the park was for sale. The move is part of an overall plan to reduce its real estate holdings in favor of investments that would provide a better return for shareholders, the company said. The 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, Anaheim office of Grubb & Ellis Co. and Dave Black
David Black (April 19, 1892 - October 27, 1936) was a pitcher in Major League Baseball who played in the Federal League from 1914 through 1915 for the Chicago ChiFeds/Whales (1914-1915) and Baltimore Terrapins , president of Tomlinson Black Commercial Real Estate Co., served as broker and consultants to the transaction. The Spokane Industrial Park was built in the 1940s as a naval supply depot for administrative, supply and industrial operations. It has been owned and controlled by Washington Water Power since the early 1960s. In 1980 development began on the newer Spokane Business Park. CONTACT: Jennifer West Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Jennifer West, 509/455-9716 |
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