/C O R R E C T I O N -- MISSION LAND CO./
In "Mission Land Co. to Offer Properties in Sealed Bid Sale," moved on Sept. 21, the tenth paragraph, second line, should read, "The 450,000 +/-
square-foot facility," rather than "The 45,000 +/- square-foot facility," as originally transmitted. A corrected release follows.
MISSION LAND CO. TO OFFER PROPERTIES IN SEALED BID SALE SANTA MONICA, Calif., Sept. 21 /PRNewswire/ -- Mission Land Co. is offering for sale 21 commercial and industrial properties -- 20 located in California and one in Indiana. Kennedy-Wilson Inc., an international real estate marketing firm, has been selected to conduct the sale of several industrial properties within two parks, a retail center, an office building, a bio-tech R&D building and a storage facility. Sealed bids are due by Nov. 12, 1993. "These properties represent some of the finest assets available in the marketplace," said Charles W. Johnson, chief operating officer, Mission Land Co. The properties include portions of two industrial parks which may be purchased as packages or individually as well as selection of prime assets. Brea Industrial Park: A collection of eight buildings with square feet ranging from 24,000 +/- to 65,280 +/-. Located in Southern California, the industrial park is currently 98 percent occupied. Garden Grove Industrial Park: This industrial park is a collection of eight buildings with square feet ranging from 20,000 +/- to 70,000 +/-. The complex is currently 97 percent occupied and is located in Garden Grove, Calif. Nexus Science Center: A 76,083 +/- square-foot bio-tech research and development building which is part of the Torrey Pines Science Center -- widely considered to be Southern California's most desirable scientific research community. The building is occupied by a leading scientific research and development company. Manhattan Market Place: One of Los Angeles' South Bay area's premier retail developments. The 113,175 +/- square-foot center, near Sepulveda Blvd./Pacific Coast Highway -- the area's primary thoroughfare -- is 100 percent occupied. Bristol Farms and Payless Drugs are two of the major tenants. AAA Interstate Self Storage: A storage facility comprised of nine buildings with 547 storage units and 46 RV spaces on a five-acre parcel located in Lancaster, Calif. Parkway Plaza: Located in the Interchange Business Park, this 50,224 +/- square-foot office building in Vacaville, Calif., is part of Solano County. General Electric Building: An industrial/distribution building located in Munster, Ind. The 450,000 +/- square-foot facility is fully leased and considered part of the Suburban Chicago industrial market. "Our marketing programs enables bidders to be thoroughly informed about the sale," said William McMorrow, chairman and chief executive officer of Kennedy-Wilson Inc. "Brokers will receive a 1 percent commission if their client(s) is the successful purchaser(s)." Due diligence packages are available for $75 each by completing the request form included in the catalogue. The packages contain pertinent property documents and purchase and sale agreements. Inspections are available by appointment. A catalogue (No. 7048) containing property descriptions, maps and the terms and conditions of the sale is available by calling 800-522-6664. Mission Land Co., a subsidiary of SCEcorp, is a real estate investment firm which owns and operates a diverse portfolio of properties. The company has developed over 4.4 million square feet of industrial and distribution facilities and has investments in over 20 projects. At present, these investment interests include 5.5 million square feet of industrial buildings, commercial and office space, single and multifamily housing, and over 2,500 acres of land held for development. -0- 9/23/93 /CONTACT: Christine Callejas, Kennedy-Wilson, 310-314-8400/
CO: Kennedy-Wilson Inc.; Mission Land Co. ST: California, Indiana IN: SU: RLE
JB-GK -- LA007 -- 5062 09/23/93 09:03 EDT