BENTLEYFORBES SELLS TWO NON-CORE INDUSTRIAL
PROPERTY ASSETS IN CALIFORNIA AND OHIO WITH TRANSACTIONS TOTALING
$20.3 MILLION; INITIATES $500 MILLION INVESMTMENT PROGRAM
OVER 12 MONTHS
Los Angeles-Based Investment Firm Highlights New Criteria
Focused On Trophy Assets Including Multi-Tenant Class A Office,
Retail and Industrial Properties and Portfolios While Maintaining
Firm’s Core Focus on Sale-Leaseback and Net Lease Properties
LOS ANGELES (June 23, 2003) – With the sale of two
non-core property assets in transactions totaling approximately
$20.3 million, BENTLEYFORBES is initiating a investment program
focused on acquiring at minimum $500 million in commercial
real estate properties over the next 12 months, announced
Fred Wehba Jr., president of BENTLEYFORBES.
"BENTLEYFORBES is focused on acquiring a significant
quantity of high-quality, income generating commercial real
estate over the next 12 months in the national office, retail
and industrial property sectors," notes Wehba. "Leveraging
our in-house capital and established relationships with institutional
lending sources, we have targeted the acquisition of $500
million in assets nationally, and we have the means to exceed
that amount if compelling opportunities present themselves.
This program includes an expansion of investment focus for
our firm. BENTLEYFORBES has established new transaction criteria
that now includes trophy Class A multi-tenant office properties
valued in excess of $30 million and well-leased portfolios
of property – office, industrial and retail. We will
continue to pursue sale-leaseback and net lease properties,
a type of commercial real estate asset we have built our portfolio
around up to this phase in the growth of our company."
To prepare the firm for its anticipated transactional volume
and expanded investment program, BENTLEYFORBES is focused
on restructuring its existing portfolio through the strategic
disposition of smaller assets. This process will free up capital
for further acquisitions and allow the firm to focus on larger,
higher quality assets including trophy Class A multi-tenant
office buildings, a more recent target of the firm’s
acquisition strategy. In accordance with development of this
strategy, recently disposed properties include:
- Sunrise Medical Facility – The Sunrise Medical facility
is a 218,303-square-foot corporate facility that comprises
two one- and two-story warehouse/manufacturing buildings
located at 2842 Business Park Avenue in the city of Fresno,
Calif. Improvements on the property were constructed in
various phases between 1984 and 1999. Office space comprises
approximately 36,450 square feet. The clear height in the
warehouse area ranges from 19 to 24 feet. Sunrise Medical
is one of the world’s largest manufacturers of homecare,
extended care and assistive technology products. The acquiring
entity, Forest Sunrise, llc., was represented by Martin
Cohan of Grubb & Ellis. Bentleyforbes was represented
by Michael Swanston of Swanston Properties.
- Borders Group Facility – The Borders Group facility
is a 173,244-square-foot warehouse facility on 15-acres
of property, located at 3900 Gantz Road in Grove City, Ohio.
The property was constructed in 1992 and includes 6,000
square feet of office space. Borders Group, Inc. is an operator
of book and music superstores and mall-based bookstores
throughout the world. The acquiring entity, an unidentified
private investor, was represented in the transaction by
Mike Garrido of Blue Ridge Properties and Ed Place of Windmill
Harbour Real Estate Co. Bentleyforbes represented itself
in the transaction.
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