J.E. Robert Companies Sells Three Vacant Buildings in Challenging California Market
Sale of Bayside Technology Park properties
MCLEAN, Va., Feb. 3 /PRNewswire-FirstCall/ -- J.E. Robert Companies (JER), a private commercial real estate investment management company, announced today that JER, along with its joint venture partners, has sold three vacant buildings totaling 196,000 sf in the Bayside Technology Park located in Fremont, CA. The buildings were purchased by a corporate user who will relocate operations that are currently based in San Jose to Fremont.
Between September 2005 and June 2006, JER and its joint venture partners acquired Bayside Technology Park, an office/R&D portfolio totaling 1.4 million sf from Renco Investment Company. The joint venture has sold eight other properties in the portfolio that were 100% leased prior to time of this three building sale. Despite deterioration in the office and capital markets, JER was able to sell the three vacant properties de-levering the remaining portfolio and improving operating fundamentals. The remaining eight building portfolio totals 544,960 sf following the sale.
J.E. Robert Companies (JER) is a private real estate investment management company with more than 28 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in the United States and Europe. Together with its financial and operating partners, JER has purchased and managed approximately 15,000 assets totaling $28 billion. The firm also invests in CMBS, mezzanine financing and other structured debt products. For more information, visit www.jer.com.
Contact: |
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Clyde Robinson |
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J.E. Robert Companies |
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+1-703-714-8016 |
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SOURCE J.E. Robert Companies
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