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12/13/07
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It’s been a very active month and a half for Torrance-based Transpacific Development Company, as the company completed the acquisition and disposition during this time of several properties containing a total of about 922k sf. The transactions, involving properties in three states, are worth a combined $150 mil.
217 Wrangler Dr, Coppell, TX |
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“This has been an active quarter for us,” said Thomas Irish, President of TDC. “The investment and capital markets have been shifting very rapidly, providing long-term value investors like TDC the opportunity to acquire some high-quality properties. Our ability to make decisions quickly and to use our own funds makes us attractive to sellers who want certainty of closing. We are not dependent upon the tumultuous lending market to fund our acquisitions.”
TDC’s recent transactions include:
• The purchase of 217 Wrangler Drive, a 115k sf, single-tenant flex building in Coppell, Texas.
• The acquisition of the 92k sf Art Institute of Phoenix building, located at 2233 W. Dunlap Ave in Phoenix, Arizona.
• The acquisition of 500 Airline Dr in Coppell, Texas, a 409k sf distribution building.
• The acquisition of 510 Airline Dr, also in Coppell, which is a 53k sf office building.
• The disposition of two office buildings totaling 253k sf and a 5-level parking structure located at 711 Kapiolani Blvd in Honolulu, Hawaii.
510 Airline Dr, Coppell, TX |
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Irish noted that the four acquisitions were purchased on an all-cash basis. “We are continuing our pursuit of Class A properties in top-25 office and distribution markets,” said Irish. “The Dallas/Fort Worth and Phoenix markets are showing tremendous growth, and fit well with our strategy. We are actively working to expand our portfolio, and believe there will be some outstanding investment opportunities in the new year.”
Founded in 1954 by Shurl Curci, TDC is a full service real estate development and investment firm has developed nearly 10 msf of office, industrial and retail properties throughout the western United States. The firm invests and develops for its own account, without outside partners or investors. TDC entities currently own more than 11 msf of property in six states.
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