$73M Deal - Transpacific Buys Office Complex!
Transpacific Development Co. of Torrance has acquired the 270,000-square-foot One and Three Premier Place office complex, home to the Taco Bell corporate headquarters and Ford Motor Co., in the largest office sale in Orange County this year.
The purchase price and TDC’s assumption of financial obligations under the Ford and Taco Bell leases bring the total transaction value to approximately $73 million, according to Thomas Irish, president of TDC, who notes that the Torrance-based company is reviewing long-term debt options for the property, which it bought on an all-cash basis.
The property consists of two class A, single-tenant office buildings plus a four-level parking structure. One Premier Place is a five-story, 181,000-square-foot building that is fully-leased to Taco Bell Corp. as its world headquarters. Taco Bell, owned by YUM!
Brands of Louisville, KY, is preparing to start tenant improvements in the building, which it is set to occupy on a long-term basis in early 2010. Three Premier Place is a one- and two-story, 89,000-square-foot building that is fully leased on a long-term basis to Ford Motor Co., which previously developed the property and recently renovated a portion of Three Premier Place to accommodate its future use.
Interesting?
Get full report here.
