“The tenant wants its corporate headquarters to reflect a more open, collaborative working environment, which these buildings are ideally suited to provide given their large flexible floor plates and high ceilings,” stated Jack Spound, a principal of SSV. Continental Park, owned by Continental Development Corporation, is a 3 million square foot mixed-use park with a premier location in the South Bay market of Southern California. The park combines the best of premium office space with adjacent first class retail, entertainment, recreation and residential amenities surrounded by the highly desirable Manhattan Beach and El Segundo communities. “We are excited about the partnership with Invesco, and the unique opportunity to create a dynamic campus environment for this segment of the office market along the highly-amenitized Rosecrans Corridor,” said President David Jordon of Second Street Ventures. “We are also very appreciative of Continental Development Corporation and the trust they have invested in us to execute this renovation, to further enhance the overall vibrant Rosecrans Corridor market that Continental Development has created over the decades.” “Invesco is thrilled about teaming up with SSV on this exciting opportunity to create the type of collaborative workspace sought by the most progressive tenants in the market, both creative and more traditional,” said Peter Cassiano, Director of Acquisitions , Invesco Real Estate. John Bertram of Studley represented the buyer and CBRE represented the seller in the transaction.
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Wheeler Real Estate Investment Trust, Inc. Acquires a Free-Standing Retail Property for $11.4 Million
Multimedia Gallery URL RELATED QUOTES -0.0299 VIRGINIA BEACH, Va.–(BUSINESS WIRE)– Wheeler Real Estate Investment Trust, Inc. ( WHLR ) (Wheeler or the Company), a company specializing in owning, acquiring, financing, developing, renovating, leasing and managing income producing assets, such as community centers, neighborhood centers, strip centers and free-standing retail properties, announced today the acquisition of a 81,000 square foot free-standing retail property, for a purchase price of approximately $11.4 million, or $140.74 per square foot. The Company visit acquired the property through a sale-leaseback purchase contract with Reasors Foods.
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