Catellus Announces Transactions With BNSF Railway, Specialty Merchandise Corporation, and Ford Motor Company
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 4, 2002--Catellus Development Corporation (NYSE:CDX - news) announced today the sale, by a wholly owned affiliate, of 105.39 acres at the Kaiser Commerce Center to The Burlington Northern and Santa Fe Railway Company (NYSE:BNI - news). BNSF intends to use the land to construct a rail served facility to meet the growing demand for rail transportation in Southern California.
Nelson C. Rising, chairman and chief executive officer of Catellus, commented, ``We are very pleased to have completed this land sale to BNSF. The facility that the railroad intends to construct will improve goods movement at the Kaiser Commerce Center. The land sale also fits within our overall strategy for Kaiser, and will further enhance its value as one of the premier distribution warehouse sites in the Inland Empire.''
Catellus acquired the Kaiser Commerce Center, a 588-acre former steel mill site, through the wholly owned subsidiary in June 2000. After the land sale to BNSF, the planned business park will be capable of supporting up to seven million square feet of additional development. The California Transportation Commission also has approved $18.6 million in state transportation funds for the design and construction of an improved highway overpass at the site, which is located near the intersection of Interstates 10 and 15, a freeway exchange that accommodates forty percent of the truck traffic that enters and leaves the state of California.
Catellus owns a number of other business parks in the area, including Crossroads Business Park, Rancho Cucamonga Corporate Park, Ontario Pacific Distribution Center, and Pacific Gateway.
Catellus Announces New Lease At Kaiser Commerce Center
In addition to a previously announced 86-month lease with Exel, PLC, a global supply chain management company, for an 830,000 square foot build-to-suit distribution warehouse at Kaiser, Catellus also has signed a five-year lease for a 607,000 square foot distribution warehouse for Specialty Merchandise Corporation, an import distribution company. SMC has an option to purchase the building upon completion, which is scheduled for the third quarter 2002.
Catellus Completes Multiple Leases With Ford Motor Company
Catellus also has recently signed four distribution warehouse leases with Ford Motor Company. These deals include a 608,000 square foot facility at the Spreckles Business Park in Manteca, California; a 200,000 square foot lease at the Stapleton Business Center in Denver; a 246,000 square foot lease at the Rancho Cucamonga Corporate Park; and a 252,000 square foot building in Fort Worth, Texas.
Catellus Development Corporation is one of the nation's premier diversified real estate operating companies. The Company specializes in developing, managing and investing in a broad range of product types including industrial, residential, office, retail and major urban development projects. It owns a portfolio of rental properties totaling 30.9 million square feet and one of the largest supplies of developable land in the Western United States capable of supporting over 41 million square feet of new commercial development and an estimated 10,200 residential lots and units. More information on the Company is available at www.catellus.com. |
