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| REMEC Completes Sale and Leaseback of Kearny Mesa Campus to Westcore |
SAN DIEGO, May 5 /PRNewswire-FirstCall/ -- REMEC, Inc. (Nasdaq: REMC) and Westcore Industrial Properties today announced the completion of the sale of REMEC's business campus, located in San Diego's Kearny Mesa area, to WS Roscoe, LLC, an affiliate of Westcore Industrial Properties. Effective upon the closing of the sale, REMEC and WS Roscoe entered into separate fourteen- year leases for the entire property. The Kearny Mesa Campus comprises of 8.5 acres with four buildings, totaling at approximately 132,685 square feet. REMEC's Defense and Space group currently occupies the majority of the property. REMEC used the $20,500,000 sale price to retire its existing synthetic lease against the property, releasing over $17,000,000 in formerly restricted cash for strategic corporate purposes. Ron Ragland, Chairman and Chief Executive Officer of REMEC, stated, "This transaction furthers our corporate goals of maximizing our cash." According to Marc Brutten, President of Westcore, "The REMEC transaction was a good strategic fit for both of our firms in that we were able to acquire a prime piece of property secured by a long-term lease in an excellent location, and REMEC was able to convert a synthetic lease into an operating lease in a seamless transaction." Larry Jackel, Doug Lozier and Nick Psyllos of CB Richard Ellis' San Diego Central office represented both the seller and the buyer in the transaction. "With our uncertain economy and the lack of investment alternatives, the demand for high-quality, well secured real estate, has never been greater," stated Larry Jackel, Senior Vice President. About REMEC REMEC is a designer and manufacturer of high frequency subsystems used in the transmission of voice, video and data traffic over wireless communications networks and in space and defense electronics applications. REMEC is located at 3790 Via de la Valle, Del Mar, CA 92014. For more information, visit the company's Web site at http://www.remec.com or call (858) 505-3713. About Westcore Westcore Industrial Properties is one of San Diego's larger landlords and has a portfolio of approximately 8,900,000 square feet throughout California, Arizona and Texas. Westcore is headquartered in Los Angeles with a regional office in San Diego. About CB Richard Ellis Headquartered in Los Angeles, CB Richard Ellis, Inc. is one of the world's leading real estate services companies. With approximately 9,500 employees, the company serves real estate owners, investors and occupiers throughout approximately 250 owned and affiliated offices in 47 countries. The company's core services portfolio includes property sales, leasing and management, corporate services, facilities and project management, mortgage banking, investment management, capital markets, appraisal and valuation, research, and consulting. The Company reported net revenues of $1.17 billion in 2002. For more information about CB Richard Ellis, visit the Company's Web site at www.cbre.com. Statements in this press release that are not historical are forward- looking statements, which involve known and unknown risks and uncertainties. Actual results could differ materially from those implied by such forward- looking statements due to a variety of factors, including, general and industry economic conditions, competition, development factors, operating costs and other risks and uncertainties that are detailed from time to time in our filings with the Securities and Exchange Commission. CONTACT: |