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Article: Some California Companies Buy Office Space As An Investment.
- Article from:
- Ventura County Star (Ventura, CA)
- Article date:
- October 8, 2002
CopyrightCOPYRIGHT 2002 Ventura County Star. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Roger Harris
Oct. 8--When Adler Realty Investments Inc. bought the Thousand Oaks Corporate Center two years ago, the plan was to fill it with tenants and collect lease payments.
Adler Realty spent some money renovating the building and brought it to 100 percent occupancy. But plans changed rather quickly a few months ago when Countrywide Credit Industries Inc. (NYSE: CCR) offered to buy the former Exxon regional headquarters for $29 million, said Michael Adler, president of the Woodland Hills-based firm.
"We weren't planning to sell, but some buyers are willing to pay a premium," Adler said Friday.
The $29 million purchase ...