By ELIZABETH HAYES
CB Richard Ellis' acquisition spree continues. Last week, the company announced it has acquired London-based Hillier Parker May & Rowden, a 102-year-old commercial property services firm with 500 employees.
After CB Commercial's merger in April with REI Ltd. to create CB Richard Ellis, London was the only major business center where it didn't have a significant presence. CEO Jim Didion said in a statement that the expansion is partly because corporate America, corporate Europe and corporate Asia are increasingly seeking cross-border services as they become more efficient and global, and real estate investors also are seeking opportunities worldwide.
CB has acquired three major real estate service firms since it went public in November 1996.
Health care REIT expands
G & L; Realty Corp., a health care real estate investment trust based in Beverly Hills, last week announced it has invested $13 million in new senior care facilities.
G & L; acquired Pacific Gardens, a 92-unit congregate care facility in Santa Monica, for about $11.1 million and plans to invest an additional $99,000 in expanding and converting it to a 128-bed licensed assisted-living facility. American Senior Living is a minority partner in the acquisition and will manage the renovated property.
G & L; also acquired two acres of vacant land and a one-story apartment complex immediately adjacent to its existing 98-bed assisted-living facility in Phoenix. The property, which was bought for about $1 million, will be used to expand the existing facility by 25 beds.
New Burbank project
Another Burbank low-rise is in the works. Developer HW Burbank LLC plans to build a three-story, 100,000-square-foot office project at 2240 N. Hollywood Way, north of the Media District. The three-acre site had been home since 1947 to the Burbank Trailer Park, which will be demolished this fall. Most of the residents of which 10 remain out of 43 who lived there in January accepted a financial settlement and are being relocated, said William Birtell, senior vice president of Beitler Commercial Realty Services, which is leading the effort to pre-lease the building.
Birtell said he anticipates leasing the project to a single user that wants to place its name on the building. The monthly rental rate is anticipated to be $2.35 per square foot. The project is scheduled to be completed in the fourth quarter of 1999.
M. David Paul Development, J.H. Synder Co. and Kilroy Realty Corp. also have office projects underway or in the planning stages in Burbank.
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