The building was built-to-suit for DaimlerChrysler Corp. as a San Francisco Bay area parts distribution center, and was completed in March 2001. Located on 29.11 acres of land adjacent to Interstate 5 in San Joaquin County, the property has surface parking for 200 cars and 83 truck trailers, and includes 32 truck docks. DaimlerChrysler has a long-term lease on the property.

In the current investment environment, it is unusual to find such a high quality, newly developed property, especially with a long-term lease to an entity such as DaimlerChrysler, according to TDC President Thomas G. Irish. Once TDC heard about the property it moved very quickly, and completed the acquisition via an all-cash purchase 28 days after we made our initial offer. Bill Palmer and the Palmer Team from the CB Richard Ellis office in Sacramento brokered the transaction.

TDC's purchase of the property continues a string of acquisitions by the firm that began in 1998. That year, the company contributed a $525-million portfolio of West Coast properties to Spieker Properties, a real estate investment trust, which subsequently merged with Equity Office Properties. TDC then began acquiring quality office and distribution properties with long-term credit tenant leases, and has purchased nearly 1.3-msf of property with a value of $200 million, bringing its overall real estate portfolio toapproximately $500 million. Irish said that the company¹s goal is to add $100 million to $200 million in additional property during 2002.