The buildings were held by TBI-MWP, an unconsolidated joint venture in which Mission West acquired a 50% (non-controlling) interest in January 2003 from the Berg Group under the Berg Land Holdings Option Agreement.
Mission West says it received $16.9 million in net proceeds from the transaction and will record a $20.6 million gain in the fourth quarter of 2008. One 156,000-sf R&D building remains in the JV, according to an SEC filing.
Mission West operates 111 properties totaling approximately eight million rentable square feet. The number includes approximately 854,000 square feet--16 buildings--that it says are in the process of being rezoned for residential development.
Last month , the company closed on a $115-million mortgage loan from Hartford Life Insurance Co., Hartford Life and Accident Insurance Co. and Hartford Life and Annuity Insurance Co. The loan was secured by 20 properties totaling 1.6 million square feet. It also reported its third quarter results , which included a 180 basis point jump in its occupancy rate to 66.7% and a 15% decline in the average monthly rental rate per square foot.
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