The latest transaction is actually the second of a two-part dealbetween the seller and the Los Angeles-based buyer. As reported byGlobeSt.com, SCI bought the companion ITC Crossing South,closing that acquisition in October. The larger ITC South (366,000sf) traded for a reported $64.3 million, or about $176 per sf.

"During the first sale, we negotiated a closing structure sothat the second portion of the property would close in 2007, oncecertain thresholds were met," says Richard Walter, who brokered thedeal with Faris Lee colleague Donald MacLellan. "This included verycomprehensive agreements covering adjacent infrastructureissues."

"There were construction problems that were uncovered during duediligence that involved the movement of retaining walls anddrainage system cracks due to original construction, as well aswetlands problems near the property," MacLellan says. "We workedwith SCI and their consultants to overcome the challenges. SCI nowowns two large retail assets in a growing market with high barriersto entry as there are scarce opportunities for other retaildevelopment."