Description

Matrix Group sold these two buildings to the largest tenant in the buildings, Kaiser Permanente, who already owned the third building on the property.  The property was 97% leased at the time of sale.  Kaiser accepted the following terms for the sale: original roofs and HVAC system from 1984, waved rights to a $720,000 tenant finish allowance, accepted that a 38,000 square foot tenant had given notice that they would be vacating at the end of their lease term.  Matrix Group successfully completed a 1031 tax exchange with the proceeds of this sale, purchasing a 230,000 square foot multi-tenant industrial park with an average tenant size of 2,700 square feet.

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