CORFAC News

NAPLES, FL (June 24, 2008)-- Morris Southeast Group/CORFAC International, a  leading  full-service commercial real estate provider serving the South Florida market, today  announced the completion of the sale of an industrial manufacturing building located in the Creekside Business Park in Naples.

The property was sold by Hellermann Tyton Corp., a wiring and cable parts manufacturer headquartered in the United Kingdom, to orthopedic products manufacturer Arthrex of Naples for $9.5 million.

Morris Southeast Group/CORFAC International President Ken Morris partnered with James Southey, MRICS SIOR and Partner in charge of International Corporate Real Estate of the UK-based real estate firm of King Sturge in representing the seller and procuring the purchaser. King Sturge is CORFAC International’s European strategic alliance partner. The two firms were the only brokers involved in the sale.

As part of a global business development initiative, Mr. Southey had reached out to UK headquartered businesses and learned that Hellermann Tyton was potentially interested in selling the Florida property. After lengthy consideration and nearly a year of due diligence, Hellermann Tyton concluded the best course of action was to sell the property.

Through the efforts of Mr. Southey and local intelligence by Mr. Morris, the property was ultimately sold to Arthrex, which had expressed previous interest.

“This transaction was a great example of the successful collaboration between King Sturge and a CORFAC affiliate, demonstrating the strength of said Mr. Morris.”

The 110,000-square-foot building at 1250 Creekside Parkway West is the largest of its kind in Naples. Hellerman Tyton moved its plant operation to Wisconsin, where the company’s U.S. operation is based. The property was on the market for approximately three months prior to the sale. Arthrex is expanding into the building from one about half its size elsewhere in Naples. Constructed approximately 10 years ago, the building is situated on a 6.3-acre site.

Mr. Morris added, “It was extremely gratifying to execute this transaction on behalf of our valued client in the midst of a challenging market for investment property sales,” said Mr. Morris “This sale process demonstrated the strong demand for well located industrial buildings in the post credit crunch environment.”

About CORFAC International
Corporate Facility Advisors - CORFAC International is one of the largest commercial real estate services organizations in the world.  CORFAC is comprised of privately held entrepreneurial firms serving more than 150 markets in The Americas and internationally through its King Sturge CORFAC International alliance.
 
Founded in 1989 and headquartered in Hollywood, Florida, CORFAC selects its firms based on their professional integrity, industry leadership, market coverage and high standards of excellence.  CORFAC boasts one of the highest percentages of brokers with designations in professional associations in the industry.

Last year, CORFAC firms completed 9,594 commercial real estate transactions, encompassing 340 million square feet and valued at $30 billion.  For more information on CORFAC contact 954-923-6160, info@corfac.com or visit www.corfac.com.

About King Sturge
King Sturge is one of the largest European independent property consultants, with over 3,800 staff working in 150 owned and associated offices throughout the world. The King Sturge network covers the major UK commercial centres, principal European cities and also the Americas via its business partners at King Sturge CORFAC International. In Asia Pacific, the firm has associations in Australia, Indonesia, Malaysia and New Zealand.