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Biotechnology Center at Elk Run Announces Strategic Advisory Board

By Press Release
June 5, 2008

Biotechnology Center at Elk Run Announces
Strategic Advisory Board
Biotech Industry, Academic Leaders Will Guide Development of Nonprofit Center, Promote Biotechnology and Economic Development in Minnesota
 
Pine Island, Minn. - (June 5, 2008) - Tower Investments, LLC today announced members of the Biotechnology Center at Elk Run (BCER) inaugural strategic advisory board.  The board is comprised of leaders from the biotechnology industry as well as academic and business leaders from the Rochester, Minn., region.
 
Located 15 minutes north of Rochester, BCER is a nonprofit organization committed to the development of biotechnology firms, technologies and services to support the economic progress of the state and the region. Researchers and developers at BCER will usher products from pre-clinical safety studies through commercialization.

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So. Minn. biotech-based mixed-use project lands approval

By Staff Writer - Minnesota Real Estate Journal
April 25, 2008

Pine Island okay's annexation of Elk Run acreage
 
A California-based real estate firm with plans to develop a large-scale mixed-use project around a biotechnology research center near Rochester has received a key approval from local officials on an annexation proposal.
 
Tower Investments LLC says the city of Pine Island has okayed a move to annex 1,282 acres of the proposed Elk Run mixed-use development into the city, thereby allowing needed infrastructure improvements to proceed. Tower's first goal is to establish a 40,000 square foot biotech center at the site, which will be used for "state-of-the-art research space and pharmaceutical clinical trials."
 
The firm then plans to surround it with homes, commercial uses and medical services facilities. In all, Tower's Elk Run development is planned to encompass 2,300 acres and is envisioned to be developed in multiple phases.

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Guilford Mills site to get new life as retail


The former Guilford Mills plant off Hornady Road (credit: News & Record file)
By Lanita Withers - Greensboro News Record
March 4, 2008

GREENSBORO - It used to be a bustling textile mill until it fell on hard times.
 
Now, newly announced plans for the former Guilford Mills site will turn it into a place where customers could go buy the latest threads.
 
California-based Tower Investments has bought the vacant mill property off Hornaday Road in western Greensboro and plans to eventually raze the building and use the land for a retail development.
 
"With great visibility from the freeway and the neighboring presence of a healthy retail sector just off Wendover Avenue, this site is ideal for a well-planned retail development," said Matt Marks, a senior vice president for the real estate investment company.
 
Tower bought the property - which is close to Business 40, Interstate 40 and the new I-840 Urban Loop - for about $4.6 million, according to tax records.
 
Marks said it was too soon to know exactly what kind of retail will go on the site.

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Tower Investments Plans Greensboro Shopping Destination

By Press Release
March 3, 2008

California-Based Development Company Sees Retail Potential in Former Site of Guilford Products
 
GREENSBORO, N.C. - Tower Investments, LLC, a national real estate investment and development firm, announced today that it has purchased the 30-acre former home of the Guilford Mills plant off Hornaday Rd. in Greensboro, N.C., and plans to soon convert the property into a Triad shopping hot-spot.
 
Citing the prime location - fronting I-40 to the north and the recently completed the new 840 loop to the west - Tower Senior Vice President Matt Marks said the firm intends to eventually level the current structure, vacant since 2005, to make way for the new development. Marks said the 300,000-sq.-ft. industrial building is up for lease until Tower secures an anchor retail tenant for the new shopping development.
 
"Investing in underutilized or past-their-prime industrial properties and breathing new life into them is a Tower trademark," Marks said. "We take a specialized approach to each project, whether it involves converting a single tenant building for multi use, upgrading overall improvements or just redeveloping the site for enhanced use.  Local professionals play an important role in all of our projects and are involved from the outset for everything from brokerage and engineering to legal and architecture."
 
Don Moss, CCIM, broker with Hart Corporation represented Tower Investments in the sale and Tom Townes, CCIM, SIOR, managing partner of Triad Commercial Properties, represented the seller. First Bank of Illinois, a Chicago-based national real estate lender, handled financing.

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Tower Investments buys former Guide HQ in Pendleton


By Carlin K. Cook
February 7, 2008

Remy International Signs 64,654-SF Lease at Office Complex
 
Tower Investments purchased the former Guide headquarters at 600 Corporation Drive in Pendleton, IN, for $5.9 million, or about $49 per square foot. Days later the new owner gained its first tenant, Remy International Inc.

Remy International, which emerged from Chapter 11 protection just 12 days prior to its deal, leased 64,654 square feet. The lease went into effect on January 1 and will last for 10 years and four months. It is estimated that the tenant will pay nearly $5.08 million in rent over the duration of the lease.

The Madison Trace Business Park property at 600 Corporation Drive is a 120,000-square-foot office building.

Remy International Inc. is a designer, manufacturer, remanufacturer and distributor of electrical, powertrain/drivetrain and other related products. General Motors Corp. originally formed it in 1994 as a partial divestiture. Since then it has grown to become a $1.4 billion company that manufactures worldwide.

Zane Brown of CB Richard Ellis in Indianapolis represented Remy International. Kurt Mathewson and Tom Willey of Coldwell Banker Commercial Realty Services represented Tower Pendleton LLC.

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County to get closer look at proposed McCord Square

By Derek R. Smith - Greenfield Daily Reporter
February 6, 2008

Michael Dale likes what he's seen so far of McCord Square, the mixed-use development expected to redefine McCordsville.
 
"It's a well-thought-out proposal that has already received some preliminary nods from the town of McCordsville," said Dale, executive director of Hancock County Area Plan Commission.  "We've gone through this proposal with a fine toothed comb and think it's a good proposal."
 
Preliminary plans for McCord Square call for 538,000 square feet of civic, retail and commercial office buildings on an 80-acre site.  The project will include a town square area and a merchant's square area.
 
McCord Square's concept is similar to that of Clay Terrace in Carmel, where people can park their vehicles and walk around.
 
Kurt Mathewson, a broker for developer Tower Investments, expects McCord Square to be a $40 million project.
 
"We definitely look at it as a plus for the whole area in general, the town and the county," said Mathewson, senior vice president at Coldwell Banker Commercial Realty Services in Indianapolis.
 
At the end of this month, Tower will take preliminary plans for McCord Square to county zoning officials.
 
Tower will request a rezoning from r1.0 and Commercial Neighborhood to Commercial Regional at the county plan commission's meeting at 7 p.m. Feb. 26 in the courthouse annex.

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Binswanger Negotiates Major Sale to Tower Investments; Relists Dyersburg, Tennessee Property

By Atlanta - Business Wire
January 31, 2008

Representing both the seller, Bekaert Corporation, and the buyer, Tower Investments, Binswanger is pleased to announce the sale of a 639,000 sq. ft., one-story building on 63 acres located at One Bekaert Road in Dyersburg, Tennessee.
 
Tower Investments of Woodland, California is a real estate investment and development company specializing in adaptive reuse development, planning and design, construction management, leasing and property management.
 
After purchasing the property, Tower Investments relisted the facility with Binswanger for sale or lease.
 
"From an adaptive reuse perspective, this property is a gem due to its prime location and solid infrastructure," said David Marks, Senior Vice President of Tower Investments, who negotiated the deal on Tower's behalf. "The more we researched the facility and the area, the clearer the decision became."

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Rural McCordsville now a blooming burg - Retail-office project poised to unleash surge in growth

By Jeff Swiatek - The Indianapolis Star
January 16, 2008

An old farm house rots away at the main intersection in town, council members meet in a trailer and dining choices come down to Joe's Grille and the Wagon Wheel Eatery.
 
Not the description you would expect for one of the Indianapolis area's growth hot spots: the crossroads town of McCordsville, long seen as too rural and distant for developers to bother with.
 
Not so now.
 
"I wonder on a daily basis what's going on around us," said Jenny Adams, waitress-turned-owner of the Wagon Wheel. "We try to keep up (on new projects) with construction workers who come in here."
 
Suburban sprawl not only is lapping up against McCordsville's farmland, but turning it into tract subdivisions, three newly opened retail centers, a coming Meijer department store, and one of the largest mixed-use developments ever planned in Hancock County.

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Field of biotech dreams


By Thomas Lee - Star Tribune
November 18, 2007

A developer envisions a bioscience park on an elk farm along Hwy. 52 near Pine Island. All it needs now are state backing and tenants.
 
Can an elk farm ignite a biotech boom in southern Minnesota?
 
Tower Investments, a California-based real estate investment firm, is planning an ambitious 1.7 million-square-foot biotech research and manufacturing facility on an elk farm off Hwy. 52 near Pine Island, about 15 minutes north of Rochester. Construction of the bioscience park, the first of its kind in Minnesota, is scheduled to begin in mid-2008.
 
Tower executives and state and local officials say such a facility, part of a massive multiuse development called Elk Run, could help establish a biotech corridor along Hwy. 52, which connects the Mayo Clinic, the University of Minnesota Rochester, and IBM Life Sciences research and development labs with the U's Twin Cities campus and the major medical companies in the metro area.

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Tower turns old factories into distribution centers for profit

By Jim Stinson - Nashville Business Journal
November 16, 2007

Tower Investments LLC is targeting what it sees as a growing market - abandoned or aging factories ripe to be converted to distribution centers.
 
The investment and development firm, based in Woodland, Calif., with an office in Nashville, owns more than 9 million square feet of industrial property throughout the United States.
 
The properties are mainly in secondary and tertiary markets and generally range from 300,000 to 1 million square feet.
 
Tower officials say there is a national shift from manufacturing to distribution operations and identified a new use for older facilities in the current market.
 
"With the shift toward overseas manufacturing, large-scale industrial facilities are no longer in great demand in the United States, and many have gone into disrepair," says Matt Marks, a senior vice president with Tower. "At the same time, there is a rising need for warehouse and distribution space for smaller businesses that do not have the resources to build out their own facilities."

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