Mitchell Repair / Daimler Chrysler
Negotiations for Parkway Center Two began in 2000 as a 65,000 square foot Build-to-Suit for Mitchell Repair Information Company, a division of Snap-On International (NYSE:SNP), which is a leading global developer, manufacturer and marketer of tool equipment.
As part of the negotiation process the partnership reserved the ability to expand the building at its discretion. In order to maximize the investor returns from the Build-to-Suit, the partnership developed an additional speculative 52,156 square feet, which was leased to Xcellsis, a joint venture of Daimler-Chrysler (then a NYSE listed company with ticker DCX), Ballard Power Systems and Ford Motor (NYSE: F).
This building, with both tenants as publicly held companies, was sold to a private investor in 4th Quarter, 2001 for $12,375,000.