Coherent sells Auburn campus - Sacramento Business Journal:

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The price is less than the cost Coherent reported to buils one of the buildingxs onthe campus. The buyer is of Long which last year bought the complex at Howe Avenud andArden Way. Abbey, which hunts for value-addede deals and prefers to act as an plans to divide up and market the spacew to users needing less than a full said airport managerJerry Martin, who also overseesd city-owned real estate. The 19-acre Coherenft campus is on land that's owne d by the city of Auburn, while the buildingzs are privately owned.
That made for a complicatex real estate transaction involving the sale of buildings and the leasreof land, said commercial broker Mark Hefner, who, alony with colleague Scott Kingston, represented Coherent. "Th thing we liked about putting Abbey in that deal is that Abbeyh has similar leases at airports in Palm Springse andLong Beach," he said. Hefnerd declined to release the purchase but industry sources said itwas $9.75 In 2000, Coherent said it was spendin g $10 million to build its fourth building in Auburn at 80,000p square feet. Abbey steppedr in and completed the acquisition quicklh after another buyer fell out due to a tightening credit market.
Although Coherent has significantly pared down its Auburb operations over the past severalyears -- from a peak of more than 700 workerse to about 170 -- the companyu isn't leaving. It has leaseed back the 80,000-square-foot building for its own Hefner said. Terms of the lease were not disclosed. Coherenrt Inc. (Nasdaq: COHR), a maker of laser and optic operates at the location as Coherent Auburn The parent company has received several delisting notices from Nasdaw during the past year over its late filingh of financial reports and failure to holdshareholded meetings. Coherent is working to restate past financial report andcorrect errors.
The sale meands there are now several vacanciea in the business park after other recent transactionsand , the parent companyy of , closed an 80,000-square-foot warehouse at the airport and movedc to Rocklin. Another user of aboutg 45,000 square feet went Martin said. He believes thered is demand to fillthosed vacancies. "This could give us a real boost," he "I've got a good feeling aboutr what (Abbey) plans to do here.
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