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  IN THE FIRST QUARTER, MEPT SOLD HUDSON, A 40,000 SQUARE FOOT INDUSTRIAL BUILDING, FOR TOTAL GROSS PROCEEDS OF $4.0 MILLION..
MEPT acquired Hudson, located in the Los Angeles market, in 2003 as part of a 17 asset portfolio. When the sole tenant vacated the property in 2008, MEPT marketed the property for sale to local owner/users and the City of Industry’s Urban Development Agency purchased the property in February 2009..


IN MARCH, MEPT SOLD NETWAY CENTER AT ASHBURN, AN UNDEVELOPED 32-ACRE PARCEL OF LAND, FOR TOTAL GROSS PROCEEDS OF $5.8 MILLION.
MEPT purchased the land in 2000 with plans to develop the site. Over the years, MEPT explored several potential strategies for the site. However, with expected slower demand for commercial real estate in the Northern Virginia submarket of Washington DC, MEPT opted to seek a buyer for the property instead of developing the land. The Temple Baptist Church of Herndon purchased the property.


The Yale Effect Spreads Out
Bruce Becker, the president of Becker & Becker, a development firm in Fairfield, was among nine developers that competed for rights to the Chapel Street block. "I realized it was a once-in-a-lifetime opportunity to do a large transit-oriented development," he said. "There weren't any other sites like this in the state." The all-equity project represents the first major new residential construction in the city center in at least 20 years, Mr. Becker said. The majority owner is the Multi-Employer Property Trust, a real estate equity fund representing union pension plan investors.

MEPT, Craft Unions Push for New Development at Corporate Pointe
As construction comes to a close on a three-year, $41 million capital improvement project at the Corporate Pointe property in West Hills, owner Multi-Employer Pension Trust (MEPT) and the Los Angeles Building Trades Council (BTC) are seeking approval for a new development at the same site - which would generate hundreds of additional jobs for craft union workers.


 

Union Labor Requirement

MEPT uses 100% union labor for all new construction, renovation or rehabilitation, and tenant improvements. Specifically, MEPT's contractor policy is as follows:

i. As has been the policy since MEPT's inception in 1982, all on-site construction work controlled by, and/or paid for, by MEPT shall be performed by contractors a) that are a party to, or bound by, a collective bargaining agreement applicable to the geographic area in which the project is located, applicable to the trade or trades in which the work under the contract is to be performed, and entered with one or more labor organizations affiliated with the Building and Construction Trade Department of the AFL-CIO, or with an independent, nationally recognized labor organization, or one of its affiliated locals; b) that solely employ members of such labor organizations to perform work within their respective jurisdictions; and, c) that require each subcontractor of every tier who performs any work on the project to comply with a) and b).

ii. All office building custodial work controlled by, and/or paid for, by MEPT shall continue to be performed by cleaning contractors that are a party to a collective bargaining agreement. In markets where there are no such contractors, MEPT shall use cleaning contractors that provide the prevailing standard in wages and benefits, and that demonstrate a respect for labor, local, and national laws.

iii. MEPT will continue to make available to union leaders the names of its construction, third-party building systems maintenance service contractors, and custodial contractors, when their engagement is controlled by, and/or paid for, by MEPT.

iv. It is MEPT's policy to utilize Union stationary engineers on MEPT properties, or to mandate that a card check program be encouraged, at the very least.

v. MEPT will continue to make its Contractor Policy known to its development and property management providers.


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