Business Parks : $8.5-Million Complex on Way in Monrovia

Construction has begun on Monrovia Business Park, an $8.5-million complex to consist of 10 buildings ranging from 6,900 to 42,000 square feet, for a total of 172,300 square feet. The master-planned park at the intersection of Duarte Road and Mountain Avenue is scheduled for completion early in 1986. The architect is William M. Simpson & Associates, Newport Beach.

Jack Langson, president of Investment Building Group, Los Angeles, owner-developer of the park, said, “Monrovia, considered a ‘blighted city’ just five years ago, has experienced a real resurgence and growth. Two major hotels, three medium-sized shopping centers with major retail anchors, seven major chain restaurants and scores of office buildings, R&D; structures and industrial properties have been developed in that city and the immediate surrounding area.”

Park Space Leased

Loral Instrumentation, San Diego, a telemetry products manufacturer, has leased 52,525 square feet of space in the Afton & Aero Research Park Building for six years for a consideration of $3,480,753. The park is at Aero Drive and Afton Street in Kearny Mesa; Loral was represented by Coldwell Banker and the park by Grubb & Ellis.

Complex 90% Leased

Pre-leasing has passed the 90% mark at Glenoaks Business Park, Glenoaks Boulevard and Randall Avenue in Sun Valley, with completion scheduled for Thursday. The $3-million mixed-use park consists of a 24,788-square-foot, two-story office building and four industrial structures from 13,900 to 24,000 square feet. Grubb & Ellis, Sherman Oaks, is the marketing agent.

New Park Started

Ground has been broken for the $2-million Integrated Systems Analysts Inc. facility in the 17-acre Marina Gateway Business Park, on Bay Boulevard just east of the marina and bayfront park at the J Street offramp from Interstate 5. Integrated Systems will initially occupy 14,000 square feet in the two-story, 25,000-square-foot building and will move into the remaining space by the end of next year, according to Greenwald/McDonald, general partner in the development entity.

Office Building Finished

The 50,000-square-foot, three-story Lake Forest Executive Center has been completed on Lake Center Drive adjacent to the San Diego (405) Freeway. Each 17,000-square-foot floor is available in suites as small as 900 square feet and some space has been rented. The developer, Pacesetter Business Properties, built out four suites ranging from 900 to 1,850 square feet, which are ready for occupancy. The leasing agent is Frost Trinem Partners.