DEALS
Insignia Commercial Group of Los Angeles has acquired an 18.5-acre, 235,000-square-foot former Lucky Stores warehouse site at 444 E. Lambert Road in Fullerton for $10.6 million. Insignia plans to expand the warehouse into a 405,000-square-foot distribution center, according to brokers Thomas E. Taylor and Michael Miller of Seeley Co. Taylor and Miller, who represented both Insignia and the seller, American Stores Co., said Insignia expects to break ground on the 170,000-square-foot expansion by mid-June and complete construction by early 1999.
Los Angeles-based Edward Properties has purchased Mission Heritage Center, a four-story, 71,000-square-foot office building in Mission Viejo, from the Kirkeby Family Trust of Los Angeles for $8.7 million.
The property, in the 117-acre Mission Viejo Business Center, is the fifth office building in Orange County to be acquired by Edward Properties, according to Joe Poon, a principal of the company. David Thind and Tim Macker of Westmac Commercial Brokerage Co. represented the seller, and George Economos of Grubb & Ellis Co. represented the buyer.
Spectratek Inc., a manufacturer of holographic film, has signed a $22.5-million, five-year lease on about 70,000 square feet at 5405 Jandy Place in Marina del Rey to expand its operations, according to Stuart Klabin, chairman of Klabin Co., who, along with Klabin’s Doug Marshall, represented landlord Jandy Investment Co. Spectratek was represented by Mark Zamel.
State Farm Insurance has renewed its lease on more than 23,000 square feet of space at 1919 Santa Monica Blvd. in Santa Monica, and McGuire Environmental Consultants signed a lease for 1,600 square feet in the same building, which is now 100% leased. The value of the two leases totaled about $2 million, according to Westmac Commercial Brokerage Co. brokers David Thurman, Luke Palmo and Tim Macker, who represented landlord Arden Realty Inc. in the transactions. Richard Ellis represented State Farm.
Owner-user Mark Roberts, operator of an import-export business, has purchased a 34,500-square-foot industrial building at 2501 W. 5th St. in Santa Ana from San Francisco-based BRE Properties Inc. for $1.3 million.
Chris Migliori of the Anaheim office of Daum Commercial Real Estate Services, who represented BRE, said the property was the last California industrial building owned by BRE, which now specializes in apartments. Buyer Roberts was represented by Andy Friedman of Industrial Properties.
