Deals
San Clemente-based Sunstone Hotel Investors Inc., a real estate investment trust, acquired the 168-room Pacific Shore Hotel at 1819 Ocean Ave. in Santa Monica for $22 million from Motels of America Corp. Alan X. Reay, president of Costa Mesa-based Atlas Hospitality Group, represented both parties in the sale.
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The law firm of Sidley & Austin expanded its lease at the Gas Company Tower at 555 W. 5th St. in downtown Los Angeles by 25,000 square feet and extended the lease for four years in a transaction valued at more than $14 million. Sidley & Austin, which now leases 128,832 square feet on five floors, was represented by Stephen Bay and Clay Hammerstein of Julien J. Studley Inc. Building owner Maguire Partners was represented in-house by Tony Morales.
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Canadian Cal 5, a private investor, acquired a four-building portfolio of Southern California office buildings for $8.4 million from Massachusetts Mutual Life Insurance Co., according to Robert A. Carlton of Collins Commercial, who represented the buyer. The properties included the 32,342-square-foot Grand Terrace Professional Plaza at 22365 Barton Road in Grand Terrace; the 44,388-square-foot American Site Office Square at 13005-13079 Artesia Blvd. in Cerritos; the 36,241-square-foot Beach Executive Plaza at 12235 Beach Blvd. in Stanton; and the 36,363-square-foot Cypress Professional Building at 6101 Ball Road in Cypress. Ken Hulbert of Charles Dunn Co. represented Massachusetts Mutual in the transaction.
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Mitsubishi International Corp. renegotiated an eight-year extension on its lease of 25,587 square feet at Arco Center at 333 S. Hope St. in downtown Los Angeles in a deal valued at $7 million. Jim Travers of Travers Realty/Oncor International represented Mitsubishi, which will remain in the 55-story high-rise through 2008. John McAniff and Reid Tussing of Cushman & Wakefield represented the landlord, Metropolitan Life Insurance Co.
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The Schaeffer Magnetics Division of Moog Inc., a manufacturer of electromagnetic devices for the space industry, signed a 10-year, $5-million lease on 70,172 square feet of industrial space at 21339 Nordhoff St. in Chatsworth’s Northpark Industrial Center that will serve as the company’s new headquarters. The company will move into the building in December, according to Scott Caswell and Ross Thomas of Delphi Business Partners, who represented Schaeffer Magnetics. Caswell also represented the landlord, Northpark Industrial Center. Jay Hennig, general manager of Schaeffer, said the new site nearly doubles the size of the company’s operations, which will be relocated from 9175 Deering Ave. in Chatsworth. Schaeffer employs 160 workers at its current site but anticipates expanding its work force to 200 within two years of moving to the new building, Hennig said.
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Metro Properties bought a 58,838-square-foot office building called Terrado Plaza at 750 Terrado Plaza in Covina for $4.9 million from 750 Toronto Associates. Christopher E. Maling and Kenneth Hitchcock represented the seller, and Jack Holly of Marcus & Millichap represented the buyer.
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Malaga Associates of Redondo Beach plans to build a $3-million office building on a one-acre site near Torrance Boulevard and Van Ness Avenue in Torrance that the company recently bought for $541,000 from Pacific Bell. John J. Balestra, a principal of Malaga Associates, said his company will break ground in October on the 20,700-square-foot building in the 36-acre Torrance Center, part of the 292-acre Torrance Industrial Redevelopment Project. Todd Taugner and Jim Sullivan of Klabin Co. represented both buyer and seller in the sale.
