DEALS
Aames Financial Corp. has put most of its downtown Los Angeles headquarters up for lease, dumping more than 175,000 square feet of space on an office market that remains in the doldrums. The decision to sublease its space comes only three years after Aames, which specializes in making loans to customers with credit problems, announced it would move 700 employees from the Mid-Wilshire area into Two California Plaza, a gleaming, 52-story skyscraper atop Bunker Hill. Since then, however, the company has gone through financial turmoil and a management shake-up that saw the departure of its longtime chairman. Earlier this year, financier Ronald Perelman said he would buy nearly 10% of the company.
* BMK Inc., a warehouser and distributor, signed a 10-year, $6-million lease for 170,000 square feet of distribution space at 7026 Slauson Ave. at Chartwell Distribution Center in Commerce. Dan Sibson of Investment Development Services and John Privett of CB Richard Ellis represented the landlord, Chartwell Investment Co. Paul Sablock and Steve Calhoun of Seeley Co. represented BMK.
* ATL Products, a manufacturer of automated tape systems for backing up computer network data, signed a five-year, $5.7-million lease on 63,412 square feet of research and development space at 101 Innovation in University Research Park at UC Irvine. It will serve as the company’s corporate headquarters. Scott Read of Grubb & Ellis represented ATL. The landlord, Irvine Co., represented itself.
* Control Income Properties, a Newport Beach-based investment partnership, acquired a 61,078-square-foot research and development building at 7272 Chapman Ave. in Garden Grove for $5.2 million from Ventura Associates of Lihue, Hawaii. The single-tenant building is occupied by Hycor Biomedical. John Rothwell of Grubb & Ellis Co. represented the buyer. Sean Ahearn and Bob Griffin of Lee & Associates represented the seller.
* Cinnamon Square Friendship Partners acquired Cinnamon Square, a 40,000-square-foot shopping center at 6157-6197 Ball Road in Cypress for $2.6 million from Cinnamon Square, according to Reza Etaldi of Sperry Van Ness, who represented both buyer and seller in the transaction.
* Jac Mar Cos., a food distributor, bought 4.04 acres at 12741-A Schabarum Ave. at Cal Mat Business Center in Irwindale for $1.4 million from Los Angeles-based Cal Mat. Jac Mar plans to build an 80,000-square-foot corporate headquarters and food-processing facility at the site. Jim Center, Robert Moffatt and Cathy Moffatt of Grubb & Ellis represented both buyer and seller.
