Deals
* GE Capital Investment Advisors Inc. has completed what is believed to be the largest acquisition of industrial property in Vernon in the last decade. The company bought the 13-building, 680,000-square-foot Vernon Industrial Park for $35 million from Boston-based AEW Capital Management. Broker Paul Sablock of Seeley Co. in Commerce said GE Capital purchased the property on behalf of a pension fund client. Vernon Business Park, which was 100% leased at the time of the sale, is on 31 acres of land at Slauson Avenue and Downey Road, approximately five miles southeast of downtown Los Angeles. Sablock and Michael C. Ross, a Seeley senior vice president, represented both GE Capital and AEW in the transaction. Sablock said 21 bidders made offers on the property, an indication of “a strong investment appetite by pension funds and other major investors” in industrial properties.
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* K&N; Manufacturing, a manufacturer of air filters for automobiles and motorcycles, signed a 20-year, $20.8-million lease for 271,250 square feet of manufacturing and warehouse space at a build-to-suit headquarters under construction on Citrus Avenue in Riverside. The company is scheduled to occupy the space in June. Bruce Springer of Grubb & Ellis Co. represented the landlord, Citrus Partners, which is developing the project. Gus Andros of Collins Commercial represented K&N.;
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* Irvine-based Bascom Group bought the 174-unit Madrid Apartments at 8655 Belford Ave. in Westchester for $14.6 million from California Multinational Development Corp., according to Jerry Fink, managing director of Bascom Group. Fink said Bascom plans to spend more than $1 million on capital improvements to the property, which Bascom bought from the seller without broker representation on either side.
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* Signal Country Village Partnership acquired the 100%-occupied, 47,479-square-foot Upland Country Village shopping center at 710-870 E. Foothill Blvd. in Upland from Selcer & Selcer Development for $7.5 million. Dennis Vaccaro of Faris Lee Investments represented Selcer & Selcer. Signal Country was represented by David Lee of Faris Lee.
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* Shidler Group of San Diego bought two warehouse buildings totaling 181,000 square feet at 14730 Don Julian Road in Industry for $5.1 million from the U.S. Postal Service, according to Marc R. Brutten, managing partner at Shidler. Anthony Brent of Lee & Associates represented both parties in the sale.
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* CT Realty Corp., a Newport Beach-based real estate investment and development company, acquired a two-story, 43,960-square-foot medical office building at 500 S. Anaheim Hills Road in Anaheim for $4.5 million from Anaheim Hills Medical Development Co. John Pierce of Voit Commercial Brokerage represented both CT Realty and the seller.
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* Bert-Co Graphics, a commercial printing company, signed a $3.3-million, 10-year lease for 92,000 square feet of industrial space at 3800 N. Mission Road in Los Angeles, according to Kenfield and Kevin Kennedy of Capital Commercial/NAI, who represented the landlord, Altshule Properties. Bert-Co was represented by Phil Norton of Seeley Co.
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* Cherno Family Trust of Seal Beach bought the 39-unit Cinnamon Creek Apartments at 625 S. Webster Ave. in Anaheim for $2.7 million from Cinnamon Creek Ltd. of Newport Beach. Ken Morgan, Jay Skenderian and Grant Hahn of Morgan Skenderian Investment Real Estate Group represented Cinnamon Creek. The buyer was represented by Gordon Reese of Cash Flow Equities.
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* Investor Tomiko Pearce acquired a 23,345-square-foot research and development building at 3 Mason in the Irvine Spectrum for $2.2 million from a former manufacturer and distributor of Gucci timepieces. Larry O’Brien and Jay Mast of Lee & Associates Commercial Real Estate Services represented both Pearce and the seller of the building.
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* Tuffli Co. has purchased a 25,840-square-foot industrial building at 2740 California St. in Torrance and has leased the facility to National Mobile Television, according to Lewis Latimer and Bill Dolan of Grubb & Ellis’ South Bay office, who represented Tuffli in the $2-million sale and represented both parties in the 15-year lease. The seller, Surf Management of Torrance, represented itself in the sale. National Mobile Television, a Seattle-based sports television filming and production firm, will be relocating from within Torrance.
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* Amusement Industries purchased the 27,339-square-foot Bristol Medical Center at 1155 W. Central Ave. in Santa Ana from Bristol Central for $1.7 million. Ken Scott of Faris Lee Investments represented the buyer. The seller was represented by Carlos Lopez, David Lee and Joe Faris of Faris Lee.
