COMMERCIAL REAL ESTATE : Deals
Kearny Real Estate Co., an investment arm of Morgan Stanley Real Estate Funds, sold Long
Beach Corporate Square, a 145,000-square-foot office complex on a 6-acre site in the Bixby Knolls area of Long Beach, to Jacksonville, Fla.-based Regency Realty. Principals of the deal did not disclose the purchase price, but real estate sources estimated it at $10 million. The property comprises four low- and mid-rise office buildings at 4300 Long Beach Blvd.
Kearny acquired the project in 1995 as part of a larger portfolio of assets. In the current sale, Regency received an approved redevelopment plan Kearny obtained from the Long Beach Redevelopment Agency. The plan calls for the replacement of two obsolete buildings with a two-story parking structure and a stand-alone grocery store, according to Kearny Vice President Greg Galusha. Chris Houge and Richard Rizika of CB Richard Ellis represented the seller. Regency Realty represented itself.
* Energy Club Inc., a food products packaging and distribution company, bought a 65,620-square-foot distribution building at 12950 Pierce St. in Pacoima for $4.1 million from McMahan Family Trust. The buyer was represented by Jim Ebanks of Realty Advisory Group Inc. The seller was represented by Bob Hoyer, Jerry Scullin and David Hoffberg of Delphi Business Properties.
* Troika Networks Inc. signed a five-year, $3.9-million lease for 27,761 square feet of office space at 2829 Townsgate Road in Westlake Village. Richard Abbitt of Lee & Associates represented the tenant. The landlord, Kilroy Realty, was represented by Keith Green of Lee & Associates.
* Pacific Air Balance, a maker of heating and ventilating equipment, signed an eight-year, $2.5-million lease for 51,668 square feet of industrial space at 720 Jessie St. in San Fernando. It was represented by Bart G. Reinhard of Delphi Business Properties. The building owner, Hollywood-based Crossroads Trust, was represented by Jim Hobson and Ross Thomas of Delphi.
* SCI Properties of Westwood acquired a 26-unit apartment building at 11252 N. Peach Grove St. in North Hollywood for $1.9 million from 11353 Peach Grove LLC. The buyer was represented by Robert Robotti and Marc Paul of Re/Max Commercial Brokerage. Roger Lee of Marcus & Millichap represented the seller.
* SCI Properties purchased a 24-unit apartment building at 4433-39 Murietta Ave. in Sherman Oaks for $1.7 million from 10110 Camarillo Place LLC. Robert Robotti and Marc Paul of Re/Max Commercial Brokerage represented both the buyer and the seller.
* Congregation Yeshivah Gedolah bought a 13,444-square-foot building at 1014 S. Cochran St. in Los Angeles for $1.7 million from First Church of Christ, Scientist. Sue Horowitz and Randy Scheinbein of Capital Commercial/NAI represented the buyer. The seller was represented by Nevil Green of CB Richard Ellis.
* Home Depot USA Inc. signed an 18-month, $1.5-million lease for 311,000 square feet of warehouse space at 5590 Francis Ave. in Ontario. The tenant was represented by Scott Evans, Terry Evans and Kurt Griffin of Cushman & Wakefield. The landlord, Prologis Trust, was represented by Len Santoro of CB Richard Ellis.
* Matt Construction signed an eight-year, $1.3-million lease for 12,000 square feet of research and development space at 9814 Norwalk Blvd. in Santa Fe Springs for its headquarters, according to Luke McDaniel and Lonnie Riddle of Grubb & Ellis, who represented Matt in the transaction. Robin Treen of Sperry Van Ness represented the landlord, Nobbs Family Trust.
* Security Paper Tube signed a five-year, $1.3-million lease for 53,000 square feet of warehouse space at 16017 Valley Blvd. in Industry. Kerry Cole and Robert Dipre of Daum represented the landlord, L-W Income Properties. Steve Shataffian of Lee & Associates represented the tenant.
* Pointe Communications, an Atlanta-based telecommunications firm, signed a five-year, $1.2-million lease for 16,794 square feet of office space at 606 E. Huntington Drive in Monrovia, according to James Wynne of Grubb & Ellis, who represented the tenant. The landlord, Boone/Fetter/Occidental of Monrovia, represented itself.
* Robin Rix acquired a 24-unit apartment building at 903-909 E. 1st St. in Long Beach for $1.2 million from Driftwood 85 Limited Partnership. Steve Heri, Michael McKinney and John McLaughlin of CB Richard Ellis represented both the buyer and the seller.
* Downey-based Rockview Dairies Inc. has expanded its operations in Santa Fe Springs by purchasing a pair of industrial buildings totaling 20,113 square feet at 10080 Greenleaf Ave. and 10041 Shoemaker Ave. for $1.1 million from Cleveland-based U.S. Industries Inc. Jim McFadden, Cameron Driscoll and Luke McDaniel of Grubb & Ellis represented the buyer in the transaction. Rick McGeah of CB Richard Ellis represented the seller.
* Factory-2U, a discount clothing retailer, signed a 10-year, $1-million lease for 14,488 square feet of space at Orchard Hardware Plaza, 9040 Foothill Blvd. in Rancho Cucamonga, according to David Wick of Capital Commercial/NAI, who represented the landlord, Lewis Homes Retail Division. The tenant was represented by Christine Jacobs of CB Richard Ellis.
* Quest Components signed a six-year, $1-million lease for 32,400 square feet of warehouse space at 250 Turnbull Canyon Road in Industry. The landlord, Cavalletto Partners, was represented by Kerry Cole of Daum. The tenant was represented by Daum’s Andrew K. Clark and by Scott Schumacker of Cushman & Wakefield.
* JFL Contract Furnishings signed a six-year, $1-million lease for 34,704 square feet of industrial property at 3040 E. Maria St. in Rancho Dominguez. Chuck Brill of Daum represented the landlord, Corsaro Distributing Co. The tenant was represented by Daum’s John J. Kolich and Rudy Lara.
