DEALS
* Center Trust Inc. sold the AMC Theater at its Covina Town Square Shopping Center in Covina for $23 million to Family Realty Advisors. The buyer of the 95,150-square-foot theater, which Center Trust built in 1997, assumed the $17.4 million mortgage that the company obtained in March, according to Edward D. Fox Jr., chairman and chief executive of Center Trust. Center Trust was represented by Alan Krueger of Marcus & Millichap. The buyer was represented by Mark Lucescu of Marcus & Millichap.
* La Curacao, a Los Angeles-based department store chain that caters to Latino consumers, has signed a 15-year, $19.7-million lease for 106,000 square feet of retail space as co-anchor at El Paseo at Southgate, a 300,000-square-foot entertainment retail center under construction near the northeast corner of Garfield Avenue and Firestone Boulevard in Southgate. Armando Aguirre of Grubb & Ellis represented both La Curacao and the developer / landlord, Southland Companies of Pasadena. The 23-acre redevelopment project is expected to be completed by midsummer.
* Arizona Partners acquired Butterfield Stage Square, a 217,981-square-foot neighborhood shopping center on 23 acres at 624 Main St. in Corona, for $12.5 million from Steve Schechter. Alan Krueger of Marcus & Millichap represented the buyer and the seller.
* The Barnard Co. sold the three-building, 235,000-square-foot Summit Springs Business Park at 8373 Dice Road in Santa Fe Springs for $11 million to two different buyers, Brian Weiss and the Wysard Family. Gary Carter, Laird Perkins and Kyle Lundy of CB Richard Ellis represented the seller. Brian Weiss was represented by Jesse Laikin and Tim Cronin of Lee & Associates. The Wysard Family was represented by Ronald Buss and Thomas Baaden of Buss & Shelger Associates.
* Davlyn Investments of San Diego acquired the 100-unit Independence Plaza Apartments at 8735 Independence Ave. in Canoga Park for $6.9 million from Independence LLC. Joel Berlinsky of Peregrine Advisors Ltd. represented the buyer and the seller. Davlyn said it plans major renovations at the complex, including upgrades to the apartment units and construction of a fitness center.
* The principals of Sports Tutor Inc., Bill & Bill Property Management, acquired a 3.5-acre site including five buildings and 106,000 square feet of industrial space at 3400 Winona Ave. in Burbank for $5.7 million, according to Michael Preiss of the Klabin Co., who represented the buyer. Preiss said Sports Tutor, which recently sold its former headquarters in North Hollywood to General Motors for an auto design center, will relocate its headquarters to the Winona Avenue property. The seller, Tiffany Nussbaum, was represented by Brett Warner of Lee & Associates.
* Kohler Co. signed a 10-year, $4-million lease for 72,239 square feet of industrial space at 1250 Artesia Blvd. in Compton. Bret Quinlan and Vince Manchee of Cushman & Wakefield represented the landlord, AMB Property Corp. The tenant was represented by Mark McNally and Cree Partridge of Jones Lang LaSalle.
* PlanetLingo, a computer technology and Internet firm, signed a five-year, $4-million lease for 33,000 square feet of office space at 199 S. Los Robles Ave. in Pasadena. The landlord, Lend Lease, was represented by R. Todd Doney and Nico Vilgiate of Insignia / ESG. The tenant was represented by Eric Duncanson of Julien J. Studley Inc.
* I.W. Industries of New York, a manufacturer of brass products for the plumbing industry, acquired a 52,023-square-foot industrial building on three acres at 28238 Avenue Crocker in Valencia for $3.6 million from Packaging Plus, the former occupant of the property. The seller was represented by Steve Stubblefield of Westcord Commercial Real Estate Services. The buyer was represented by Kevin Tamura and Bram White of Daum Commercial Real Estate Services in cooperation with Daum’s affiliate Sutton & Edwards of Long Island, N.Y.
