L.A. Times Subsidiary Signs $16.3-Million Lease
California Community News, a subsidiary of the Los Angeles Times, signed a 10-year, $16.3-million lease for 324,520 square feet of industrial space at Irwindale Business Center at 5091 Fourth St. in Irwindale. Phil Lombardo of Trammell Crow Co. represented the landlord, Crow Holdings Industrial Trust. The tenant was represented by Bennett Robinson of CB Richard Ellis.
The Los Angeles County Health Department’s Environmental Health Administration signed a 10-year, $14-million lease for 77,000 square feet of office space in San Gabriel Valley Corporate Center at 5050 Commerce Drive in Baldwin Park. Ron Heim of Trammell Crow Co. represented the landlord, Washington Mutual. The county represented itself.
Boseker Family Trust of Gardena acquired the 164-unit Bascom Villas apartments at 707-719 Knott Ave. in Buena Park for $13.2 million from 707-719 Knott Avenue Apartments LLC. The seller was represented by Robin Ossenbeck, Brian Hawkins and Margie Molloy of Hendricks & Partners. The buyer was represented by Mel Wiggins of Coldwell Banker.
Mellon Financial Corp. signed a 10-year lease for an additional 44,000 square feet of space at 400 S. Hope St. in Los Angeles, increasing its space to 103,000 square feet. Terms of the deal were not disclosed, but it is believed to be about $12.5 million. Mellon was represented by J.C. Pelusi, Christopher Cooper and Dana Mahoney of Jones Lang LaSalle. The landlord, 400 South Hope Associates, represented itself.
Armour CV Santa Margarita bought the Marshall’s-anchored 40,813-square-foot portion of the 162,174-square-foot Santa Margarita Marketplace at 20485-91 Avenida de Las Flores in Rancho Santa Margarita for $8.3 million from K&G;/RRGI. David Lee and Dennis Vaccaro of Faris Lee Investments represented the buyer and the seller.
Gale & Wentworth sold the 70,590-square-foot Birch Corporate Center at 3350 E. Birch St. in Brea to Terra Enterprises for $7.7 million. Robert Smith, Michael Kane and Karen Scholte of CB Richard Ellis represented the seller. Mike Austin of Sperry Van Ness represented the buyer.
Lereta Corp. signed a 10-year, $7.5-million lease for 35,000 square feet of office space in San Gabriel Valley Corporate Center at 4910 Rivergrade Road in Irwindale. Ron Heim of Trammell Crow Co. represented the landlord, Washington Mutual. The tenant was represented by Darren Shibuya of Cresa Partners.
DLGP Real Estate Fund, a subsidiary of San Diego-based Davlyn Investments, acquired the 102-unit Sorrento Apartments at 20211 Sherman Way in Canoga Park for $6.9 million from an affiliate of Fairfield Residential, also based in San Diego. Dean Zander and Robin Ossenbeck of Hendricks & Partners represented both buyer and seller.
Asset Management Consultants Inc. acquired a 43,573-square-foot office building at 23929 Valencia Blvd. in Valencia from Newhall Land & Farming Co. for $6.8 million. Fred Cordova of Cushman & Wakefield represented the buyer and the seller.
San Francisco-based real estate investment firm GK Investments purchased Park Lambert Business Center, a 64,478-square-foot industrial park at 570 and 580 Lambert Road in Brea, for $4.5 million from CT Realty Corp. of Newport Beach. Jeff Chiate and Rick Ellison of Cushman & Wakefield represented the buyer. CT Realty was represented by Johnnie Eubanks and Allen Buchanan of Lee & Associates.
Furniture Superstore, a Murrieta, Calif.-based furniture retailer, signed a 14-year, $4.5-million sublease for 23,350 square feet in the Ontario Gateway shopping center at the northeast corner of Milliken Avenue and the 10 Freeway in Ontario. Marc Piron of Grubb & Ellis represented the tenant. Jack Barson of Doppco Enterprises represented the sub-landlord, Cleveland-based OfficeMax.
Rajani Family Real Estate Partnership purchased a 118,947-square-foot industrial building at 1800 E. 50th St. in Los Angeles for $4.4 million from Long Beach Avenue Properties. Douglas Golden of Charles Dunn Co. represented the buyer. The seller was represented by Sandra Crawford and Carol Taubman of Westgate Industrial Properties.
Architectural firm Zimmer Gunsul Frasca signed a seven-year, $4-million lease for 20,000 square feet of space at Arco Plaza at 515 S. Flower St. in Los Angeles. Landlord Shuwa Investment Corp. was represented by Reid Tussing and Jason Warner of Cushman & Wakefield. The tenant was represented by Clayton Hovivian and Carl Muhlstein, also of Cushman & Wakefield.
The law firm of Korenberg, Abramowitz & Feldun signed a 10-year, $3.1-million lease for 12,000 square feet of office space at Washington Mutual Plaza, 13949 Ventura Blvd. in Sherman Oaks. The tenant was represented by Bryan Lewitt and Carlo Brignardello of Cresa Partners. The landlord, Washington Mutual, was represented by Rob Erickson of Cushman & Wakefield.
