Site Purchased for Complex in Westridge Community
BRE Properties Inc. of San Francisco acquired 7.35 acres at Valencia Boulevard and Old Road in Valencia from Newhall Land & Farming Co. for $11.2 million and will begin development of a 234-unit apartment complex this spring. The Westridge Apartments project, scheduled to be completed by early 2003, will be among the first developments in Newhall Land’s Westridge Community on the west side of I-5 at Valencia Boulevard. BRE, a real estate investment trust, was represented by Fred Cordova of Cushman & Wakefield. Newhall Land was represented in-house by Keith Herren.
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American Products Co. signed a 10-year, $12-million lease for industrial space on 13.8 acres at 22324 Temescal Canyon Road in the Wildrose Business Park near Corona. Kevin Chapin of NAI Capital Commercial represented the tenant. The landlord, Ridge Properties Inc., was represented by Larry Null of Lee & Associates.
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Longs Drug Stores Corp. signed a 20-year, $8-million lease for 15,750 square feet of retail space at 3456 Sepulveda Blvd. in Los Angeles. Lee Shapiro of Charles Dunn Co. represented the landlord, Phil Wood Trust. Scott Manclark of Cypress Retail Group represented the tenant. The store is slated to open in April.
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Modern Videofilm Inc. signed a five-year, $7-million extension of its lease for 42,000 square feet of office space at 4411 Olive Ave. in Burbank. Mark Sullivan and Sean Westgate of Julien J. Studley Inc. represented the tenant. Landlord Shamrock Holdings was represented in-house by Bruce Stein.
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Turner Development Corp. of Newport Beach acquired a 58,000-square-foot industrial building at 1822 Reynolds Ave. in Irvine for $3.5 million from Fujita Corporation USA. John Griffin of Voit Commercial Brokerage represented the buyer. The seller was represented by John Pagliassotti, also of Voit.
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Goldrich & Kest Industries of Culver City bought a 140,000-square-foot warehouse at 7366 Orangewood Ave. in Garden Grove from Voit Cal Portfolio Partners I for $10 million. Louis Tomaselli and Mitch Zehner of Voit Commercial Brokerage represented the buyer and the seller.
