Buy/Lease Deal Totals More Than $42M

BREA, CA-TA Associates Realty has sold and signed a lease amendment deal for a 246,608-square-foot industrial property at the Sunset Distribution Center at 200 N. Berry St. here to 200 N. Berry Street Associates LP for $22.7 million. Alejandra Valenzuela, VP with NAI Capital‘s Commerce office, and David Moore, SVP with the firm’s Ontario office, negotiated the deal on behalf of the buyer. Simultaneously with the purchase, the existing lease was amended with Walter’s Wholesale Electric to blend and extend the terms and rates, with the lease value becoming approximately $19.6 million. The combined value of the sales and lease transaction was $42.3 million. The Center consists of three buildings totaling 420,087 square feet. Constructed in phases in 1969 and 1991, 200 N. Berry has had recent improvements including complete office renovation and recoating of the roof.

PASADENA, CA-International real estate investment and services firm Kennedy Wilson and its partners have acquired 245 S. Los Robles, a 175,792-square-foot, class-A office project here for $39 million from an unnamed seller. The total equity invested in the transaction was $16 million, 5% of which was contributed by Kennedy Wilson. Additionally, the company secured a $23-million loan on the property from JPMorgan Chase. The property consists of an eight-story office tower totaling approximately 130,000 square feet, a two-story annex building totaling almost 46,000 square feet, a four-level parking structure and an approximately one-acre surface parking lot. Collectively, the project is situated on a 3.5-acre site, part of which is zoned for multifamily development, and encompasses nearly an entire city block in the heart of Pasadena. Kennedy Wilson plans to reposition the project through a capital-improvement plan that includes various exterior cosmetic enhancements, bathroom remodels, elevator lobby renovations and the addition of highly desired outdoor space for tenants.