POMONA, CA-New York City-based KTR Capital Partners has closed its first major deal in the Los Angeles area with its acquisition of a 790,000-sf warehouse and distribution complex from Alliance Commercial Partners of Lakewood, CO for roughly $54.5 million through a KTS affiliate. The complex, at 1601 W. Mission Blvd., is known as Mission 71 Business Park.

The Mission 71 complex comprises three buildings of 750,438 sf, 32,220 sf and 7,338 sf that are 96% leased; the main building features 43,000 sf of office space. Seller Alliance Commercial recently completed a major renovation of the property, which includes approximately 31 contiguous acres located at the eastern edge of the San Gabriel Valley submarket.

The complex, originally constructed in 1952, was formerly owned by the US Navy and operated by contractors of the Navy until 1992. The property has been substantially rehabilitated and improved, including approximately $20 million of on-site and off-site improvements completed over the last three years.

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