Industrial Property Fetches $34M

In the Torrance transaction, the purchaser acquired a concrete tilt-up facility at 4100 190th St. that was built in 1974 and was renovated in 2002. The property was 100% leased at the time of the sale. Kevin Shannon, Scott Schumacher and Michael Moore of the South Bay office of Grubb & Ellis represented the buyer, with Shannon, Schumacher and Moore also representing the seller, along with David Prior and Todd Taugner of the Klabin Co.

In the second of the South Bay deals, the Copeland Group, an Upland-based private investment group, purchased a 41,617-sf industrial building at 2355 Utah Ave. from Layton-Belling & Associates of Newport Beach for $6.8 million. The structure is a concrete tilt-up building that was 100% leased to Xerox at the time of the sale. Shannon, Moore, Schumacher and Sean O'Donnell of Grubb & Ellis' South Bay office and Bryon Ward of the firm's Newport Beach office represented the buyer and the seller.

The third deal involved a property in Rancho Palos Verdes, where WB Investments of Los Angeles bought a 36,272-sf office building at 500 Silver Spur Road from Metro Properties of Santa Monica for $5.8 million. The three-story, steel-frame building was approximately 70% leased at the time of the sale. Shannon, Schumacher, Moore and Philip Mattice represented both the buyer and the seller.

In the fourth deal, in the City of Industry, Chicago-based First Industrial Realty Inc. acquired a 116,000-sf industrial building at 333 Turnbull Canyon Road in a sale/leaseback transaction valued at $5.4 million. First Industrial, a real estate industrial trust, bought the single-story, concrete tilt-up manufacturing facility from Saint-Gobain Calmar Inc., a specialty packaging firm. Saint-Gobain has been in the building since it was built in 1962 and has leased it back. Shannon, Schumacher and Moore, along with Jim Center and Chalvis Evans of the Grubb & Ellis San Gabriel Valley office, represented the buyer and the seller.