Investors Buy And Fill Industrial Space

In a Valencia transaction, Marcus Adams LLC, a Ventura-based investment group, purchased a 75,055-sf industrial building at 29101 The Old Road from Los Angeles-based CB Richard Ellis Investors LLC for $5.7 million. The two-story, concrete tilt-up building was vacant at the time of sale. Chris Jackson and Todd Lorber of the North Los Angeles office of Grubb & Ellis represented the buyer, with Craig Peters and Doug Sonderegger of CB Richard Ellis representing the seller. Marcus Adams then leased the facility for a seven-year term to KBI Industries, a manufacturer and distributor of plumbing supplies, which will be relocating from 54,800 sf of leased space in Valencia and a 22,000-sf building the firm owns in Murrieta.

In an Irwindale transaction, Western Saddlery Inc. a provider of products to the thoroughbred race horse trade, acquired a 53,726-sf industrial building as part of a two-phase transaction for a four-fold expansion from nearby Baldwin Park, according to H. R. McClain of the City of Industry office of GVA Daum. McClain reports that Western Saddlery's new facility occupies 2.5 acres at 16180 Gladstone St. The company will use the building for warehousing and distribution after occupancy in November. Concurrently, Western Saddlery sold its former facility at 1401 Joanbridge in Baldwin Park to Yury Aquiano, principal of Rigo's Sheet Metal and Equipment, a metal fabrication business specializing in food processing equipment for restaurants.

McClain and Tom Phelan, also of GVA Daum, represented Western Saddlery in both transactions. Aggregate value of the deals was $4.3 million. Rick Sheckter and Randy Lockhart of Grubb & Ellis represented Noel Castellon, the seller of the Irwindale building. Jason Vargas of Heger Realty Corp. represented Aquiano.