CARSON, CA-A partnership of Westcore Properties LLC of San Diego and New York City-based Longwing Real Estate Ventures has sold the 184,374-sf Centre Pointe complex to Seacliff Land LLC of Santa Barbara for $25.2 million. The three-building industrial project occupies a 9.9-acre site at 101-152 W. Walnut Ave., near Main Street.Centre Pointe, which includes two mezzanine R&D buildings and one single-story industrial building, is 98% leased, with the Western Regional Headquarters for Canon Business Solutions as its major tenant. Canon occupies 54% of the space.Westcore's disposition of the complex follows its investment of approximately $500,000 in property improvements, which included a new roof, lot improvements, hard-scape improvements, the installation of an elevator in one of the buildings for easier accessibility, renovation of the vacant suites and upgrades to the hallway and lobby areas. The company invested an additional $650,000 in tenant improvements and leasing commissions.The sellers were represented by Kevin Shannon and Scott Schumacher of the Torrance office of Grubb & Ellis, with the buyer represented by Scott Collier of Granite Peak Partners. Longwing, a private investment group, is a member of the Dubai Investment Group.The transaction illustrates the strong investor demand for industrial and flex property within the infill submarkets in Southern California, says Owen Frost, chief investment officer for Westcore. He notes that the property reached stabilization sooner than expected after the upgrades and an aggressive leasing campaign.Frost says that Westcore plans to invest $500 million this year in industrial, retail and office properties in California and the Western US. Since January, Westcore has closed in excess of $375 million of property transactions.
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