Granite Peak Buys Industrial Park

LONG BEACH, CA-Granite Peak Partners has acquired the 120,000-sf Victoria Business Park office and industrial development from a Los Angeles-based private investor for nearly $12.5 million. Granite Peak, which maintains offices in Santa Barbara and Los Angeles, acquired the asset via its Granite Peak Partners' Growth and Income Fund I.Bruce Savett, a founding principal of Granite Peak Partners who is in charge of acquisitions, says that the company chose the asset for its South Bay submarket location and "curb appeal" that is "adaptable to a broad range of users." The location was the biggest factor, Savett says, pointing out that the vacancy rates have been running between 3% and 5% in the South Bay industrial market and are have been declining of late.The Victoria Business Park buildings are near five major freeways, close to Los Angeles International Airport and situated near the Alameda Corridor, Savett points out. Buildings in the area attract users who do business at the growing ports of Long Beach and Los Angeles.Savett sees the supply for new industrial property in Los Angeles as constrained. "There is very little appropriately zoned land available for further development," he says, so rental rates for existing buildings have begun to move up.Mike Hefner of the Anaheim office of Voit Commercial Brokerage represented both the buyer and the seller of the property, which occupies a 6.3-acre site. Granite Peak, whose clients include individual and institutional investors, targets properties the range of $4 million to $40 million, primarily in the western US.