JP Morgan Fund Buys Leased $26M Industrial Asset

COMPTON, CA-A fund advised by JP Morgan Asset Management has paid $26.2 million for a 313,168-sf industrial facility that is fully leased to CCL Industries of Toronto. The property, at 2501 Rosecrans Ave., is the headquarters of the CCL Plastic Packaging division of CCL, which also operates divisions called CCL Label and CCL Container.The JPMorgan fund acquired the asset from a private family trust in a transaction brokered by the team of Terry Reitz, Jim Biondi and Gerald Kim of the South Bay office of Grubb & Ellis in Torrance. The Grubb & Ellis team represented both the buyer and the seller of the freestanding, single-story concrete tilt-up building, which was built in 1987.The CCL Plastic Packaging division designs, manufactures and distributes products for the cosmetics, food, beverage, pharmaceutical, ophthalmic, oral care, household, industrial, automotive and other industries. It is the world's third largest manufacturer and distributor of plastic packaging components, with locations in Wilkes-Barre, PA and Libertyville, IL in addition to the division's local headquarters.The CCL deal was one of two net leased sales that closed recently in the Los Angeles area, including a $3.2-million deal in Sylmar. In that transaction, Delphi Business Properties Inc. of Van Nuys reports that an investor based in La Canada bought a 31,828-sf industrial building on 1.5 acres at 15094 Bledsoe St. from the Luskin Family Trust of Redondo Beach. The property is occupied by Strategic Partners.Ross Thomas of Delphi represented the seller, with the buyer represented by David Hoffberg of Delphi. The Sylmar building is a concrete tilt-up structure featuring 1,500 sf of office space, 62 on-site parking spots, 22-foot minimum interior clearance, dock high loading and a high-capacity sprinkler system.