LOS ANGELES, CA-Four different buyers have paid a total of $143 million for four separate office, industrial and retail properties totaling more than 1.1 million-sf in separate transactions brokered by the Kevin Shannon team in the South Bay office of CB Richard Ellis. Shannon's team started work on the four transactions when the team was still with Grubb & Ellis.
The largest of the four deals was the $84.75 million sale of the 720,301-sf Heritage Corporate Center in Santa Fe Springs, which Legacy Partners acquired from Argus Realty. The industrial and office center comprises 23 institutional quality buildings that were 94% leased at the time of the sale.
The Heritage buildings are under a "very favorable long term ground lease," according to Shannon, whose team represented the seller along with John Biven of CBRE. The other members of Shannon's team are Michael Moore, Scott Schumacher, Paul Perkins and Rob Hannan.
The Heritage center is part of a 55-acre master-planned park with on-site amenities including a day care center, three restaurants and two city parks. It comprises 448,598 sf of single and multitenant industrial, 168,796 sf of R&D and 102,907 sf of office space.
In Rancho Dominguez, a partnership of Strategic Realty Investors Inc. and Morgan Stanley acquired a vacant 234,800-sf distribution building from First Industrial Realty for $20.5 million. The property, at 19914 Via Baron, was built in 1973.
The Via Baron property is adjacent to the Dominguez Technology Center and is within a mile of the Alameda Corridor. The property was one of one of only two industrial buildings larger than 200,000 sf that were available in the South Bay at the time of sale, notes Shannon, whose team combined with Jeff Smart and Sean O'Donnell of Grubb & Ellis to represent both the seller and the buyer.
In Long Beach, WRA Realty paid $19.15 million for the 71,369-sf Wing Office and Business Park at 3950 and 3960 Paramount Blvd. Bob Alperin and Robert Geary of Cushman & Wakefield worked with Shannon's team in representing the seller, Pacifica Real Estate Group.
Wing Business Park consists of three, 97.5%-leased, low-rise office/R&D buildings on two separate parcels. Wing Office Park is a 65,952-sf two-story office project consisting of two buildings which are 65% leased to the FAA and the State of California. Wing Business Park is a 100%-leased, single-story flex office building on a separate parcel.
In Signal Hill, Comstock Crosser sold the 83,433-sf Town Center West at 1600-2599 E. Willow St. for $18.57 million. The property is a newly developed grocery-anchoredshopping center that is 100% leased.
Tenants at Town Center West include a 59,000-sf Food 4 Less supermarket, Starbuck's Coffee, Nextel Wireless and aMcDonalds restaurant. Jeff Hanson and Ryan Gallagher of Grubb & Ellis worked with Shannon's team in representing the seller.
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