Industrial Project Leases, Another Begins

IRWINDALE, CA-Seventh Street Development has leased 75% of its 84,000-sf Speedway Business Park here in one of two industrial deals that closed recently in Los Angeles County. In a separate deal in Downey, Hager Pacific Properties has acquired a 90,000-sf facility for repositioning.

Three of the four warehouse distribution and light manufacturing buildings at the Speedway site at at 2381-2393 Buena Vista St. have been leased, according to Craig Furniss, principal with Long Beach-based Seventh Street Development. Arion International and subsidiary I-Pak DVD, which manufactures and markets a variety of CD and DVD related products internationally, signed a five-year lease worth $3.5 million to occupy 64,000 sf within the 4.5-acre development.

The new space will serve as an expansion of Arion's existing Irwindale operations. The fourth and final two-story building at the Speedway development comprises 20,488 sf and is being offered for lease or is available for fee simple ownership on a separate parcel.

In the Downey deal, Newport Beach-based Hager Pacific paid $5 million in cash for a facility occupied by Regent Manufacturing Inc. at 11905 Regentview Ave. Regent, an aviation manufacturer, has occupied the building since the 1960s and will vacate the property in November.

Robert Neal, a managing partner of Hager Pacific Properties, says the company plans to implement a repositioning plan that includes the demolition of several structures in order to create a facility that will be suitable for a variety of types of users.

Neal says that Hager Pacific sought the site for its divisible layout, excess land for storage and infill location.

The 11905 Regentview Ave. building is situated on six acres and has direct access to Firestone Boulevard and Interstate 605. Hager Pacific bought the property from Tregen Corp., with Rick McGeagh and Laird Perkins of CB Richard Ellis representing the seller and Peter Castleton of Voit Commercial Brokerage representing the buyer.