Unsolicited Offer Produces 150,000-SF Sale

In El Segundo, buyer 2383 Utah LLC acquired a 150,000-sf office and R&D building at 2383 Utah Ave., just south of Los Angeles International Airport, from Dallas-based Behringer Harvard. Behringer Harvard reports that the disposition "takes advantage of an opportunity to full-cycle this asset," which the Texas-based investor acquired in May 2005 as one of the 36 properties purchased during the first acquisition phase of the company's flagship investment program, Behringer Harvard REIT I Inc.

The 2383 Utah Ave. property is a a one-story office building situated on a 9.6-acre site on the northwest corner of Aviation Boulevard and Utah Avenue. It is leased to Northrop Grumman, a global defense company; and Unisys, a multinational information technology company.

According to Thomas F. August, chief operating officer of Behringer Harvard REIT I, the Texas-based firm acquired 2383 Utah with the intention of holding it for the long term. However, plans for the property changed recently when Behringer Harvard received "an attractive and unexpected purchase offer," August says.

Terms of the 2383 Utah sale were undisclosed. According to a GlobeSt.com report at the time the REIT bought the property, Behringer Harvard paid $27.5 million for it in 2005.

[IMGCAP(2)]In the La Mirada transaction, Ortho Mattress has signed a new 97,000-sf, full-building industrial lease at 15300 Valley View Ave. Ortho houses its main warehouse, showroom and manufacturing space in the building, according to Derek Landry, director of real estate asset management for TIAA-CREF. East Coast-based TIAA-CREF is the owner of the 97,000-sf facility, which is part of the three-building Valley View Business Center.

New York City-based JRT Realty Group Inc. and Cushman & Wakefield serve as the leasing agents for Valley View. JRT executive vice president Greg Smith, along with JRT's Jodi Pulice, founder and president, leads the brokerage team that includes Cushman & Wakefield's Rich Grande, Mark Lombardo, John McMillan and Jeff Sanita.

The Ortho Mattress operation at 15300 Valley View Ave. represents an expansion for the company. The facility houses its main warehouse and also includes a showroom and manufacturing space. Founded in 1957, Ortho manufactures and distributes bedding products to Southern California and Midwestern cities. Terms of its lease with TIAA-CREF were not disclosed.

[IMGCAP(3)]In the Sylmar transaction, Newport Beach, CA-based Voit Development Co. reports that Tutor-Saliba Builders bought a 33,717-sf building at Voit's North Valley Commerce Center, a 201,326-sf industrial business park at the intersection of Olden Street and San Fernando Road.Voit completed construction in June at the park, which consists of seven buildings with units ranging from 2,237 sf to 57,666 sf that Voit is marketing for sale or lease.

Voit was represented by the CB Richard Ellis team of David Harding, Greg Geraci, Matt Dierckman and Billy Walk, with Tutor-Saliba representing itself.