Medical, Office, Industrial Deals Close

Northridge Professional Park was represented by Gary DiMartino, Michael Loewenstein and Bill Kogel of TOLD Partners Inc. The building at 11260 Wilbur Ave. that Northridge Professional sold was acquired by AMC Inc. as a fully leased investment.

DiMartino comments that the market "is very tight for this type of property, and this building offered an excellent long-term investment opportunity for the buyer" because of the quality of the property and rental upside. AMC Inc. is headquartered in Granada Hills, CA and represented itself in the transaction.

The building at 9300 Oso Ave. in Chatsworth that JLN Partners bought was sold by the Kaufman Family Trust, which was represented by Mike Hooker of Delphi Business Properties. DiMartino comments, "Investors are still actively pursuing opportunities, but pricing is still above buyers' expectations, so transactions are limited."

In Simi Valley, Lee & Associates reports that Spar Investment Co. acquired a 34,875-sf industrial property located at 2255 and 2267 Agate Court from Turbo Properties LLC for $5.3 million. Spar was represented by principals Grant Harris and John Ochoa of Lee's Ventura office; the seller was represented by Bram White and Stuart Scott of DAUM Commercial Real Estate Services.

Harris describes the negotiation was arduous given the complexity and time constraint of the deal. As Harris explains, in order for the deal to go forward, it was crucial to have both a motivated buyer and a seller willing to facilitate and expedite the transaction. "Because we were given limited financial information on the privately held tenant, it was beneficial that the buyer was very knowledgeable about the tenant's industry and its current condition," he says.

In Moorpark, Videogame maker THQ has signed a $3.5 million, six-year lease to occupy 22,800 sf of newly renovated office space at Condor Corporate Center at 5898 Condor Dr. The property owner is Brentwood Capital Partners, which was represented by Mark Leonard, Marc Spellman and Cory Richmond of Lee & Associates-LA North/Ventura Inc. THQ was represented by David Kimball of UGL Equis Corp.

Leonard reports that Brentwood Capital Partners renovated the former industrial property from top to bottom, turning it into office space. BCP's Condor Corporate Center is a two-story, 130,000-sf building, that was completely refurbished with 10-foot ceilings, landscaping, new mechanical systems and features such as outdoor patios, making the space especially well suited to creative and R&D uses, Leonard notes. Leonard, Spellman and Richmond are marketing the remaining 108,000 sf at the project.

In Valencia, Torrance, CA-based Storm Properties Inc. sold a 20,000-sf industrial building at 24950 Avenue Kearney to Boston-based TA Associates Realty, the same buyer that recently acquired a 500,000-sf portfolio of Storm Properties assets for $52 million. The Valencia transaction closed independently of the portfolio sale and was negotiated directly with TA Associates Realty, without broker representation. The property is a freestanding building in the 1,117-acre Valencia Industrial Center.

In Sun Valley, Voit Development Co. reports that it has sold out its 72,000-sf Wheatland Commerce Center, a multi-tenant property composed of 24 industrial condominium units on approximately 3.5 acres at 8000 and 8010 Wheatland Ave. Tim Regan, vice president of acquisition/development for Voit Development, was the project manager for the development, which targeted a need for small industrial product in the Burbank/Bob Hope Airport Area. Ron Berndt and Kevin Tamura of DAUM Commercial Real Estate Services were the marketing representatives on the project.