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SIGNAL HILL, CA-A private investment group has paid $5.4 million for an industrial project here in this South Bay submarket.

The 74,453-sf development is known as Walnut Avenue Business Park. It stands at 3259 Walnut Ave.

The buyer is F&B Properties, a private investment group based in San Francisco. It was sold by the San Francisco office of Chicago-based pension fund advisor Rreef.

Rreef was represented by a Grubb & Ellis brokerage team of Michael Randall, Dixie Walker and Charley Simpson. The price reflects a 9.3% capitalization rate, the brokers say.

Charlie McCabe of CB Richard Ellis represented F&B properties.

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