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BREA, CA-Privately held GK Investments of San Francisco has paid $4.5 million for a multitenant industrial development here in this Orange County community.

The 64,478-sf complex is known as the Park Lambert Business Center. It stands in the 500 block of Lambert Road, about a mile from the 57 Freeway.

The seller is Newport Beach-based CT Realty Corp., which specializes in buying older or underused properties and then fixing them up to increase their value. The 10-year-old development was fully leased at the time of sale, a broker involved in the transaction says.

CT Realty represented itself in the transaction. Jeff Chiate and Richard Ellison of Cushman & Wakefield represented buyer GK Investments.

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