TORRANCE, CA-Cornerstone Realty Fund of Newport Beach, Calif. acquired Normandie Business Center, a 49,000 sf multi-tenant industrial park at 20922 to 20950 Normandie Ave. for nearly $4 million from FR/Carlyle South Bay LLC, a joint venture between First Industrial Realty Trust and the Carlyle Group.

The acquisition of the 13-year old park, which consists of two buildings on 2.45 acres, was the first purchase for a new fund formed by Cornerstone.

Normandie Business Center was 96.3% leased to 28 tenants as of the sale date. The area remains a tight industrial market, Cornerstone senior vice president Dominic J. Petrucci pointed out, noting that the vacancy rate is about 4%.

Mike Randall and Kevin Shannon of Grubb and Ellis represented both the buyer and seller. Cornerstone named Britt Shuford and Bill Palmer of Leonard & Ohren as the leasing agents.

Cornerstone was established in 1989 to specialize in multi-tenant industrial park investments. The company has sponsored nine acquisition funds that have focused exclusively on such investments.

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