(To read more on the industrial market, click here.)

CITY OF INDUSTRY, CA-Granite Peak Partners has acquired a 110,000-sf industrial property here for $7.14 million and, in a separate deal, private investors acquired a 16,000-sf industrial building in Chatsworth for $3.1 million. The Granite Peak purchase is a single-tenant property that is leased to Spring Air Partners California as the Los Angeles manufacturing facility for the national mattress company.

The new Granite Peak asset sits on a four-acre site at 111 N. Baldwin Park Blvd. The buyer and the seller were represented by Chris Thompson of Investment Real Estate Associates of Encino. Bruce Savett, a founding principal of Granite Peak Partners in charge of acquisitions, points out that Granite Peak selected and acquired the property for a private client.

Spring Air Partners is expected to remain the sole occupant of the building, according to Savett. He adds that his firm’s client was looking for a stabilized and well positioned industrial property in the strong City of Industry in-fill market.

In the Chatsworth deal, two private investors bought a 16,000-sf industrial building at 9119 DeSoto Ave. that had been substantially converted as a part of Bally’s Fitness Center. The building formerly served as a wholesale and retail center for ITC Electronics.

Scott Caswell of Van Nuys-based Delphi Business Properties represented the seller, ITC Electronics, with Eli Anishban of Precision Properties of Encino representing the buyers. The concrete block structure, located on just under an acre of land, features a totally improved interior to office standards, on-site parking for 57 cars, and air conditioning throughout.

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