Jamison Acquires Grand Avenue Project

EL SEGUNDO, CA-Two of the largest owners of office properties in Southern California have struck a deal in Los Angeles-based Jamison Properties’ acquisition of Grand Avenue Plaza, a two-building office property totaling 81,765 sf. Jamison acquired the property from West Los Angeles-based Arden Realty for $13.4 million, according to Grubb & Ellis, which represented the seller and has also gained a recent listing to market another office property in the county.

The Grubb & Ellis team included Bob Griffith and Jon Nesbitt of the company’s Newport Beach office, along with Eric Lastition of Colliers Seeley. Jamison represented itself in the deal.

The property, at 1970 and 1990 E. Grand Ave., was 99% leased at the time of sale. The deal adds to an ever-growing portfolio for Jamison, which now owns approximately 22 million sf of space in the region. Other recent Jamison acquisitions have included the 187,104-sf Cerritos Corporate Tower, which the company bought for $49.3 million, and a 150,000-sf medical building in Long Beach that it bought for $30 million.

The other office property that Grubb & Ellis is marketing is the 40,565-sf Saturn Center, an office/flex project under way in Monterey Park. The high-image, two-story building is a development of Diamond Bar-based Horizon Pacific that broke ground Jan. 26.

Ryan Campbell and Jim Wynne of Grubb & Ellis’ San Gabriel Valley office are the listing agents for the project, which features office and warehouse/storage space that is being marketed to owner-users. The development is located off the 60 Freeway at 1938 and 1968 Saturn St. in McCaslin Business Park. Completion is slated for the fourth quarter of 2007.