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[IMGCAP(1)]NORWALK, CA-An affiliate of the Meridian family of companies called MVP Carmenita has acquired the 105,442-sf Carmenita Square Business Park from Carmenita Square Business Park LLC for $13.7 million in one of three L.A. County industrial transactions totaling more than $31 million in deals closed by Voit Commercial Brokerage, Grubb & Ellis and Sperry Van Ness, with two of the deals involving First Industrial. The Norwalk sale transfers title of the three-building office, industrial and retail project on Carmenita Road, which is 90% occupied.

The Carmenita Square Business Park features units ranging from 412 sf to 7,409 sf. The buyer is a diversified financial services organization that has sponsored or acted as placement agent for more than $9 billion of real estate funds and individual real estate transactions since 1981. Both the seller and the Meridian affiliate that bought the property were represented by Robert Socci, Louis Tomaselli and Mitch Zehner of the Anaheim Metro office of Voit Commercial.

[IMGCAP(2)]In the Grubb & Ellis deal, one of the two involving First Industrial, Environ Con LLC, a recycler of electronic components, bought a 128,228-sf industrial building at 333 Turnbull Canyon Rd. in the City of Industry. The building houses the buyer’s corporate headquarters and warehousing operations.

Environ Con leased the space in December 2006 with an option to purchase, according to Jim Center of the Grubb & Ellis Los Angeles East office. Center represented the seller, Chicago-based First Industrial, with the buyer represented by Bob Dipre of GVA Daum.

In the other deal involving First Industrial, Sperry Van Ness reports that the Chicago-based REIT bought a two-building, 66,856-sf industrial property at 4790-4792 Valley Blvd. for $4.8 million in an all-cash transaction. First Industrial plans to reposition the property by demolishing one existing building and replacing it with a new parking lot that is contiguous to the remaining building, which will be for sale.

Both First Industrial and the seller, Los Angeles-based Costa Macaroni Manufacturing Co., the former occupant of the property, were represented by Chalvis R. Evans, Corey A. Waite and Jonathan Dudley of Sperry Van Ness in Pasadena. The project was built in 1998 and is situated on two acres.

First Industrial plans to upgrade the power capacity at the property, create room for more dock doors and improve the office areas. The business plan calls for selling the property immediately if a buyer steps forward to acquire it as-is, or to complete the planned improvements second quarter of this year.

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