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[IMGCAP(1)]SAN PEDRO, CA-A 68,100-sf medical office complex in this seaside city has sold for $16 million and a 125,957-sf industrial asset in the City of Industry has garnered $14.6 million in two deals closed recently by Lee & Associates and CB Richard Ellis. In the medical office sale, Mike Meisenbach, a principal of Lee & Associates and member of its Capital Markets Investment Group, reports that KF Properties Inc. bought the three-building medical complex at 1360 W. 6th St. from G&L Realty.

The medical office complex, which is across the street from the Little Company of Mary Hospital, includes two acres of developable land and a 383-space parking lot in addition to the three buildings. The complex was built in 1962 and is 100% leased.

According to Meisenbach, who represented the buyer, the new acquisition complements another property that KF Properties owns one block away. Seller G&L Realty represented itself in the transaction.

[IMGCAP(2)]In the City of Industry transaction, CBRE reports out that the 125,957-sf class A industrial building at 21301-21307 Ferrero Parkway traded for an extremely low cap rate for industrial product in the San Gabriel Valley submarket, and for Southern California in general, at just 4.63%. The seller was Maxking International LLC, while the buyer was an institutional investor operating as NP 21301 Ferrero Parkway Inc. Both the buyer and the seller were represented by CBRE’s Gary Stache, Pat Scruggs, Jason Chao and Anthony DeLorenzo.

The building, called Pacific Commerce Center, was developed in 2003 by Sares-Regis Group and is 100% leased to three tenants. Scruggs says that the buyer was looking for a core product that would serve to build its portfolio.

“This type of product very rarely trades in this area, so the buyer saw this as an excellent investment opportunity because of its stable cash flow and strong real estate fundamentals,” Scruggs says. “As a result, we were able to trade at a cap rate that is extremely low in today’s market environment.” According to Chao, demand remains strong in the San Gabriel Valley because it is a central point to service the L.A. Basin.

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