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[IMGCAP(1)]EL SEGUNDO, CA-A retail center that is part of a 2.2-million-square-foot development here has traded for $11.26 million, and the market has won a 32,980-square-foot, build-to-suit office project as development continues despite the economy in this community southwest of Los Angeles. The property that sold was the 18,549-square- foot Edge Retail Center on the northwest corner of Douglas Street and Maple Avenue; the new development project is a build-to-suit for the Department of Defense Military Entrance Processing Station, which is responsible for qualifying and processing applicants for the US armed forces and federal service.

The Edge center is part of the 46.5-acre, 2.2-million-square-foot Campus El Segundo that is being developed by Los Angeles-based Thomas Properties Group, notes Richard Rizika of CB Richard Ellis, who was part of a CBRE team including Dan Hoogesteger, Hook McCullough and Mike Grannis that represented the seller, AMP Property LP. The center’s tenants include Starbucks, Noah’s Bagels, Xerox Federal Credit Union and Scottrade.

[IMGCAP(2)]Built in 2008, the Edge Center includes two buildings of 10,447 square feet and 8,102 square feet. The portion of the Campus at El Segundo where it is located is a 220,000-square-foot class A office park called the Edge at Campus El Segundo.The location of the retail center “creates a critical, built-in population” that added to its appeal as an investment, particularly in today’s market, where investors are focused almost exclusively on best-positioned centers, Rizika points out.

“This is the only retail amenity in close proximity to over four million square feet of office space, which has helped attract both credit tenants and interest from the investment community,” Rizika says. The location is adjacent to office space occupied by DirecTV, Northrop Grumman, Boeing and Raytheon. The buyer of the center, an individual investor, was represented by Rafael Padilla of PAR Commercial.

The build-to-suit for the Military Entrance Processing Station will be occupied on a lease that was signed by the US General Services Administration on behalf of the MEPS, according to Grubb & Ellis Co., which represented property owner Mar Canyon Grand LLC. The Grubb & Ellis team included Jim Biondi, Terry Reitz, Jeff Smart and Gerald Kim.

The MEPS facility will be situated on a 4.25-acre site at 1700 E. Grand Ave. It is slated to open in August 2009 and will be a relocation from 5051 Rodeo Rd in Los Angeles. Grubb & Ellis notes that, of the 65 MEPS centers located throughout the US, the Los Angeles facility is the largest. The GSA was represented by Shadd Walker of Colliers International.

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