Comdial Inc. has sold a 177,000-square-foot industrial building in Upland to an Orange County joint-venture partnership, which then leased a large portion of the building to a division of Lockheed Corp. The value of the double transaction negotiated by Grubb & Ellis is about $10 million.
Comdial, a manufacturer of novelty telephone systems, sold the building to Muller Co. of Newport Beach and Occidental Land Research Co. of Diamond Bar for $5.5 million. The new owners have since begun a $400,000 renovation.
Simultaneously, the Aircraft Services Division of Lockheed Corp. signed a 10-year lease, valued at $4.5 million, to push the total value of the negotiation to $10 million, the largest in the history of Grubb & Ellis' Ontario office.