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Commercial Real Estate

Deals

April 14, 1998

A Glendale-based air-conditioning contractor acquired a 65,240-square-foot manufacturing facility in Commerce for $3.45 million. Air Conditioning Co. bought the building at 3421 S. Malt Ave. from investment group Russell Enterprises. Seeley Co. represented both parties.

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A Los Angeles investment group has purchased Rampage Clothing Co.'s 207,000-square-foot manufacturing and distribution facility in Vernon for $7 million. On Santa Fe bought the building at 2825 S. Santa Fe Ave. and its 8 acres of land and leased the building back to the women's apparel retailer for three years, according to Pat Spillane of Investment Development Services, who represented the buyer. Bart Pucci of Grubb & Ellis Co. represented seller Larry Hansel, the majority stockholder of publicly held Rampage.

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A Southern California-based partnership bought the largest and newest apartment complex in West Hollywood, the 130-unit Crescent Garden Apartments, for $15 million from Mayer-Crescent, which had owned the project since it was developed in 1985. Robin Ossenbeck of Marcus & Millichap, who brokered the sale with fellow Marcus & Millichap Vice President Stan Jones, said bidding was brisk on the property because of its location and its low vacancy rate of approximately 3%.

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Archon Group of Irving, Texas, has acquired a 296-unit apartment complex in Riverside for $9.6 million from an individual owner, according to Grubb & Ellis Co., which represented both sides in the deal. The complex was 70% occupied at the time of the sale, which was brokered by Grubb & Ellis' Udi Katz, Ted Amidon and Paul Runkle.

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Freight-forwarding companies Logistics Partners and Gallop Couriers have leased a 27,000-square-foot former warehouse formerly occupied by Northrop Grumman's Electronics Division, one of the latest examples of former aerospace facilities being converted to new uses in the South Bay. The five-year lease was valued at approximately $1 million, according to Luke Staubitz and Harvey Beesen of Klabin Co., who arranged the deal. Staubitz said the two companies, which leased the space jointly because they operate complementary freight-forwarding operations, will employ approximately 45 people at the site.

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