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COMMERCIAL REAL ESTATE / A look at the people, trends
and innovations that make the industry essential to
Southern California | DEALS

July 14, 1998

* Printing industry supplier Calpaco Papers Inc. has signed one of the largest leases in the Los Angeles Basin this year, a $20-million, long-term lease for the 607,000-square-foot Meridian Distribution Center in Mira Loma. Dennis Higgs, executive vice president of Meridian Industrial Trust, a San Francisco-based real estate investment trust that developed the property, said Industry-based Calpaco will relocate its 150 workers to the warehouse and distribution center in Mira Loma near Ontario. Higgs said the quick leasing of the recently completed warehouse underscores the continuing strong demand for large warehouse and distribution facilities in Southern California. Brokers Anthony Brent and Bill Lee of Lee & Associates negotiated the lease on behalf of Meridian, while Calpaco represented itself.

* G&L Realty Corp. of Beverly Hills, a real estate investment trust specializing in health-care properties, has acquired Pacific Gardens, an independent-living facility for seniors in Santa Monica, for $11.1 million and plans to invest an additional $900,000 to expand the 92-facility to 128 units. The company said American Senior Living, an operator of senior-care facilities, is a minority partner in the acquisition and will manage the renovated property. G&L also has purchased 2 acres of land adjacent to Maryland Gardens, a 98-bed assisted-living facility in Phoenix, for $1 million. The company plans to use the land to expand the facility by 25 beds.

* Park Place Associates, a North Hollywood-based general partnership, has purchased a 142-unit apartment building at 7970 Woodman Ave. in Van Nuys for $5 million from the Sussman Family Trust of Beverly Hills. The buyer plans to spend approximately $750,000 to renovate and upgrade the building, which is 80% occupied. Dean Zander and Steve Bristol of Sperry Van Ness in Encino represented both parties in the transaction.

* An investor doing business as 701 Santa Monica Boulevard has purchased a three-story, 16,500-square-foot office building at that address for $3.8 million from 701 Santa Monica Boulevard Partnership Ltd. Brokers Matt Ceragioli and Rick Gold of Capital Commercial/NAI's West Los Angeles office, who negotiated the sale on behalf of the seller, said the building is fully leased. Most tenants are in the entertainment industry. The buyer was represented by Dennis Bowman and Jeff Pion of CB Richard Ellis.

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