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Commercial Real Estate

Deals

July 28, 1998

* Porto Palos Verdes, a Van Nuys-based limited partnership, has acquired the El Monte Center, a 417,000-square-foot retail center at 3530-3610 N. Peck Road in El Monte, for $30.3 million from H-K Peck Partners of Los Angeles. According to Steve Bristol and Dean Zander of the Encino office of Sperry Van Ness, who represented the buyer, the center was built in 1985, then renovated and expanded in 1996. Major tenants include HomeBase, Kmart and Longo Toyota. H-K Peck represented itself in the transaction.

* Eastgroup Properties purchased the 572,224-square-foot Industry Distribution Center in Industry for $22.55 million from a partnership doing business as CSER-IDC 1. The center at 877-943 S. Azusa Ave. includes 15 tenants and went from vacant to nearly 100% occupied in a year's time after the building was renovated, according to brokers Stuart C. Milligan, David C. Hasbrouck and Scott M. Schumacher of the downtown Los Angeles office of Cushman & Wakefield Inc.

* CTX International, a global supplier of computer products, signed a 10-year, build-to-suit lease-purchase agreement valued at $17 million for 321,600 square feet of industrial space at Plantation Business Center, a 1.4-million-square-foot Koll Development Co. project underway in Industry. Koll said CTX, scheduled to move into the space in early 1999, will occupy one of six buildings planned as part of the 670,000-square-foot first phase of the $70-million, 71-acre business park near the Pomona Freeway off Grand Avenue.

* Vision Solutions Inc., a computer software developer, signed a 10-year, $11-million lease for 42,730 square feet of office space at 17911 Von Karman Ave. in Irvine that will serve as corporate headquarters. The company is moving to the new space from an existing office in Irvine, according to Jack McNutt of Grubb & Ellis Co.'s Newport Beach office, who represented the company in the transaction. The landlord, Washington-based Carr America, represented itself.

* Nextel of California has signed a multiyear, $2-million lease on 9,650 square feet of office space at 17133-17139 Ventura Blvd. in Encino to serve as a San Fernando Valley headquarters and sales office for the cellular phone firm. Richard Leyner and Cal Menzer of Capital Commercial/NAI represented the landlord, Riches Encino, an investment firm that owns and manages commercial properties in Southern California. Nextel was represented by K. Ward of Staubach Co.

* Javelin Systems Inc. has signed a five-year, $2-million lease for 41,580 square feet of office and light manufacturing space at 17881 and 17891 Cartwright Ave. in Irvine. Bill Rauth of Grubb & Ellis Co. represented Javelin. John Griffin of Voit Commercial Brokerage represented the landlord, the Shidler Group.

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