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COMMERCIAL REAL ESTATE

March 17, 1998

In one of the largest apartment sales this year, Cigna Life Insurance has acquired Porto Verde Apartments, a 216-unit luxury apartment complex in Palos Verdes, from owner Porto Verde Apts. for $25.8 million. The fully occupied property, which has ocean views, was never officially listed. Nevertheless, it received numerous offers, according to Melinda Russell of Capital Commercial Real Estate, which brokered the sale.

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In recent weeks, Kennedy-Wilson of Santa Monica has acquired two more office buildings, at 5900 Sepulveda Blvd. in Van Nuys and at 301 S. Fair Oaks Ave. in Pasadena. The 75,000-square-foot, five-story office building in the San Fernando Valley was purchased from a private individual for $6.6 million. It is 80% leased. The 53,000-square-foot medical office building in Pasadena was acquired from Tokai Bank for $9.1 million.

Lowe Enterprises has purchased a 12-story Class A office building at 180 Ocean Ave. in Long Beach from Westrust Financial for just over $19 million, according to Bob Safai of Madison Partners, who listed the building along with Kevin Shannon of Seeley Co. Although the 208,820-square-foot oceanfront property was only 44% occupied at the time of the sale, brokers estimate it would cost an estimated $43.8 million to replace in today's market.

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Investment group Burke Santa Ana has acquired Alamitos Business Center, a five-building office park on Cerritos Avenue in Los Alamitos, from owner Acacia Alamitos for $4.7 million. The 72,066-square-foot park is 90% occupied, containing about 40 manufacturing and industrial tenants, according to John Griffin of Voit Commercial Brokerage, who brokered the deal.

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