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Commercial Real Estate

Deals

October 20, 1998

Newmark Merrill acquired the 173,000-square-foot Terraces Shopping Center at Western Avenue and Caddington Drive in Rancho Palos Verdes for $17 million from Bosc Group. Don MacLellan and Bill Howatt of CB Richard Ellis represented both buyer and seller.

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* AHE of California Inc., a Denver-based real estate investment trust, bought a 40,000-square-foot medical building at 25775 McBean Parkway in Valencia for $9.5 million from Los Angeles-based Bull Moose Investors. The buyer was represented by Joseph Gabbaian of Grubb & Ellis in cooperation with La Salle Partners. Gabbaian & Cardinal Co. represented the seller.

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* Industry-based Gemini Foods Inc. has signed a $6-million deal to buy a 73,000-square-foot build-to-suit industrial building at Koll Development Co.'s Plantation Business Center in Industry, according to Koll. Terry Evans, Scott Evans and Stuart Milligan of Cushman & Wakefield represented Newport Beach-based Koll, while Steve Bellitti of Seeley Co. represented Gemini.

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* Center Trust Retail Properties Inc. said it sold the 134,644-square-foot Sears store at 5601 Santa Monica Blvd. in Hollywood for $5.4 million to a partnership controlled by Alexander Haagen Sr. Edward Fox Jr., president of Center Trust, said proceeds will be used for acquisitions.

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* Apex Equity Hollywood, a San Francisco-based investment group, acquired the 42-unit San Remo Apartments complex at 932 N. Larrabee St. in West Hollywood for $3 million from the Albert Poindexter Family Trust of Los Angeles. The complex was 98% occupied, according to Grubb & Ellis brokers Bill DuBrowa and Marty Barkan, who represented buyer and seller.

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