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Commercial Real Estate

Deals

October 27, 1998

* CenterTrust Retail Properties Inc., a Manhattan Beach-based real estate investment trust, has acquired three community shopping centers for an aggregate price of about $85 million. The properties and their purchase prices are the 266,728-square-foot Torrance Promenade in Torrance, $43 million; the 272,987-square-foot Mountain Square Shopping Center in Upland, $33 million; and 94,379 square feet of the 175,128-square-foot North Mountain Village in Phoenix for $8.9 million. Bill Bauman and Dave Norcott of the Seeley Co. brokered the Torrance Promenade transaction. No brokers were retained in the other deals.

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* Pacific Eagle Holdings acquired the 98,000-square-foot Northwestern Mutual Life Plaza at 888 W. 6th St. in Los Angeles for approximately $17 million from Sarofim Realty Advisors. Richard Plummer and Hayden Eaves of Cushman & Wakefield represented both parties in the deal.

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* Spelling Entertainment Group Inc. signed a five-year extension of its lease for 120,000 square feet at 5700 Wilshire Blvd., where Spelling maintains its corporate headquarters and production offices, according to brokers in the $15-million deal. Spelling was represented by Mark Sullivan and Mark Robinson of Julien J. Studley Inc., along with Timothy Stevenson of Viacom Realty Corp. Edward Cook of McCarthy Cook & Co. represented the owners, Blackstone Realty Advisors.

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* Bosc Group acquired Rancho San Marcos Village, a 126,000-square-foot shopping center in San Marcos, for $13.5 million from a partnership called AEW. Bosc Group was represented by Don MacLellan and Bill Howatt of CB Richard Ellis. Bruce Schiff and Phil Lyons of BRE Business Real Estate Brokerage Co. represented the seller.

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* Pacific West Management, a real estate investment and management partnership, acquired a 300,000-square-foot industrial building at 11428 Sherman Way in North Hollywood for $13.2 million from Federated Industries Inc. of Chicago. David Young and Bill Napier of Capital Commercial/NAI represented Pacific Management. Federated Industries represented itself.

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* Pico Associates acquired Rusty Leaf Plaza, a 59,300-square-foot shopping center at Chapman Avenue and Yorba Street in Orange for $11.35 million from ICI Development. Don MacLellan, Bill Howatt and Taylor Ing of CB Richard Ellis brokered the deal.

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* Bascom Group, an Irvine-based investment partnership, has bought its 11th apartment complex in Orange County, the 128-unit Commons at 425 N. Magnolia St. in Anaheim, for $8.3 million. Jerome A. Fink, Bascom Group managing director, said the firm plans $835,000 in capital improvements at the complex, which it bought from Commons Liquidating Trust, Truine International and John C. Collopy Trust. Gary Tolfa of Investment Property Group represented the buyers. Clyde Goodyear Jr., trustee of the Commons trust, represented the seller.

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* Southern California Industrial Fund acquired a vacant, 160,891-square-foot industrial building at 8825 Millergrove Drive in Santa Fe Springs for $4.2 million from Caitek Garment Manufacturing and has leased 102,000 square feet of the space to Los Angeles-based Super Dyeing. Howard Schwimmer of Daum Commercial Real Estate Services, who represented Southern California Industrial Fund in the deal, said Super Dying has signed a 10-year, $4-million lease as part of a relocation and expansion from the company's downtown location. Gabriel Weiss of Gabriel Weiss & Associates represented Caitek in the sale.

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* Construction Laborers Union Pension Trust acquired the 29,640-square-foot Northridge Medical Center office building at 18433 Roscoe Blvd. for about $4.8 million from Uniphy Investments, a Los Angeles partnership. The two-story building across from Northridge Hospital Medical Center is fully occupied, according to Michael Dettling of Ramsey-Shilling Co., who represented Uniphy along with Ramsey-Shilling President Christopher V. Bonbright. Mark Fishman of Pinnacle Realty represented the buyer.

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