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COMMERCIAL REAL ESTATE

Deals

April 13, 1999

Pharmavite Corp., a manufacturer of vitamins and food supplements, signed a 10-year lease valued at more than $50 million for 740,000 square feet of space at Vista Business Park in Valencia in one of the largest industrial leases ever in Los Angeles County. The company will relocate operations from sites in San Fernando and another Valencia location and will employ about 600 workers at the site, according to David Mgrublian, managing director of Los Angeles-based Investment Development Services, developer of the business park. Mgrublian said the lease includes two buildings recently completed at the business park, plus two other facilities being built. Jim Linn and Nigel Stout of Grubb & Ellis represented Investment Development Services and Kennedy Associates Real Estate Counsel Inc., owners of the business park. Eric Olofson and Satoru Jo of Cushman Realty Corp. represented Pharmavite.

* RPS Inc., a subsidiary of Memphis-based FDX Corp. and one of the largest ground carriers of small packages in the United States, has signed a 10-year, $6.4-million lease for approximately 98,000 square feet of industrial space at 9210 San Fernando Road in Sun Valley. Mike Davin and Jim Linn of Grubb & Ellis represented the landlord, Boston-based Cabot Industrial Trust. Jeff Kernochan of Fischer Pacific represented RPS.

* Soojin, a Los Angeles-based investment group, acquired the 38,457-square-foot Plaza Avalon retail center at 23401-23565 Avalon Blvd. in Carson for $3.6 million from Plaza Avalon of Carson. Charlie Meyer and Max Franco of Grubb & Ellis and Steve McDonald of Seeley Co. represented the seller. Mark Hong of Grubb & Ellis represented the buyer.

* KLST Partnership sold an 88-unit apartment complex at 10331 Zelzah Ave. in Northridge to individual investor Sean Baker for $3.4 million. Randy Kirshner of Renaissance Realty Advisors and Bob Tamkin of the RIO Co. represented the seller. The buyer was represented by John Walsh of Marcus & Millichap.

* Developers Fred Leeds and David Oved acquired a 38,000-square-foot property at 6400 Sunset Blvd., next to the Hollywood Cinerama Dome, for $2 million from the law firm Gang, Tyre, Ramer & Brown Inc. Christopher V. Bonbright of Ramsey-Shilling Co., who with Frank Buckley of Ramsey-Shilling represented the sellers, said the buyers plan to demolish buildings at the site and develop a new building for Freestyle, a national retailer of photo equipment. The buyers were represented by Scott Milano of Lambert Smith Hampton.

* AutoPacific, an auto industry survey and consulting firm, acquired a 10,400-square-foot office building at 2991 Dow Ave. in Tustin for $1 million from Dow Avenue Assn. of Irvine. Chuck Noble and Jim Hawkins of Lee & Associates represented AutoPacific. The seller was represented by Brian DeRevere of CB Richard Ellis.

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