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COMMERCIAL REAL ESTATE

DEALS : Bally Total Fitness Signs $10-Million Lease at Imperial Centre

April 20, 1999

Chicago-based Bally Total Fitness Corp. signed a 10-year, $10-million lease for 60,000 square feet of office space at Imperial Centre, 12440 E. Imperial Highway in Norwalk, where the company plans to open a call center employing 300 workers, according to Transwestern Commercial Services, which manages the property. Lonnie Riddle, Terry Reitz and Jim Biondi of Grubb & Ellis represented the owners, a joint venture of Transwestern Investment Co. and Starwood Capital. Bally was represented by Spiezia Corp. of Irvine and Jupiter Brokerage Services of Chicago.

* One Morgan LLC acquired a 59,213-square-foot office building at One Morgan in the Irvine Spectrum for approximately $5 million from Marshall Industries Technologies Products. Charles Winn, Michael Collins, Dave Ryan and Maury Panza of Collins Commercial represented both the buyer and the seller.

* Holiday Inn San Pedro LLC acquired the 60-room Holiday Inn in San Pedro for $4.4 million from Gaffey Investment Group. Oliver L. Shah and Wilson Wang of Atlas Hospitality Group represented both the buyer and the seller.

* Lynch Entertainment acquired a 30,000-square-foot building at La Cienega and Washington boulevards in Culver City for $2.8 million from J. Sally Daynes and plans to use the facility for television and movie production, according to Daniel Merrit of Goodglick Co., who represented the seller. Tom Cherry of Cushman Realty represented the buyer.

* Home Depot signed a five-year, $2.3-million lease for 100,200 square feet of warehouse space at Koll Arrow Center, a 430,000-square-foot Koll Development Co. project at 11089 Tacoma Drive in Rancho Cucamonga. Terry Evans and Scott Evans of Cushman & Wakefield and Russell Perry of R.E. Perry Co. represented Home Depot. Tom Taylor and Peter McWilliams of Seeley Co. represented Koll and its joint-venture partners, Guardian Life Insurance of America and the Capellino family.

* Daniel Ginsburg of Real Soda in Real Bottles, an importer and distributor of specialty sodas, acquired a 26,500-square-foot industrial building at 3171 Fujita Ave. in Torrance for $2 million from Pacific Jeans, according to Sheri Messerlian of Capital Commercial/NAI, who represented the buyer in the transaction. Pacific Jeans was represented by Jim D'Angelo of J.D. Co.

* Ramada Limited Poway LLC purchased the 47-room Holiday Inn Express in Poway for $1.7 million from Muljibhal Patel and plans to convert it to a Ramada Limited hotel, according to Oliver L. Shah and Sachin Shah of Atlas Hospitality Group, who represented both the buyer and the seller.

* Avet Industries Inc. purchased a 19,200-square-foot industrial building at 9687 Topanga Canyon Place for $1.5 million from Thomas McGarrey. Avet was represented by Bob Keller of Capital Commercial/NAI. The seller was represented by Larry McEwan of Daum Commercial Real Estate Services.

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