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Deals

May 04, 1999

* Olen/Redhill Business Park Inc. of Newport Beach acquired the 119,640-square-foot, 13-building Redhill Business Park at 15401-15481 Redhill Ave. in Tustin for $7.2 million from Aetna Institutional Investors. Louis Tomaselli, Mitch Zehner, Brian Malliet and Chris Loughridge of Voit Commercial Brokerage represented the buyer and the seller.

* Beverly Hills-based 7 Holland Investment Co. acquired an 83,402-square-foot industrial building on 4 acres at 7 Holland St. in Irvine Spectrum for $6.35 million in a sale and leaseback to CPU, a duplicator and distributor of audio discs. Michael J. Hartel of Seeley Co. represented both sides in the transaction.

* GK Investments purchased a 90,000-square-foot industrial building at 1400 Manhattan Ave. in Fullerton for approximately $5 million from Shawd Development. Jeff Chiate of Cushman & Wakefield represented both buyer and seller.

* Western Realco acquired the 32-acre Jurupa Industrial Center at Jurupa and Mulberry avenues in Fontana for $4.6 million from Wildburro. Mark Latimer of Insignia/ESG, who represented both parties in the transaction, said construction is underway on three warehouse buildings totaling 70,000 square feet, scheduled for completion in September.

* Airey-Thompson Co., an electronics manufacturer, signed a 10-year, $4.5-million lease for 77,663 square feet of industrial space at 5602 Bickett St. in Vernon, where the company will expand from existing facilities in Vernon. Chuck Campbell and Jack Cline of Lee & Associates, who represented the landlord, Chalmers Equity Corp., said Airey-Thompson plans to hire 80 workers at the site, which the company is scheduled to occupy in June. Airey-Thompson was represented by Phillip and Eric Reavis of Reavis Realty Corp.

* Holiday Inn San Pedro bought the 60-room Holiday Inn in San Pedro for $4.5 million from Gaffey Investment Group of San Pedro. Oliver L. Shah and Wilson Wang of Atlas Hospitality Group represented both parties.

* Eagle Properties of La Mirada acquired a 69,000-square-foot industrial building at 14849 Firestone Blvd. in La Mirada for $3.5 million from Sanwa Bank. Tim Cronin and Jeff Huberman of Lee & Associates represented the seller, while Mike Jones of Moore & Associates represented the buyer.

* Investor Alan Cohen acquired a 59,369-square-foot industrial building at 8741 Pioneer Blvd. in Santa Fe Springs for $2.3 million from Capital Desk Co. Cohen was represented by Elizabeth Hughes of Lee & Associates. Larry Lawrence of Lee represented the seller.

* Destination Film Distribution Co. signed a $2.1-million, 30-month sublease for the 19,766-square-foot fifth floor of the Wilshire Palisades Building at 1299 Ocean Ave. in Santa Monica. John Bertram and Jim Stanfill of Westmac Commercial Brokerage Co. represented the film company in the transaction. Destination is subleasing the space from the law firm Paul Hastings Janofsky & Walker, which is consolidating its operations in downtown Los Angeles. The law firm was represented by Lynn Williams of Cushman Realty Corp.

* Driessen Aircraft Interiors, an airplane parts manufacturer, acquired a 24,457-square-foot industrial building at 10891 Forbes Ave. in Garden Grove for $1.8 million from Torrance-based Farmer Bros. Coffee. Karl Heim and Shawn Kelter of Grubb & Ellis represented the buyer. Marilyn Donovan of Prudential RB Allen represented the seller.

* Ramada Limited Poway bought 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.

* Shaw/TRC Alcoa acquired a 136,778-square-foot industrial property at 4911 Alcoa Ave. in Vernon for $1.25 million from Deutsch Realty. The new owner plans to develop approximately 74,000 square feet of new industrial space on the site, according to Dave Hess and John McMillan of Cushman & Wakefield, who represented both buyer and seller.

* Rexco, an Orange-based development firm, purchased 4.75 acres of land on Sampson Avenue in Corona for $1 million and plans to build two speculative industrial buildings on the site, according to Tim Hawke of Grubb & Ellis, who represented Rexco. Hawke said Rexco will start construction in May on a 39,000-square-foot building and a 41,000-square-foot building, with completion scheduled for November. The seller, 91/15 Business Park, represented itself.

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