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Commercial Real Estate

Deals

March 14, 2000

Calabasas-based Miller Bros. Investments bought the recently completed, 188,275-square-foot first phase of the Nokia Product Creation Center near San Diego for $44 million from a partnership between the Los Angeles-based Kearny Real Estate Co. and San Diego-based developer Lankford & Associates. The building is part of the 120-acre, 1-million-square-foot Scripps Northridge Corporate Center under construction on Scripps Summit Drive near Interstate 15 and the Scripps Poway Parkway. The Nokia building will house a research and development unit of the Finland-based company, a producer of wireless technology products. Tom Mercer, Kevin Craven and Jay Alexander of Colliers International represented the sellers. Miller Brothers was represented by Bob Safai and Jeff Liebster of Madison Partners.

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LA Corr, a corrugated cardboard manufacturer, signed a 10-year, $12-million lease for a 256,983-square-foot industrial building at 13890 Nelson Ave. in Industry and is slated to occupy the building in May. Bart Pucci of Grubb & Ellis Co. represented the tenant. Darla Longo and Randy Kuttler of CB Richard Ellis Services Inc. represented the landlord, REEF.

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Cartoon Network, the Turner Broadcasting System cable channel, will expand and relocate its headquarters to 300 N. 3rd St. in Burbank in a 10-year, $10-million lease on 42,987 square feet of space in a former Pacific Bell telephone switching station that is being converted to office space. The tenant was represented by Stephen Walbridge and Craig Jablin of Julien J. Studley Inc. in lease negotiations and in negotiations with Burbank city officials for additional municipal parking. The landlord, A&G, was represented by Robert A. Waller and Douglas P. Marlow of CB Richard Ellis.

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Keystone acquired the 180-unit Amberwood Court apartment complex at 1900-2098 W. Acacia Ave. in Hemet for $7.3 million from Amberwood Partnership. Alex Mogharebi of Marcus & Millichap represented the buyer and the seller.

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Crystal Stairs Inc., a nonprofit child development corporation, signed a 10-year, $6.7-million lease for approximately 35,000 square feet of office space at the Automobile Club of Southern California building, 2601 S. Figueroa St., Los Angeles. Rosey T. Miller of Julien J. Studley represented the tenant. The landlord, the Automobile Club of Southern California, was represented in-house by Rex Owens.

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Peter Wang of Mountain View bought the 108-unit Moonlight Garden Apartments at 12227 Osborne Place in Pacoima for $6.1 million from Steadfast MGA of Newport Beach. Scott G. Miller and Mark McDonald of Hendricks & Partners represented the seller. Matt Mandel of Income Properties Specialists represented the buyer.

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