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COMMERCIAL REAL ESTATE

Deals

May 16, 2000

* Legacy Partners and ING Realty Partners acquired the 160,000-square-foot Circle Business Center at Pacific Coast Highway and Lakewood Boulevard in Long Beach for $16 million from Newport Beach-based CGS Real Estate Co., Pacific Rim Investments Inc. of Chino and Sumiken Real Estate Co. of Dallas. The project includes two office buildings, parking structures and a 45,000-square-foot fitness center. Legacy Partners was represented by Kevin Shannon of Grubb & Ellis. The sellers were represented by Bob Alperin, Robert Garey and Kim Masick of Matlow-Kennedy Commercial.

* UCLA Extension signed a 10-year lease for 48,000 square feet of office space at 1010 Westwood Blvd. in Westwood that will accommodate a number of Extension programs. The value of the lease was not disclosed, but it would total about $14 million at prevailing rental rates. UCLA Extension was represented by David Gordon and Craig Jablin of Julien J. Studley Inc. The landlord, a partnership of Madison Marquette Retail Services, DLJ Real Estate Capital Partners and Christina Development, was represented by Madison Marquette.

* ABA Enterprises acquired Shoreline Village, a 69,376-square-foot retail shopping center on the waterfront at 419 Shoreline Village Drive in Long Beach for $11.2 million from Northwestern Mutual Life Insurance Co. Sam Alison, Jodi Meade and Jerry Nourse of CB Richard Ellis represented the seller. ABA Enterprises represented itself.

* KPE Inc., an Internet and entertainment company, signed a 10-year, $9-million lease for 19,423 square feet of space in Westwood Center at 1100 Glendon Ave. in Westwood. Vincent E. Pellerito and Tom Cherry of Cushman Realty Corp. represented the tenant. The landlord, Arden Realty Inc., represented itself.

* Veratex Inc., a manufacturer and distributor of bed linens, purchased the 110,000-square-foot industrial building it now occupies at 14000 Arminta St. in Van Nuys for $7.5 million. Todd Lorber of Grubb & Ellis represented the buyer. Jerry Scullin of Delphi Business Properties represented the seller, S&V Van Nuys Associates of Woodland Hills. The building is in the Plant, a combination retail and industrial center on the site of a former General Motors auto assembly plant.

* Manhattan Place Partners bought a 102,320-square-foot industrial building at 20665 Manhattan Place in Torrance for $6 million from Casio Communications Inc. Kimm Brand of South Bay Co. represented both the buyer and seller.

* Beacom Bay Holding of Newport Beach acquired 139-unit Pacific Palms Apartments at 423 S. Calle El Segundo in Palm Springs for $5 million from Related Credit Properties of New York. Udi Y. Katz of Multi-Housing Realty represented both the buyer and seller.

* Merrill Lynch signed a 10-year, $4.5-million lease for 13,000 square feet of space at Westlake Plaza Centre III, an office project under construction in the 2800 block of Townsgate Road in Westlake Village. Tony Principe of Westcord Commercial Real Estate Services represented the office park owner, Plaza Centre III. Merrill Lynch was represented by Joe Bellavia of Staubach Co.

* Gale Associates, a Nevada limited partnership, and the Monroe Family Trust purchased a 41,677-square-foot industrial property at 17107-17139 Gale Ave. in Industry for $2.6 million from the Ng Family Trust. The buyers were represented by Larry Larson of Larson Associates and Bucky Gillett of Gillett Realty. The sellers were represented by Kenneth H.Y. Chan of K&L Properties Inc.

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