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Commercial Real Estate

Triple Net Properties Buys Pacific Corporate Park

April 16, 2002

Triple Net Properties bought the 167,585-square-foot Pacific Corporate Park at 25341-25391 Commercentre Drive in Lake Forest from Newport Beach-based Davis Partners/Transworld Properties Inc. for $23.6 million. The seller was represented by A. Martin Morgenstern, Rick Hamilton, Jon E. Nesbitt and John Gallivan of Cushman & Wakefield. Triple Net Properties represented itself.

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Santa Barbara based-Pacifica Real Estate Group acquired two business parks totaling 129,000 square feet in Lakewood for $12.3million from Satsuma Investments. They include Wing Office Park at 3950 and 3960 Paramount Blvd. and Wing Business Park at 4007 Paramount Blvd. Robert Alperin, Kimball Wasick and Robert Garey of Cushman & Wakefield represented the buyer and seller.

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A joint venture of Los Angeles-based Hanover Financial Co. and Upside Investments Inc. of Calabasas sold the 56-unit La Fayette Park Place Apartments at 401 S. La Fayette Park Place in Los Angeles to 1031 Reverse Exchange Co. for $7.3 million. Ron Harris of Marcus & Millichap represented the buyer and the seller.

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Qantas Airways signed a seven-year, $3-million lease for 12,000 square feet of office space at 6080 Center Drive at Howard Hughes Center in Westchester, where it will relocate its Americas/Pacific headquarters from El Segundo in June. David Kluth and Brian Fennelly of Julien J. Studley Inc. represented the tenant. The landlord, Arden Realty, was represented by John Ayoob of CB Richard Ellis.

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Interior Architects Inc. signed a 10-year, $3-million lease to remain at 550 S. Hope St. in downtown Los Angeles. Norman S. Mitchell of Cushman & Wakefield represented the tenant. The landlord, Equity Office, was represented in-house by Brendan McCracken.

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