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Valley Square Sells Orangefair Marketplace for $31.5 Million

April 23, 2002

Orangefair Co. bought the 352,720-square-foot Orangefair Marketplace at East Orangethorpe Avenue and South Harbor Boulevard in Fullerton for $31.5 million from Valley Square LLC. David Norcott and Bryan Norcott of Colliers Seeley International represented the buyer and the seller.

Tetra Tech Inc., a management and technical services consulting firm, signed a 12-year, $25-million lease with Kearny Real Estate Co. to occupy 68,484 square feet in Kearny's Pasadena Corporate Park at Foothill Boulevard and Halstead Street in Pasadena. Tetra Tech will relocate from its current headquarters in Pasadena to the office park's 115,000-square-foot second phase, which is scheduled to be completed soon. R. Todd Doney of Insignia ESG represented both Kearny and Tetra Tech.

Buchanan Urban Investors of Newport Beach and developer Rawson, Blum & Leon of San Francisco purchased the 263,000-square-foot individual shops portion of the Mall of Orange on Tustin Avenue in Orange for $24.2 million from Newman Properties. The buyers plan to renovate the acquired portion of the property, which includes 85 retail shops, said Tim Ballard, chief investment officer for Buchanan. David Doupe and Larry Krasner of Insignia/ESG represented the buyer and the seller.

Developer Donahue Schriber of Costa Mesa bought two Southern California shopping malls for $23million. The company acquired the 197,306-square-foot Cathedral City Marketplace at Date Palm Drive and Dinah Shore Drive in Cathedral City for $19.3million from Westrust of Calabasas Hills. It also bought the 93,545-square-foot Mission Oaks center at Mission Oaks Boulevard and Woodcreek Road in Camarillo from Pardee Construction of Los Angeles for $3.7 million.

Alan Krueger of Marcus & Millichap represented the buyer and the seller in the Cathedral City transaction. The buyer and the seller represented themselves in the Mission Oaks sale.

First Industrial Realty, a Chicago-based real estate investment trust, purchased two industrial buildings at 19914 Via Baron and 2035 Vista Bella Way in Rancho Dominguez from Stanton Investment Co. of Los Angeles for $20.2million. Kevin Shannon, Michael Moore and Jeff Smart of Grubb & Ellis represented the buyer and the seller.

Praedium Group of New York and Scanlan Kemper Bard of Portland, Ore., bought the 165,000-square-foot Santa Fe Springs Shopping Center at the northeast corner of Telegraph Road and Carmenita Road in Santa Fe Springs from Burnham Pacific Properties for nearly $19.7 million. The buyers were represented by Christopher Hughes and Jason Hart of Praedium. Dan Riley of CB Richard Ellis represented the seller.

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