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Commercial Real Estate

Portola Plaza in Mission Viejo Sold

January 29, 2002

Pacific Castle Synergy bought the 81,990-square-foot Portola Plaza shopping center at 27670 Santa Margarita Parkway in Mission Viejo from Portola Plaza Ltd. for $17.5 million. Dennis Vaccaro and Rich Walter of Faris Lee Investments represented the seller. The buyer was represented by David Lee, also of Faris Lee.

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Calico Brands, an importer and distributor of consumer products, signed a 10-year, nearly $9-million lease for a 228,423-square-foot industrial building at Ontario Ridge Commerce Center, at Haven Avenue and Mission Boulevard, in Ontario. Ron Washle, Mark Kegans, and Roger Rhoades of Grubb & Ellis represented the landlord, Ridge Realty Group. Bryan Miller and Jeff Smith of Lee & Associates represented Calico Brands.

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Granite Villas Apartments LLC, a joint venture of Los Angeles- based Hanover Financial Co. and Irvine-based Granite Investment Group, sold the 92-unit Oakcrest Villas Apartments at 3131 Watkins Drive in Riverside for approximately $6.9 million to RK Multifamily Fund XII. The seller was represented by Alex Mogharebi of Marcus & Millichap. The buyers represented themselves.

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Baldwin Properties bought the 38,458-square-foot Torrance Medical Arts Center at 3640 Lomita Blvd. in Torrance for $6.5 million from Torrance Medical Associates. The buyer was represented by John S. Erthein and the seller by Kenneth H. Hitchcock and Matthew C. Sullivan, all of Marcus & Millichap.

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Tide Lands Inc. bought the 17,664-square-foot Collection at Laguna, 540 S. Pacific Coast Highway in Laguna Beach, for $6.5 million from Pacific Castle Properties. The seller was represented by Dennis Vaccaro and David Lee of Faris Lee Investments. The buyer was represented by Robert Clippinger of Providence Realty Group.

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Milco Investments of Los Angeles bought a 113,664-square-foot industrial building at 4641 E. Guasti Road in Ontario from Guasti Investment Associates for nearly $5 million. Scott Ostlund of Lee & Associates represented the buyer. The seller was represented by Michael Lawrence of Marcus & Millichap.

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LaserFiche Document Imaging acquired a 63,000-square-foot office building at 3545 Long Beach Blvd. in Long Beach for approximately $4.8 million from Maurice and Elizabeth Lam. The buyer was represented by Robert Garey, Kimball Wasick and Bob Alperin of Cushman & Wakefield. The sellers were represented by Fred Arevalos of A/T Management.

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DIC Entertainment of Burbank signed a six-year, $4.5-million lease for 26,244 square feet of office space at 4100 W. Alameda Ave. in Burbank, and will move its offices in April. The landlord, Western Security Bank, was represented by Nico Vilgiate of Insignia/ESG. The tenant was represented by Doug Marlow of CB Richard Ellis and Jim Travers of Travers Realty.

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Glencoe/McGraw Hill signed a six-year, $4.2-million lease for 28,045 square feet of office space at 21600 Oxnard St. in Warner Center. The landlord, Warner Center Properties, was represented by R. Todd Doney, Armando Ninez and Greg P. Tippin of Insignia/ESG. The landlord was represented in-house by Don Hudson.

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NC Development bought a portion of Birch Street Promenade at 240 Brea Blvd. in Brea for $4 million from CIM Brea. The seller was represented by Carlos Lopez and Nicholas Coo of Faris Lee Investments. The buyer was represented by Jesse James of Brokers West.

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Sterling America LLC bought a 16,015-square-foot office building at 2 Osborn in Irvine from State Farm Mutual Automobile Insurance Co. for $3.8 million and plans to convert the structure into a medical office building. Bryan Ohira of Lee & Associates represented the buyer. The seller was represented by Chip Wright of CB Richard Ellis.

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Avaya Inc., a provider of business voice and data networks, signed a five-year, $3.2-million lease for 23,162 square feet of office space at 245 S. Los Robles Ave. in Pasadena. The landlord, Wells Fargo Bank, was represented by R. Todd Doney and Nico Vilgiate of Insignia/ESG. Avaya was represented by William Murrell of Cushman & Wakefield.

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