Southern's Inland Empire remains one of the most desirable industrial markets for tenants, while investors are keeping an eye on San Diego properties and Los Angeles-area infill locations.
In Ontario, Calif., CB Richard Ellis brokered the acquisition of Ontario Distribution Center. Honolulu-based A&B Properties Inc. acquired the development from Newark, N.J.-based Prudential Real Estate Investors for $26.7 million. The 895,000 sq. ft. property consists of three buildings on 38 acres. The building's lead tenant is vacating at the end of the year, and CB Richard Ellis will lease the Ontario Distribution Center.
In San Diego, CB Richard Ellis represented the Board of Trustees ofPolice & Fire Pension System in its disposition of Goldentop Technology Center, a 141,405 sq. ft. flex property. An affiliate of Boston-based Franklin Street Partners, FSP Goldentop Technology Center Corp., acquired the building for $18.9 million. Locally based SENTRE Partners represented the buyer.
Los Angeles-based Northrop Grumman Corp. occupies the entire building. Built in 1998, Goldentop Technology Center is situated on 7.9 acres in 4S Ranch near Interstate-15.
In Commerce, Calif., the local office of New York-based Cushman & Wakefield represented locally based landlord Southern California Industrial Fund in a 10-year lease renewal and expansion with Gruma Corp. A locally based food production and manufacturing company, Gruma will lease 200,000 sq. ft. on East Olympic Boulevard in Commerce. Total consideration for the lease was $12.3 million. The Seeley Co., Los Angeles, represented Gruma Corp.