REAL ESTATE DEALS
SALES
LBA Realty Fund-Concourse LLC paid $58.8 million to Copley-Industry-Gale #1 Associates for 13 buildings just over the northern county line in Cerritos. The Concourse business park is 666,128 square feet with four warehouses and nine office buildings. The park is 86% full. Rick Putnam and Jeffrey Cole of Trammell Crow Co. represented both parties.
The Fountain Valley School District paid $5.9 million to Star Plaza LLC for a 38,305-square-foot office building at 10055 Slater Ave. in Fountain Valley. The district plans to take over the 20%-vacant building as leases expire. Steve Economos of NAI Capital Commercial Real Estate represented both parties.
Costa Mesa-based military and industrial ceramics maker Ceradyne Inc. paid $3.4 million to EMC Associates for a 40,645-square-foot research and development building at 17466 Daimler Ave. in Irvine. Ceradyne had leased the facility for production along with its Costa Mesa factory and headquarters. Brian Garbutt, Mike Meisenbach, Bill Garrett and Jedd Zaun of Lee & Associates Commercial Real Estate Services Inc. represented both parties.
An unnamed San Francisco-based private investor paid $1 million to Gerry and Neena Smith for the 12-unit Villa Altiplano Apartments at 1030 W. Highland in Santa Ana. Shane Shafer and Charlie Kennedy of Marcus & Millichap Real Estate Investment Brokerage Co. represented both parties.
Accetta Family Trust paid $1.8 million to offshore investor Ming International for the 13,889-square-foot Beach & Adams Center at 19901 to 19945 Beach Blvd. in Huntington Beach. The neighborhood shopping center is 80% full. Mehran Foroughi of Sperry Van Ness represented Ming International. Paul Marengo of Century 21 represented the Accetta trust.
Michael Freedman paid $1.3 million to Larry Day for an 8,871-square-foot auto center at 1600 N. Grand Ave. in Santa Ana. Jim Oliver and Keven Quick of Lee & Associates represented both parties.
LEASES
CNF Inc.’s Menlo Worldwide leased 84,816 square feet of newly renovated industrial space at 2900 McCabe Way in Irvine for five years in a deal valued at $3 million. Larry Schuler of CB Richard Ellis Services Inc. represented Menlo. Michael Hartel and Keven Turner of Colliers Seeley International Inc. represented landlord 2900 McCabe Way Property Co.
Networking device maker VXI Technology Inc. leased 41,983 square feet of industrial space at 2031 Main St. in Irvine in a five-year deal valued at $1.8 million. Wade Tift of Grubb & Ellis Co. represented VXI. Barry Knudson and Jeff Carr of CB Richard Ellis represented landlord Olen Properties Corp.
Santa Ana-based Advanced Medical Optics Inc. leased 19,200 square feet of warehouse space at 1595 Deere Ave. in Irvine for three years. Financial terms weren’t disclosed. Chip Wright and Jim Menconi of CB Richard Ellis represented Advanced Medical. Lynn Dort of Dort Commercial Real Estate represented landlord Orthodyne Electronics Corp.
All Counties Courier leased 19,310 square feet at 16931 Milliken Ave. in Irvine for five years in a deal valued at $900,000. Chip Wright of CB Richard Ellis represented All Counties Courier. Chip Dever of Colliers Seeley and Bill Murrell of The Staubach Co. represented landlord Mountain Vista Properties.
Law firm Hess-Verdon & Irby LLP leased 4,300 square feet of office space at 620 Newport Center Drive in Newport Center. The firm plans to move in August from 3,000 square feet of space in the John Wayne Airport area of Newport Beach. Oliver Fleener and Chon Kantikovit of Grubb & Ellis represented Hess-Verdon. Landlord The Irvine Company represented itself.
