Investment Development Services to Develop 10.5-Acre Parcel in Compton

COMPTON-Seeking to capitilize on what it views as an underserved market for moderately-sized, industrial real estate tenants in the South Bay submarket, Los Angeles-based Investment Development Services Inc. will develop a 10.5-acre parcel of land in Compton.

IDS plans to build a multi-tenant, 140,000-sq.-ft. distribution center, divisible from 25,000 sq. ft. and larger. IDS will serve as development manager and managing partner for the $10 million project.

Dan Sibson, principal and portfolio manager for IDS, said ground should be broken in March or April with an Oct. 1 occupancy expected.

The property is adjacent to State Route 91 (Riverside Freeway) and Interstate 405 (San Diego Freeway). Cal Pacific, an import-export service firm, leases a 43,000-sq.-ft. building on the site.

Smaller industrial space users are underserved in the South Bay market, particularly for facilities with modern amenities such as increased building heights, high-calculated sprinklers and spacious truck-turning areas, Sibson said. The building will have 30-ft. minimum-interior clearance, an Early Suppression Fast Response sprinkler system, dock-high loading and 130-ft. truck-turning courts. "These are features typically built only for larger tenants," Sibson added.

Irvine-based Hill Pinckert Architects is architect for the concrete tilt-up building. The Torrance office of CB Richard Ellis represented both the buyers and the sellers in the acquisition and will be exclusive marketing agents for the project.

IDS is a commercial real estate services company focusing on the Western United States. The company has a management portfolio that exceeds 19 million sq. ft. and is currently managing the development of about 2 million sq. ft. of space for institutional and individual investor clients.

Buyers Pay $4.4 Million For Lincoln Heights Industrial Building

LOS ANGELES-Reflecting a mounting trend of obsolete industrial buildings being converted for infill housing in and around downtown Los Angeles, Livable Places Inc. has acquired a four-story, 130,000-sq.-ft. building in the Lincoln Heights area with plans to create loft-for-sale units.

Allan Maxwell, executive vice president in the downtown Los Angeles office of GVA DAUM, said that Fuller Lofts LLC acquired the building occupying 1.5 acres of land at 238 N. San Fernando Rd. for $4.4 million. Maxwell and Nick Peukpiboon, also of GVA DAUM, represented the buyer and sellers-Vin Sanh Properties LLC. W.P. Fuller Paint Co originally occupied the property.

Ryan Lehman, executive director of Los Angeles-based Livable Places, a development firm specializing in infill housing in Southern California, said his company will convert the existing poured-in-place concrete building, construct an additional 20,000-sq.-ft. structure and a parking structure for 150 cars. The entire project, which is already entitled, will have 105 for-sale residential units and 11,000 sq. ft. of office space. Dwelling units are expected to range from 800 to 1,600 sq. ft.

"We consider the trend of converting obsolete industrial buildings to more economically viable housing and related uses in the downtown area to be a positive one," Lehman said. "Our project will provide both affordable and market rate units for sale in an area where conversions have typically been aimed at renters."

The project is located near the Golden State (Interstate 5) and Harbor (State Route 110) freeways and is about a 10-minute walk from the Gold Line light-rail system, which links Pasadena and downtown Los Angeles.

"The depth of the market for converting obsolete industrial buildings is unlimited in the eyes of developers," Maxwell said. "We have a lot of requests for these properties and quite a few are currently in play."

Snyder Langston Acquires DMK

IRVINE-Snyder Langston, one of Southern California's largest builders and developers of commercial and industrial real estate, has acquired Tustin-based DMK Inc., a general contracting, construction management and property services firm.

Stephen Jones

"We're very excited about being able to offer services that expand our core business by adding small-scale projects to the mix," said Stephen Jones, president of Irvine-based Snyder Langston.

The new entity will be known as Snyder Langston Optym and specialize in new construction, tenant improvements and renovations for clients whose budgets range from $300,000 to $3 million, Jones said. "With Snyder Langston Optym, we're now capable of serving our clients' needs across an entire range of project size and complexity by providing the same high-quality services and buildings," he added.

DMK's team of 14 employees, including its president, Michael Valentine, has joined Snyder Langston Optym. Valentine is principal of the new entity.

"It's all about being efficient," Jones said. "Many of our existing clients in various project segments have requirements at a scale that demand a different approach to project execution. Our acquisition of DMK allows us to bring a level of expertise typically reserved for large-scale projects to smaller assignments."

Swinerton Buys Park Mitchell Building

IRVINE-San Francisco-based construction firm Swinerton Inc. has acquired The Park Mitchell Building, a 20,500-sq.-ft. office building in this Orange County city, for $3.24 million.

The two-story building, located at 17731 Mitchell near the Santa Ana-John Wayne Airport, was built in 1983.

OCB Reprographics, which recently signed a new five-year lease, occupies the entire ground floor.

Swinerton, one of the largest construction companies in the western United States, will perform tenant improvements on the second floor and then move the Orange County operations of its Swinerton Builders unit from nearby Newport Beach. The firm is expecting to occupy space in the new building in the spring.

The Los Angeles office of Cushman & Wakefield represented Swinerton in the transaction. Woodland Hills-based Voit Commercial Brokerage represented the seller, Gary T. Wescomb.