AMB Property Purchases 250,000 SF Building with Extra Land in Los Angeles; Will Convert to Class A Facility

San Francisco-based AMB Property Corp., a global developer and owner of industrial real estate, purchased a 250,000-sq.-ft. distribution and logistics facility on 18 acres of land at 1000 W. Francisco St. in Los Angeles (at the interchange of the San Diego (405) Freeway and Harbor (110) Freeway).

The AMB Layline Distribution Center is near the ports of Los Angeles and Long Beach and Los Angeles International Airport.

AMB plans to redesign and refurbish AMB Layline Distribution Center into a modern facility that will have the flexibility to serve third-party logistics, ocean freight, air freight, distribution and warehousing customers, as well as customers requiring substantial outside storage capacity. It is expected to be ready for occupancy in the fourth quarter.

When completed, the high -security facility will be expanded to 298,000-sq.-ft. and will feature 50 new dock-high truck positions, a 32-ft. clear height, a 133-ft.-deep concrete truck court, over 220 trailer parking spaces, a new roof, upgraded fire sprinkler system, fully paved trailer/ocean container yard, metal halide lighting and a fenced and secure perimeter.

Leasing agents for the property are Jim Biondi, Terry Reitz, Gerald Kim, Frank Hillebrand and John Lasiter of Grubb & Ellis' South Bay office. The redevelopment project will be designed by Irvine-based Ware & Malcomb, an architectural firm based in Newport Beach and will be built by Whittier-based Oltmans Construction.

AMB's Los Angeles portfolio includes more than 17 million sq. ft. of logistics/distribution space; more than 1 million sq. ft. of which is on-tarmac and airport-adjacent at LAX.

Noveltex Purchases Industrial Building in Los Angeles for $1.9 Million

Noveltex Inc., a Los Angeles-based fabric wholesaler, purchased a 27,700-sq.-ft. industrial building in Los Angeles to house its warehousing and sales operations. The transaction was valued at $1.9 million.

Noveltex has already occupied the two-story, concrete tilt-up building at 2801 S. Main St. The company relocated from 15,000 sq. ft. of leased space in downtown Los Angeles.

Joshua May of Grubb & Ellis' South Bay office represented the buyer in the transaction. Jim Nissiri of Major Properties represented the seller, Ki Jong Sook and Mi Sook Song of Los Angeles.

Hospice of Contra Costa Foundation Purchases Office Space in Pleasant Hill

Hospice of Contra Costa Foundation has purchased two office buildings, totaling 26,928 sq. ft., in Pleasant Hill for $5.6 million.

The foundation was established to raise funds for Hospice and Palliative Care of Contra Costa, which provides end-stage health care services. The funds are for patients who are uninsured or under-insured.

The property is at 3470 Buskirk Ave. The foundation will occupy all of Building 1 (15,000 sq. ft.) and 7,500 sq. ft. of Building 2 (11,928 sq. ft.). Private investors Earl Baca and Arthur Baca sold the property. The foundation is relocating from a 6,000-sq.ft. building in Concord.

Cherie Huillade of Grubb & Ellis' Walnut Creek office represented the seller in the transaction. Ken Barely of Security Pacific represented the buyer.

Private Investment Group Purchases Office Building in Westlake Village

ECI Agoura LLC, a Burlingame-based private investment group, purchased a 65,000-sq.-ft. office building in Westlake Village. The transaction was valued at $10.3 million.

The two-story, wood-frame and stucco building at 31416 Agoura Road, was 81 percent leased at the time of sale. The property, built in 1981, was sold by Renaissance Office Partners LLC of Santa Monica.

Kevin Shannon and Philip Mattice of Grubb & Ellis' South Bay office and Tom Festa and Sam Monempour of the firm's North Los Angeles office represented the buyer and the seller in the transaction.

KBS Realty Advisors Acquires Conexant Building in Newport Beach

KBS Realty Advisors acquired the 4000 MacArthur Building in Newport Beach for $110 million. The property was sold and then leased back by Conexant Systems Inc., with the closing on March 24. It is reported to be the second largest Orange County office transaction in 2005.

Newport Beach-based KBS is one of the nation's largest commercial real estate investment companies, with over $5 billion invested since the company's inception in 1992.

The 4000 MacArthur property (also known as The Conexant and Mindspeed towers) is at the intersection of MacArthur Boulevard and Jamboree Road. The 373,447-sq.-ft. property consists of two interconnected office towers, which, together, rank as the eighth largest office property in the county.

Kevin Shannon, Scott Schumacher, Michael Moore and Paul Perkins of Grubb & Ellis' Los Angeles South Bay office, Lonnie Riddle of the firm's Anaheim office and Bob Griffith and Jon Nesbitt of the firm's Newport Beach office represented the buyer and the seller in the transaction.

European Investor Purchases Office Building in San Francisco

SEB Immobilien-Investment, the German real estate investment arm of Swedish Banking Group, purchased 225 Bush, a 575,600-sq.-ft., Class A historic office building in San Francisco. The asset was sold by Whitehall Street Real Estate Funds, GEM Realty Capital & Flynn Properties. The transaction was valued at $178.5 million.

The 23-story high-rise is in the city' north financial district.

Daniel Cressman, Edward Suharski, Edmund Najera and Robert Dumas of Grubb & Ellis' San Francisco office represented the seller in the transaction. James Stein and John Herr of Lincoln Property Co.represented the buyer.

Private Company Acquires Office Projects in Roseville

The Miller Family Cos. purchased Eureka Corporate Plaza, a 143,000-sq.-ft., Class A office project in Roseville. The transaction was valued at $38 million.

The three-story, two-building project is at 1504 and 1512 Eureka Rd. The asset was sold by Wong Family Investors LP and Ritchie Family Partner, LP, both of Sacramento, which acquired the project form the original developer just two years earlier for an estimated $30 million.

Heath E. Charamuga and Erik Neese of Grubb & Ellis' Sacramento office, with fellow investment team members, Bill Liggett, Susanne Baker, Pat Ronan and Kye Huff represented the buyer. The seller represented itself.

In a related transaction, The Miller Family Cos., looking to get a foothold into the Roseville office market, also acquired the adjacent 51,000 sq.-ft. building at 1544 Eureka Rd. for $14 million.