Industrial Buyer, Tenant Take 123,000 SF

DUARTE, CA-An industrial buyer and a tenant have closed deals accounting for more than 123,000 square feet of industrial space. The deals include the acquisition of a 43,942-square-foot building here and the leasing of 79,136 square feet at a project in Santa Fe Springs.

In the Duarte deal, Grubb & Ellis Co. reports that Able Investments LLC sold a 43,942-square-foot industrial building at 1720 Flower Ave. 1720 Flower Ave. within the Lewis Freeway Business Park to Value Windows & Doors Inc. for approximately $4 million. According to Grubb & Ellis senior vice president Rick Sheckter, who represented the seller along with Grubb & Ellis SVP Stephen Lim, Value Windows & Doors will be relocating into 1720 Flower Ave., from several locations within Los Angeles County and expanding under one roof. The company is expected to take occupancy in spring of 2010.

Scheckter notes that the City of Duarte “was very supportive of Value Windows,” whose move will bring manufacturing to the city and will generate sales tax revenue for Duarte. Able Investments’ sister company, Able Card LLC (formerly known as Able Card Corp.), is a manufacturer of plastic cards. The buyer was represented by Don Palmer and Tom Phelan of DAUM Commercial Real Estate Services.

In the Santa Fe Springs lease, sweater manufacturer KBL Group International Ltd. signed a four-year lease for 79,136 square feet of manufacturing space at 9142 Norwalk Blvd. in the Los Nietos Business Center. The lease represents an expansion of approximately 20,000 square feet for KBL, which already subleases nearly 60,000 square feet of space at the property.

KBL Group was represented by senior vice presidents David Wu and Jim McFadden of the Anaheim office of Grubb & Ellis. Landlord AMB Property Corp. represented itself.

Terms of the KBL lease were not disclosed. Los Nietos Business Center is a 213,000-square-foot building situated on approximately eight acres near interstates 5 and 605.