12/12/2007

Grubb & Ellis brokers $14.5M sale of California industrial property

by

2601 S. Malt Ave.

A joint venture between AEW Capital Management and Sheridan-Ebbert Development Co. has acquired a 180,000 square foot industrial property in the Los Angeles suburb of City of Commerce, Calif., for $14.5 million from Smurfit-Stone Container Enterprises.

Jeff Read and Bart Pucci of Grubb & Ellis represented the joint venture and will be retained as the leasing agents for the property. Smurfit-Stone was represented by Chad Galayda, also of Grubb & Ellis.

The 179,966 square foot property is located at 2601 S. Malt Ave. and is situated on 9.02 acres. The AEW/Sheridan venture purchased the property for investment purposes and plans to invest in an extensive renovation.

Earlier this year, AEW purchased the North Scottsdale Corporate Center I in Phoenix, Ariz., for $53 million.

Read is a senior VP with Grubb & Ellis and has specialized in Orange County's industrial market since 1989. He was the company's No. 1 producer in the Industrial Division in 2002 and is a graduate of the University of California-Berkeley.

Pucci, also a senior VP, has been with Grubb & Ellis since 1997 with a three-year stint at CB Richard Ellis from 2002 to 2005. He won Colliers Steeley's "Rookie of the Year" award in 1989 and is on the board of directors of the Catholic Big Brothers. He is a graduate of the University of Southern California.

Address: 2601 S. Malt Ave., City of Commerce, Calif.

Size: 179,966 square feet

---

Filed Under: Industrial

E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us

Comments on this article

No comments have been posted in the last 15 days!

Send us your comments on this article

* - Required fields Subject: * Message: * Contact Name: * Contact URL: Contact Email: * Write the characters in the image above:

Related Headlines

• Colliers International welcomes three brokers in California - 5/29/2009
• Texas hotel sells for $4.275M - 5/29/2009
• Massey Knakal lists NoHo retail building for $5.95M - 5/29/2009
• California industrial building sells for nearly $3 million - 5/29/2009
• NAI facilitates sale of Alaska mixed-use building - 5/28/2009
• Long Beach retail center commands $6.05M - 5/28/2009
• Florida land fetches $2.725M - 5/28/2009
• Marcus & Millichap list Virginia retail store for more than $10.2M - 5/28/2009
• Colliers Arnold stays busy in Tampa - 5/27/2009
• Colliers sells two buildings in California - 5/27/2009