2/11/2008

Joint venture acquires Los Angeles industrial property for $10.4M

by

4380 Ayers Ave.

A joint venture between Newport Beach, Calif.-based Master Development Corporation and GE Asset Management has acquired a single tenant industrial building in the Los Angeles suburb of Vernon, Calif., for $10.4 million from 4380 Ayers Ltd.

Jeffrey Sanita, John McMillian and Tim Wallace of Cushman & Wakefield represented MDC in the transaction.

The building is located at 4380 Ayers Ave. and contains 113,500 square feet. It is currently home to Elkay Plastics Company, a plastics manufacturer for the healthcare, food services and industrial packaging markets.

The MDC/GE partnership is a $180 million venture formed in October 2006 that focuses on purchasing industrial land and buildings in Southern California.

Sanita is a director with Cushman & Wakefield's Los Angeles office. He joined the firm in 1998 after receiving his bachelor's degree in business administration from the University of Southern California. He is a member of the American Industrial Real Estate Association and serves on the board of directors of the City of Commerce Industrial Council.

Address: 4380 Ayers Ave., Vernon, Calif.

Size: 113,500 square feet

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Filed Under: Industrial

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