Both of the developments were purchased by a joint venture of Irvine-based investment group CIP Real Estate and a fund managed by Alex Brown Realty Inc. One of the projects is a 161,127-sf complex in Fullerton and the other is a 155,529-sf light industrial facility in San Diego.

The Orange County project, known as Fullerton Business Center, stands at the intersection of Walnut Avenue and State College Boulevard. It was purchased for $8 million from a partnership affiliate of Legacy Partners and is more than 85% leased.

A team of CB Richard Ellis brokers that includes Jerry Nourse, Bob Smith, Michael Kane and Forrest Wylder represented the seller. CIP's in-house staff represented the partnership.

The San Diego County project, known as Ponderosa Technology Park, is in the Kearny Mesa submarket. It was purchased for $14 million from an affiliate of JP Morgan. Chuck McKenna, a CIP principal, says the development will be upgraded to attract the growing number of telecom users and high-tech tenants who've been moving to Kearny Mesa.

A Trammell Crow Co. team of Jeff Cole, Rick Putnam and Fay Ryan represented JP Morgan in the San Diego deal. CIP again represented the buyer.

Vacancies have been falling and rents have been rising in most of the Southland's industrial markets, as the long economic expansion has sent demand for manufacturing and warehouse space soaring. Construction hasn't kept pace because buildable lots are both scarce and expensive.