In the first deal, Kevin Shannon of the firm's South Bay office, and John Martin and Ryan Gallagher of its Newport Beach office represented both sides of the transaction in the sale of the Art Institute Building of Los Angeles/Orange County for $10.8 million. Seller of the 53,484-sf office building, located at 3601 W. Sunflower Ave. in Santa Ana, was Washington, DC-based CarrAmerica. The buyer was S.S. Rainbow II L.P. a San Mateo-based private investor. The building was 100% leased at the time of sale.
In the second deal, Spring Industries Inc., a Fort Mill, SC-based manufacturer of sheets, towels, comforters and other home fashions expanded its operation in Fullerton by leasing a 54,644-sf industrial space for 56.5 months in a transaction valued at $1.44 million. Located at 1420 Manhattan Ave., the new space is next door to the firm's existing 135,571-sf facility. The new space will be used for warehousing. Jeff Read, Bob Crenshaw and Lance Parker of Grubb & Ellis' Anaheim office represented the tenant in the transaction. Owner, San Francisco-based GK Investments, was represented by Rick Ellison and Jeff Chiate of Cushman & Wakefield's Irvine office.
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