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Krausz Cos. Wades Deeper into South Bay

EL SEGUNDO, CA-The San Francisco-based firm buys two office buildings in this LA submarket for more than $65 million. Some brokers say the area is cooling off, but others note that its rents are still rising.

By David W. Myers | Updated on July 18, 2001

EL SEGUNDO, CA-Affiliates of The Krausz Cos. have paid more than $65 million for a pair of office buildings in this South Bay submarket, dramatically raising the San Francisco-based real estate firm’s stake in Southern California even as some signs indicate that the market is flattening out.

One of the buildings stands at 2300 E. Imperial Highway and has about 157,000 sf. The other is at 2101 E. El Segundo Blvd. and has roughly 113,000 sf. Both are fully leased to units of high-tech and defense giants Raytheon and Hughes Space & Communications.

The two buildings were sold by affiliates of Proficiency Capital, a privately held investment group based in Brentwood. The building on Imperial Highway stood vacant for several years after tenant North American Rockwell moved out in the early 1990s, but Proficiency Capital bought it in 1999 for only $9 million and then leased it to Hughes Space & Communications after completing a $10-million renovation.

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