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$180M Industrial Fund Begins With $32M in Deals

NEWPORT BEACH, CA-Layton-Belling & Associates forms the LBA Industrial Fund I with institutional and other investors. The company has bought two assets for $32 million already and is targeting properties throughout Southern California over the next 18 months.

By Bob Howard | Updated on August 25, 2002

NEWPORT BEACH, CA-Layton-Belling & Associates has formed LBA Industrial Fund I with institutional and other investors, planning to buy $180 million worth of industrial properties during the next 18 months.

The company bought two assets for $32 million already and is targeting properties throughout Southern California, according to Steve Briggs, principal and portfolio manager, but the fund will concentrate on some of L.A. County’s largest industrial markets, namely the City of Commerce, City of Industry, Mid-Cities and the South Bay. It’s looking for a range of single industrial buildings and larger institutional multi-tenant properties at values from $5 to $30 million, Briggs says.

The fund’s first two purchases were Canyon Corporate Center in Anaheim and 2100 East Valencia in Fullerton. Canyon Corporate Center is a class A, four-building development totaling 215,682 sf of light manufacturing and warehouse space. The Fullerton property is a 268,612-sf class A warehouse and light manufacturing facility.

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