Layton-Belling Acquires Two Vista Industrial Assets in $22M Play

VISTA, CA-Newport Beach-based Layton-Belling & Associates, through its LBA Realty Fund, has added more than 200,000 sf of industrial space to its Southern California County commercial real estate portfolio, as a result of two separate transactions involving the acquisition of the GE Osmonics facility and Shadowridge Business Park. The deals are worth a combined $21.7 million.LBA plans to hold the properties for five to seven years, according to Steve Layton, a principal with the firm. He tells GlobeSt.com that LBA was interested in the two assets because the firm “was looking for opportunities that would provide tenants with cost-effective alternatives” in an area where there is a diminishing supply of available land. In addition, the acquisitions present a value-add opportunity for LBA, as they “provide us with a little land to potentially build on,” Layton notes. In the GE Osmonics deal, LBA has acquired six acres of developable land and a 108,000-sf industrial facility that is located at 760 Shadowridge Dr. The existing building is 100% leased to seller GE Osmonics, which has signed a five-year leaseback as part of the transaction. Henry Zahner of Colliers International acted on behalf of both parties in the recent deal, which was an off-market transaction. Separately, LBA has picked up Shadowridge Business Park, which is located adjacent to the GE Osmonics facility. The Shadowridge asset is comprised of four, multi-tenant industrial buildings that encompass a total of 91,442 sf. Two of the Shadowridge facilities stand at 1930 and 1960 Watson Way, while the other two buildings are located at 2025 and 2055 Thibido Rd. The complex is currently 97% occupied and counts Cercom, which leases 32,000 sf here, as its largest tenant. BRE/Grubb & Ellis handled the Shadowridge listing, with its brokers Todd Davis, Louay Alsadek, Rick Reeder, Karen Fuller and Trent France of BRE/Grubb & Ellis representing both parties in the sale.