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California Resources Corp., a spinoff of Houston’s Occidental Petroleum Corp., leased 21,304 square feet at 27200 Tourney Road in Valencia from landlord Arden Realty Inc. Terms of the deal were not disclosed. The 213,000-square-foot office building has monthly asking rates between $2 and $2.50 a square foot.

Medical equipment and technology company ASC Process Systems expanded its headquarters, leasing 23,831 square feet at 28516 Livingston Ave. from landlords 24-25 Partners LLC and Industrial Associates LLC. The firm now occupies at least 125,000 square feet of manufacturing space in two Valencia facilities. Full terms were not disclosed but the average rent is $7.44 a square foot annually.

Senior Housing Properties Trust bought an office building at 28515 Westinghouse Place as part of a larger 23-property $3 billion investment portfolio from Select Income REIT in February. The 146,000-square-foot office building in Valencia sold for $71.9 million, or about $492 a square foot. The building, which is headquarters for cochlear implant maker Advanced Bionics LLC, was one of the county’s biggest sales transactions during the quarter.

Allee Investments LLC bought a 44,311-square-foot office building at 23838 Valencia Blvd. in Valencia in February for $16.3 million. VPIP LLC and Two Way Option LLC sold the 20-year-old property, which was renovated in 2005. The price, at $368 a square foot, was among the highest prices on a square foot basis in the submarket.

Vallarta Supermarkets leased 40,751 square feet at 18571-18595 Soledad Canyon Road, Canyon Country from landlord Kimco Realty Corp. in January. The grocer, which opened in February, replaced an Albertsons and now anchors the 54,000-square-foot Canyon Square Plaza strip mall. Terms were not disclosed but monthly asking rates are about $2 a square foot.

With several of the Santa Clarita Valley’s leading industries recovering, the office market made incremental progress last quarter that appears to be setting the stage for future gains...

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