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Friday, Mar 29, 2024

Printing Cartridge Firm More Than Doubles Growth

Principals of Printing Technology Inc., a 16-year-old company that makes and distributes laser and ink cartridges and related items, has inked a deal to acquire a 79,400 square foot industrial facility at 21001 Nordhoff St. in Chatsworth for $11.6 million. The move expands by about 60 percent the company’s space and allows room for Printing Technology to expand further down the road. “We have been growing at the rate of 35 percent and expect to grow by 50 percent in 2007,” said Peter De Salay, CEO and president of Printing Technology. Printing Technology currently operates out of two buildings, including a corporate headquarters at 9144 Deering Ave. Plans are to consolidate both those operations into the newly acquired building. About 250 workers will be located at the site. The company will renovate the Nordhoff facility, adding a floor of office space totaling about 5,500 square feet. In addition, plans are underway to add another building on the property that will total 38,000 square feet. Performance Automotive Wholesale, which has occupied the Nordhoff property, plans to relocate. Meanwhile, Printing Technology has sold one of its two current facilities, a 50,286-square-foot industrial building at 9526 DeSoto Ave. in Chatsworth to a private investor for $6.5 million. Printing Technology will lease the facility back for about six months while renovations are completed on its new building. Scott Caswell and Bruce Simpson, brokers at Delphi Business Properties Inc., represented the principals of Printing Technology in the acquisition of the Nordhoff building and in the sale of the DeSoto facility. Caswell also represented the buyer in the DeSoto deal and the seller in the Nordhoff deal. Sherman Oaks Property Sold With rents rising, several multifamily properties in Sherman Oaks have attracted new buyers. The Boulevard Apartments, a 105-unit property in Sherman Oaks, has been sold to an unnamed investor for $28.9 million. The property, on the south side of Ventura Boulevard, was built in 1988 and renovated in 2003. Gregory S. Harris, a broker with The Harris Group of Marcus & Millichap, represented the buyer and the seller, Pacific Property Co. Also, the Grand Villas Apartments, a 104-unit complex in Sherman Oaks, was sold for $24.5 million to RPM Investments. Rory Ferlauto, Don Hudson and Nancy Uy, the Private Capital Advisors team at Colliers International, represented the seller, a private trust, along with Kitty Wallace of Sperry Van Ness. The buyer was represented by Scott Furman at ReMax. Glendale Sale A private investor has acquired an industrial building in Glendale for $7.3 million. The property, at 615-620 Allen Ave., comprises 29,000 square feet. Brett Warner, a broker with Lee & Associates LA North/Ventura, represented the seller and Lee’s Brent Avis represented the buyer. Van Nuys Sale An investor has acquired a 29,000-square-foot industrial building in Van Nuys for $3.25 million. The property, at 7950 Woodley Ave., is zoned for single tenant use. Ron Feder, a broker with Lee & Associates LA North/Ventura, represented the buyer and seller, also a private investor. Westlake Deal CapitalSource Inc. inked a deal for 10,619 square feet of space in Westlake Business Park North. Consideration for the seven-year lease was $2.48 million. CapitalSource, a publicly-held commercial finance company that operates as a real estate investment trust based in Chevy Chase, Md., operates four additional Southern California locations and has regional headquarters in San Francisco. The Westlake Village location employs about 35 people. Marc L. Riches and Cory Richmond, brokers with Westcord Commercial Real Estate Services, represented the tenant. Tom Festa, a broker with Grubb & Ellis, represented the landlord, a partnership of Teacher’s Insurance and Annuity Association of America. Warner Center Lease Caine & Weiner, an accounts receivable management company, has leased a 14,400 square foot office building in Warner Center. The five-year lease, at 21210 Erwin St., is valued at about $1.5 million. Gary Weiss, a broker with Madison Partners, represented the tenant. The landlord, Richard Aronoff, president of Aronoff & Sons, was represented by Don Manning, a broker with CB Richard Ellis. SRAR Expands Listing The Southland Regional Association of Realtors has inked a deal that will provide access to the MLS listings of the Southern California Multiple Listing Service. The agreement will create the second largest multiple listing service (MLS) in the country. The combined membership base will total 55,000 and add coverage of much of southern Los Angeles County and all of Orange County to the existing San Fernando and Santa Clarita valleys areas covered by the SRAR MLS. The agreement, coming as housing sales slow dramatically, will allow Valley-area brokers to cover a much wider area of Southern California. “The real estate industry is changing and we, at the MLS level, need to meet those changes,” said Jim Link, CEO of SRAR. “Brokerages continue to consolidate, individual market areas expand and the consumer is demanding more information.” Laing Gets Accolades John Laing Homes was ranked No. 1 in overall consumer experience by Eliant, a consumer research company that caters to the building industry. Senior reporter Shelly Garcia can be reached at (818) 316-3123 or by e-mail at [email protected] .

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