Real Estate Column

As if playing a game of musical chairs, three manufacturing companies are simultaneously moving into facilities being vacated by the other. It all started with a decision earlier this year by Zero Corp. to have a new build-to-suit facility constructed in Valencia for its Stantron division. Stantron is currently housed in a 108,000-square-foot building in Pacoima, which has been sold to Startex, a privately held company that rebuilds automotive parts. Startex, in turn, put its two North Hollywood facilities (10,300 and 69,000 square feet) up for sale. It plans to consolidate those operations into the Pacoima building, and has already sold the smaller of the two North Hollywood buildings to Vitamin Institute, a maker of plant nutrients. Stantron’s new 170,000-square-foot build-to-suit headquarters is at the Valencia Gateway Commerce Center. Its old Pacoima facility, which Startex will move into, is at 12224 Montague St., and Startex’s old North Hollywood facilities, one of which Vitamin Institute will move into, are on Saticoy Street. All three of the companies plan to make their moves in October. Playing a role as broker in all the deals was Delphi Business Properties. Delphi’s David Hoffberg and Jerry Scullin represented Startex and the Vitamin Institute. Ross Thomas of Delphi represented Crenshaw Park, seller of the Pacoima building. Apparel expansion Sportswear manufacturer John Paul Richard has leased a 57,916-square-foot building in the Lost Hills Business Center in Calabasas. The 10-year lease, valued at $7.1 million, is the third signed in the industrial park, which opened last February. The other two deals are Xylan Corp.’s lease for 128,700 square feet of space and Netcom Systems’ lease for 107,169 square feet. The park’s developer, Long Beach-based Cypress Land Co., is seeking to secure approvals for a fourth and final building of 85,000 square feet, and it hopes to complete construction of that facility by September. Michael Tingus and John DeGrinis of the Seeley Co. represented both John Paul Richard and Cypress Land in the latest lease deal. Soft on Thousand Oaks The principals of Bonafide Management Systems Inc., a Woodland Hills software company, have formed a new company, Lombard LLC, for the express purpose of acquiring a building in Thousand Oaks. With the $935,000 acquisition of the building at 241 Lombard St. now complete, the owners plan to relocate Bonafide Management there in July. Ed Ball of Capital Commercial/NAI represented Lombard LLC. Lee Black at Cushman & Wakefield Inc. represented the seller, GTE California. Industrial sale in Santa Clarita A private investor has acquired a 79,730-square-foot industrial building in Santa Clarita for $2 million. George Gelsebach acquired the building at 21444 Golden Triangle Road from Cytec Industries. The building has been vacant since Cytec closed its plant there several years ago. Plans for the building are still under discussion. Lee Black at Cushman & Wakefield represented the seller. John Erickson, now with the Seeley Co., represented the buyer while he was with Crissman Commercial Services. Pacoima deal Gold Graphics, a maker of promotional signs, leased a 40,000-square-foot headquarters facility in Pacoima. The nine-and-a-half-year lease is valued at $2 million, according to Ross Thomas, a partner with Delphi Business Properties, who represented the tenant and property owner, Sauer Family Trust. Gold Graphics expects to move into the new facility, at 12450 Montague St., in June. Gold Graphics also occupies another Pacoima facility, which will continue to house the company’s manufacturing operation. Housing venture An affordable housing development is in the works for the community of Thousand Oaks. Many Mansions Agency, a non-profit firm that specializes in providing affordable housing to low-income families and other special interest groups, has acquired a 60-room motel with plans to convert the facility into an apartment complex geared to the elderly, disabled and young professionals with limited incomes. In addition to studio and one-bedroom apartments with monthly rentals of $350 to $400, the new facility will house a center for use by social service agencies in job training and other activities. It will also house a center for the Thousand Oaks Police Department. The complex, at 1425 E. Thousand Oaks Blvd., will be the fourth project that Many Mansions has developed in the Conejo Valley, where there is a limited supply of rental properties. Many Mansions paid slightly more than $2.1 million for the building, which it purchased from the Chang Family Trust, the Bin Shih Fu Tsai and Alice Tsai Revocable Trust. Cheryl Richmond of Capital Commercial/NAI represented Many Mansions in the deal. Tim Post at California Commercial Investment Brokerage represented the sellers. Stepping out FutureStep Inc., an online executive search firm, has inked a deal for new corporate headquarters at 14724 Ventura Blvd. in Sherman Oaks. The company, a subsidiary of Korn/Ferry International, has leased 10,704 square feet of space in the building. The company was previously located at another Sherman Oaks facility. Seth Dudley and David Kimball of Julien J. Studley Inc., represented FutureStep; The building’s owner, Douglas Emmett, was represented in-house by Nicki Lake. Consolidation State Farm Mutual Automobile Insurance Co. has leased a 10,872-square-foot office in Canoga Park to consolidate its area claims units. The five-year lease is valued in excess of $1 million. State Farm plans to move about 50 employees from its offices in Northridge and Woodland Hills to the new facility at 6740 Variel Ave. Scott Silverstein at Charles Dunn Co. represented the landlord. CB Richard Ellis Inc. represented State Farm. Clarification On May 17, this column misstated the broker of a building transaction in Encino. Mark D. Fishman, vice president of investment sales for Pinnacle Realty Management Co. in Santa Monica, represented ART Encino Inc. and Encino Executive Plaza Ltd. in a deal that transferred majority control of Encino Executive Plaza at 16501 Ventura Blvd. to Basic Capital, a Dallas real estate investment trust.