March 14, 2001

 

                                                            For More Information:

                                                                        Donna Hahn

                                                                        Hahn Communications

                                                                       (949) 458-3983

                                                                        hahnmarketing@mailatlanta.net

 

 

 

WESTERN STATES TECHNOLOGIES ACQUIRES

NINTH IRVINE PROPERTY

 

 

 

            IRVINE, CALIF. - The Irvine office of Western States Technologies Inc., a Los Angeles-based real estate investment company, has acquired a 26,000-square-foot industrial/mid-tech corporate headquarters property in the Irvine Spectrum.  The property was purchased from Morgan-Alton Ltd. for $3 million and marks the company’s ninth acquisition in the city of Irvine, Calif.

            Located at 1 Oldfield, the property is currently 100 percent leased to Surface Mount Distribution Inc., an electronic component distributor with an extensive North American clientele in Canada, Mexico and the United States.  The building, which is located near the Santa Ana (5) Freeway across from the Irvine Auto Center, houses the company's headquarters, warehouse and distribution facilities.

            According to Todd Miller, vice president of Western States Technologies, the acquisition reflects the company’s continued interest in office and industrial properties throughout Southern California.

 

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WESTERN STATES TECHNOLOGIES ACQUIRES NINTH IRVINE PROPERTY - PAGE TWO

 

“This property is an excellent example of the type of product we are actively seeking -- highly flexible office and industrial properties that can accommodate the needs of different tenants in a variety of leasing scenarios,” Miller said.  “Moreover, the continued growth of Orange County as a Southern California hub for light manufacturing and distribution, combined with market demand for adequate and flexible space in the Spectrum, make this acquisition an investment we believe will continue to perform well.”

            John Matus and Christine Bowen of Lee & Associates’ Irvine Spectrum Office represented both Western States Technologies and the seller in the transaction. 

            Western States Technologies was established in 1985 in Los Angeles, Calif.  The company concentrates on the successful development, acquisition and rehabilitation of industrial and office properties.  Currently, Western States Technologies owns and manages a mixed-use portfolio totaling more than one million square feet in Los Angeles, Orange, Riverside and San Bernardino counties. 

            The company's tenants include such global business leaders as Baxter Pharmaceutical, Dow Chemical, Gerber Technologies, International Paper, Jacuzzi, Kaiser Aerospace, MCI WorldCom, Mikasa, Oakley, R.C. Cola, Rockwell International and Union Carbide, among others.  By incorporating its strong, hands-on asset management approach, the company has averaged occupancy rates of more than 97 percent portfolio-wide over the past five years.

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