For More Information:
Donna Hahn
Hahn Communications
(949) 458-3983
donna@hahnmarketing.com
WESTERN STATES TECHNOLOGIES INC. BUYS, SELLS
INDUSTRIAL PROPERTIES IN LOS ANGELES
LOS ANGELES, CALIF. – Western States Technologies Inc. has acquired one industrial
property and sold another in two recent, Los Angeles-area transactions totaling
$10.7 million.
Los Angeles-based Western States Technologies purchased a 33,348-square-foot
industrial building, located at 3285 E. Vernon Ave. in Vernon, Calif., for
$5.8 million from XH Partners, LP. The Titan Corp. currently leases 100 percent
of the space.
According to Scott Venturelli, president of Western States, the building features
state-of-the-art insulated metal panel refrigeration with 28-degree cold storage,
in addition to general office space. The site also offers four dock-high loading
areas with in-dock levelers and 130 clear feet for truck turning.
“The city of Vernon has a high concentration of refrigerated warehouse and
food processing facilities due to its low power rates,” Venturelli said. “Vernon
Avenue, in particular, is a preferred address for numerous businesses in the
food processing and refrigeration industry. We expect this investment to substantially
increase in value over the next few years.”
Scott Heaton and Neil Mishurda of the Commerce, Calif., office of CB Richard
Ellis, represented both Western States Technologies and XH Partners in the
Vernon transaction.
In addition, Western States sold a 68,620-square-foot industrial/corporate
headquarters building located at 15510 and 15610 Heron Ave. in La Mirada,
Calif., for $4.9 million to Montebello Container Corp. Family-owned Montebello
Container Corp., which specializes in manufacturing premium quality corrugated
sheets and boxes, will use the facility for its new corporate headquarters
facility.
Eric Knirk of Torrance, Calif.-based Fremont Properties, represented both
the buyer and the seller in the La Mirada transaction.
Western States Technologies was established in 1985. 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 1.1 million square feet in Los Angeles,
Orange, Riverside, San Bernardino and San Diego counties. The company is actively
pursuing property acquisitions and developments in the $500,000 to $7 million
range.
Western States Technologies’ 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 98 percent portfolio-wide over the past seven years. For
more information, visit the company’s Web site at www.westernstatestech.com.
# # #