Division Campus LLC in Lancaster spent $4.4 million to buy four industrial buildings totaling 68,000 square feet in the Lancaster Business Park. The buildings at 156 East Avenue K-6, 212 East Avenue K-6, 145 East Avenue K-8 and 209 East Avenue K-8 were constructed in 2005 and went for $68 a square foot. The seller was Campus Business Park II LLC.
U.S. Tool Grinding Co., in Farmington, Mo., leased 22,000 square feet for five years at 63 cents a square foot a month in a building at 357 E. Avenue K-8, Lancaster. The landlord is Landlord Campus Business Park Three LLC.
A 14,000-square-foot office building at 514 Commerce Ave., Palmdale was sold in January for $205,000, or $15 a square foot. The buyer was Commerce Avenue Partners and the seller PLG Holdings LLC in Escondido.
Gym Planet Fitness signed an 11-year lease for 20,208 square feet at 44410-44600 Valley Central Way, Lancaster at 83 cents a square foot. The building is owned by Merlone Geier Management in San Francisco.
Another gym, Universal Fitness, signed a lease for 19,120 square feet in the Towne Square East strip center at 2160 Palmdale Blvd., Palmdale. The building, constructed in 1989, is owned by Ophir Management Services in Encino.
Palmdale Promenade, a 96,352-square-foot shopping center at 412 W. Rancho Vista Blvd., sold for $9.3 million, or about $96 a square foot. The 5.5-acre center is anchored by Home Depot, Burlington Coat Factory and 99 Cents Only stores. Built in 1991, the property is 82 percent occupied.
There was little activity in the Antelope Valley industrial market during the quarter despite the economic recovery – for good reason. There simply is little desirable product available....