Granite Peak Partners, a Southern California real estate investment firm, recently acquired Victoria Business Park in Long Beach, Calif. The value of the transaction was approximately $12.5 million. Located in the South Bay portion of Los Angeles, the two-building, multitenant office/industrial complex consists of 119,576 net rentable square feet located on 6.3 acres. "The South Bay has historically enjoyed low vacancy rates currently between 3 and 5 percent, and vacancies seem to be declining. The area is a great-performing market," said Bruce Savett, a founding principal of Granite Peak Partners in charge of acquisitions. "While the property has great curb appeal and is adaptable to a broad range of users, its trump card is its location. The buildings are near five major freeways, cl...
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