Granite Peak Partners Acquires City of Industry Property For $7.14 Million; Tenant is Spring Air Mattress Manufacturer

Granite Peak Partners, a real estate investment firm based in Santa Barbara and Los Angeles, acquired a City of Industry, California single tenant industrial property for $7.14 million. The transaction closed November 4. Spring Air Partners California, the Los Angeles manufacturing facility for the national mattress company, is the single tenant in the 110,000 square foot building on a four-acre site.

Los Angeles, CA (PRWEB) December 8, 2005 -- Granite Peak Partners, a real estate investment firm based in Santa Barbara and Los Angeles, acquired a City of Industry, California single tenant industrial property for $7.14 million. The transaction closed November 4.

Spring Air Partners California, the Los Angeles manufacturing facility for the national mattress company, is the single tenant in the 110,000 square foot building on a four-acre site at 111 North Baldwin Park Blvd.

The buyer and seller were represented by Chris Thompson of Investment Real Estate Associates, a commercial real estate sales and advisory firm based in Encino, California. "When complicated issues arose Chris was successful in negotiating a mutually beneficial outcome for both parties," says Bruce Savett, a founding principal of Granite Peak Partners in charge of acquisitions. Savett's firm was responsible for selecting and acquiring the property for a private client.

"Granite Peak Partner's Asset Advisory Services Division provides acquisition and investment services for high net worth investors and fulfills a valuable market need," says Savett. "Our clients are very sophisticated in these matters but appreciate our ability to strategize, originate and see investment opportunities to conclusion. We then provide ongoing asset and portfolio management to help ensure value maximization after the purchase."

Spring Air Partners California, is expected to remain the sole occupant, according to Savett. "Our client was looking for a stabilized and well positioned industrial property in this strong in-fill market," says Savett. "Although the building was a fourth generation property, it was very clean with excellent access to several major transportation arteries and well positioned to service local markets. It met all our client's criteria so we moved on it."

Granite Peak Partners is a full service real estate investment firm providing structured real estate investments, 1031 exchange and asset advisory services to qualified individual, agricultural and institutional investors. Target properties are in the $4 million to $40 million-price range primarily in the western United States. For more information, contact Gregory Yost at 310-399-8100 in Los Angeles or on the web at www.GranitePeakPartners.com.

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