Granite Peak Partners Acquires Victoria Business Park in Long Beach, Calif. for $12.44 Million

Granite Peak Partners, a real estate investment firm based in Santa Barbara and Los Angeles, acquired Victoria Business Park in Long Beach, California for $12.448 million.

LOS ANGELES, CA (PRWEB) January 10, 2006 -- Granite Peak Partners, a real estate investment firm based in Santa Barbara and Los Angeles, acquired Victoria Business Park in Long Beach, California for $12.448 million. The transaction closed December 29, 2005. The acquisition is part of Granite Peak Partners' Growth and Income Fund I, which raised $6.7 million from their client base of investors and is now officially closed.

Located in the South Bay portion of Los Angeles, the two building, multi-tenant, office/industrial complex consists of 119,576 net rentable square feet located on 6.3 acres. Mike Hefner, a broker with the Anaheim office of Voit Commercial Brokerage, represented both seller and buyer in the transaction.

"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," says 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, close to Los Angeles International Airport and situated near the Alameda Corridor, well positioned to benefit from the business created by the significant trade of goods through the twin ports of Long Beach and Los Angeles."

Savett sees the supply for new industrial property in Los Angeles as constrained. "There is very little appropriately zoned land available for further development.
Predictably, rental rates for existing buildings have begun to move up," explains Savett. "There is substantial reason to believe that this trend will continue and perhaps accelerate. We are confident that Victoria Business Park will provide our investors with attractive income and capital growth in the coming years."

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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