The Port of Los Angeles announced several moves to accommodate growth of its container business and cruise ship facilities.
The port has earmarked the former Todd Shipyard Facility in the West Basin for container operations. That 85-acre site is adjacent to an existing container terminal and part of the site has been designated for Yang Ming Line's future railyard and terminal access road, which the port has agreed to provide under a recently approved lease agreement.
The Todd site is currently being used as a staging area for port construction contractors and as a training facility for longshoremen's union members.
The port has also announced that it will undertake a $30 million expansion of its World Cruise Center, which is already the busiest passenger facility on the West Coast and the fourth-busiest in the nation.
The plan would add 20 acres, expanding the existing terminal southward to incorporate the current Pasha/Honda automobile handling facility, a new terminal building, concourse, wharf modifications, a new entrance and expanded parking. An additional five acres at the end of the terminal would be set aside for new commercial development. A pedestrian walkway would connect the Catalina Cruises terminal to Ports O' Call Village.
The 115,000-square-foot Agoura Hills Business Park has been sold to William Wilson & Associates for $18.6 million. Selling the 13-year-old, two-building park on Agoura Road was Katell Properties. Bob Safai, owner of Madison Partners, represented both sides in the deal. Major tenants of the park include J.D. Power & Associates, Toyota Credit Corp. and GMAC Candle Corp., Safai said.
University signs lease
After weighing a move, Antioch University decided to stay put, signing a new five-year lease at the Marina View building on the Westside.
"With the real estate market as active as it is and real estate rates climbing, the stay-put option" was the best one available, said Ian Strano, vice president of Beitler Commercial Realty Services, who represented Antioch. "With rental rates the way they are, we didn't want to become part of a bidding war."
The university has been at 13274 Figi Way in Marina del Ray for the past 10 years. It will expand to 26,000 square feet, and landlord Marina View Building Partners Ltd. has agreed to upgrade the space, Strano said. Antioch's lease also carries a fixed renewal option, he said.
Manufacturer buys, relocates
Ducommun Inc. has acquired 7.8 acres adjacent to its existing 150,000-square-foot manufacturing plant in Carson and plans to build additional manufacturing facilities on the site. In a separate deal, Ducommun has relocated its headquarters from Carson to Long Beach.
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