BentleyForbes Affiliate Acquires Gruma's Largest Tortilla Manufacturing Facility.Business Editors LOS ANGELES--(BUSINESS WIRE)--Nov. 21, 2002 BentleyForbes announced today the acquisition by its affiliate, GCCA GCCA Graduate Careers Council of Australia GCCA Greene County Council on the Arts (Catskill, NY) GCCA Greater Chicago Cichlid Association GCCA General Conference Committee on Appropriations GCCA Gulf Coast Conservation Association , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , of a major manufacturing/distribution facility of Gruma Corporation. Gruma Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Gruma S.A. (NYSE NYSE See: New York Stock Exchange :GMK), is the largest corn and flour tortilla manufacturer in the United States. GCCA acquired the 200,000 square foot facility valued at just under $15 million, and assumed an existing 10 year lease with 9 years remaining. Located just eight miles southeast of downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or , the property has just been enhanced with a new state-of-the-art 50,000 square foot concrete tilt-up expansion added to the original 150,000 square foot building. The Los Angeles Central market boasted a low 3.7% direct vacancy rate for its overall inventory with the City of Commerce at 3.4%. The property enjoys a central location within the greater Los Angeles marketplace, and major thoroughfares with direct connections to three freeways within 1 to 1.5 miles provide immediate and flexible freeway access. The facility also possesses extensive dock-high loading positions and UP rail service. "Because Gruma is in the food industry, it gave us a great deal of interest because of our family past in that industry and because of the stability that the food industry has experienced," says BentleyForbes Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Chad Wehba. "Gruma's stability and the great location of this property make this an excellent asset for us." Gruma Corp. manufactures and distributes corn flour under the MASECA brand name, and tortillas under the MISSION and GUERRERO brand names. Gruma Corp. enjoys a market share of approximately 87% and 25% in corn flour and tortillas respectively. Gruma Corporation's year-end 2001 sales were $856 million, up 4% from the prior year and representing 43% of Gruma S.A.'s sales for the year. Los Angeles-based BentleyForbes, one of the nation's fastest-growing commercial real estate investment firms and listed as the 51st largest privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. in Los Angeles according to the Los Angeles Business Journal, specializes in sale-leaseback of single-tenant, income-producing properties. Its affiliates' portfolios include office buildings, industrial and warehouse properties. |
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