Tag: Multi-Party Agreement

EL SEGUNDO, CA (March 7, 2013)—Adishian Law Group Plays A Key Role In Reshaping El Segundo as Part of Largest Vertical Land Development Project West of Sepulveda Blvd (PCH) in the South Bay of Los Angeles during 2012-2013

Adishian Law Group in El Segundo, CA announces the closing of a real property transaction that will be among the most beneficial to the City of El Segundo in recent history.  It is believed that this project is the largest vertical land development west of Sepulveda/PCH in the entire South Bay of Los Angeles during the last two years. The leaders of the project, known as the “222 Kansas Street Specific Plan,” are SMPO Lab, LLC (www.smpo.com) of Memphis, Tennessee and local developer Mar Ventures, Inc. (www.marventures.com) of Torrance, California.  The approximately 4.7 acre parcel in El Segundo had fallen into disuse after International Rectifier (NYSE:IRF) shuttered its computer chip manufacturing facility that had occupied most of the property for many years.

Prior to SMPO acquiring the property, another developer had attempted to develop the site, but was unable to complete its plans.  Once SMPO acquired the entire parcel, it entered in a contract to sell approximately 1.6 acres to Mar Ventures.  SMPO had plans to build new industrial and laboratory space to house the USDA’s Animal and Plant Health Inspection Service unit that serves Los Angeles International Airport and the Port of Long Beach.  Mar Ventures’ plan was to build a 20-unit modern, brick and glass office condo complex fronting Kansas and Grand (www.grandkansas.com).  There was only one small detail—Adishian Law Group’s clients owned an existing parcel that was positioned in such a manner as to require their cooperation for the project to go forward as envisioned. Adishian Law Group represented its clients in negotiations with Mar Ventures.

Adishian’s directive was to reach a fair-minded resolution that would protect its clients’ interests, allow the project to go forward, and result in a win for everyone.  Had Mar Ventures and SMPO not arrived at a mutually beneficial agreement with Adishian’s clients, the project may not have gone forward all, and certainly would have been delayed and reconfigured.

“All parties wanted the transaction to go forward,” says Adishian Law Group President, Chris Adishian.  “Although simple in concept, this deal ultimately required a carefully orchestrated series of transactions that subdivided the original parcel, and then allowed the Mar Ventures’ parcel to be further subdivided into new lots in order to fulfill its ultimate intended use of the land.  These transactions included a Lot Line Adjustment, a Letter of Intent, a custom Multi-Party Agreement, a Declaration and Grant of Restrictive Covenants, Conditions and Restrictions, as well as Easements, Grant Deeds, a Conveyance Agreement and an Option Agreement.” Adishian continues, “Like many long range projects of such scale and complexity, this project was a long time in coming.  It required the sustained efforts of SMPO, Mar Ventures, the City of El Segundo, Southern California Edison, architects, engineers and some diligent lawyering to steer this project to a successful completion.  The SMPO and Mar Ventures teams were first rate, and our friends at Obelisk architects and Denn Engineering also made very valuable contributions.”

The City of El Segundo will benefit in several significant ways.  The project transforms land within the city limits that was lying fallow into productive use.  The tax base of the city has now improved, and the Grand Avenue corridor has become more aesthetically pleasing.  Of course, more employees working within the project will help local El Segundo businesses. Such success in the real estate arena requires a law firm with experience, creativity, credibility and the ability to work cooperatively with a diverse range of parties and interests in order to accomplish the end goal.  This successful transaction illustrates why the Adishian Law Group deserves its reputation as a fair-minded, knowledgeable and effective closer of even the most complex real estate transactions.