Pharmavite Leases New Building

Vitamin giant Pharmavite Corp. will substantially expand its Valencia operations with the lease of a 168,000-square-foot industrial building scheduled for completion next month.

The Mission Hills-based company, whose best-known brand is Nature Made, already occupies about 300,000 square feet in the area. It has committed to a five-year lease valued in excess of $5 million for the largest of the two Livingston Avenue buildings nearing completion at the $40-million Vista Business Park.

Investment Development Services of Los Angeles is developing the business park on behalf of Kennedy Associates Real Estate Counsel, a Seattle-based pension fund advisor. The 320,000-square-foot first phase includes the building Pharmavite will occupy and also a 153,000-square-foot sister building that has yet to be leased.

A team of brokers from Grubb & Ellis Co. negotiated the lease on the developers’ behalf, and Cushman Realty Corp. represented Pharmavite.

IDS Managing Partner David Mgrublian said the Pharmavite deal has prompted Kennedy and its investor clients to have IDS go ahead with construction of the park’s second phase, which will be two buildings, of 189,000 and 230,000 square feet.