Palisades Mexico Partners has made the first acquisition on behalf of a $50 million investment fund it has raised. It paid $20.8 million, or nearly $172/sf, for 2929 Imperial Highway, a 121,143-square-foot office building in Brea, Calif., in a deal brokered by JLL.

The property was purchased from an investor group, KWR Saturn LLC, which had bought it in 2012 for $10.8 million, when it was 60 percent leased. The property, which was managed by Koll Co., is now fully leased to Zodiac Aerospace and Underwriters Laboratories.  Palisades Mexico lined up financing from RBS.  The investment manager is a venture between Joaquin de Monet, founder and managing principal of Palisades Capital Realty Advisors, a Los Angeles consultancy, and Sergio Arguelles, president and chief executive of Finsa, one of Mexico's largest developers. De Monet, a 17-year industry veteran, previously had been a senior executive at GE Capital's Arden Realty operation.

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