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VERNON, CALIF. — Newport Beach, Calif.-based Master Development Corp. (MDC) has acquired a 113,500-square-foot industrial building, which is located at 4380 Ayers Ave. in Vernon, from 4380 Ayers Ltd. for $10.4 million. MDC purchased the property through its joint venture with GE Asset Management. The company plans to renovate the property with interior and exterior upgrades. Jeffrey Sanita, John McMillian and Tim Wallace of Cushman & Wakefield represented the buyer.