LONG BEACH, CALIF. — Keely Partners has acquired the 22-unit Anaheim Road Apartments in Long Beach for $8 million. The community is located at 5401 E. Anaheim Road. It was built in 1987. The community contains 22 two-bedroom/two-bathroom units. Robert Stepp and Michael Toveg of Stepp Commercial represented both buyer and the seller, a private trust, in this transaction.
THOUSAND OAKS, CALIF. — Harbor Associates has purchased an office campus in the North Los Angeles submarket of Thousand Oaks for $22.9 million. The Conejo Corporate Campus is a 198,478-square-foot, low-rise office complex located at 2380 & 2400 Conejo Spectrum St. Conejo Corporate Campus recently underwent a significant renovation, including addition of numerous meeting and conference rooms, grand lobbies, a landscaped outdoor plaza, high speed fiber-optic internet and Venetian plastered walls.
SAN DIEGO — Providence II Centerpointe has sold a 60,431-square-foot flex industrial building in San Diego for $8.8 million. The building is located at 7720 Kenamar Court. The asset is fully leased to two tenants with long-term leases The buyer was 7720 Kenamar CT Holdings LLC. Colliers International represented Providence in the sale.
VALENCIA, CALIF. — A joint venture between Goldman Sachs Asset Management Private Real Estate (GSAM) and Harbor Associates has purchased Commons at Valencia Gateway, a 157,000-square-foot office building in the Santa Clarita submarket of Valencia. The Class A asset is situated directly off the I-5 freeway. The price was not disclosed. The partnership intends to implement a capital improvement program to refresh vacant suites and upgrade the overall appeal of the property for tenants. It will also introduce environmental initiatives that can improve the property’s brand.
LOS ALTOS, CALIF. — Briggs Development Corp. has purchased a two-story office building in the Silicon Valley submarket of Los Altos. Though the price and square footage were not disclosed, Colliers, which executed the sale, notes the asset sold for nearly $600 per square foot. The building is located at 4410 El Camino Real, near companies like Facebook, Google, Netflix, Apple and Stanford University. Briggs plans to revitalize the Class A project and improve the building and lot. Jason Allen, Dan Bergen and Doug Marks of Colliers represented the seller, a large wealth management client.
ORANGE, CALIF. — NKF Capital Markets has arranged the sale of Rusty Leaf Plaza, a neighborhood shopping center located at 2512 E. Chapman Ave. in Orange. A joint venture between Canyon Catalyst Fund and Paragon Commercial Group sold the property to Inland Real Estate Acquisitions for an undisclosed price in an off-market transaction. At the time of sale, the center was 98 percent occupied. Anchored by Target, the retail center also features a mix of service, medical and fast casual dining tenants. CJ Osbrink of NKF Capital Markets represented the seller in the deal.
TORRANCE, CALIF. — Faris Lee Investments has arranged the sale of Southwood Village, a neighborhood retail center located at 22214-22251 and 22217-22251 Palos Verdes Blvd. and 5230 Sepulveda Blvd. in Torrance. Los Angeles-based BIG Shopping Centers USA sold the property to a private investor for $21 million. Situated on 5.5 acres, the 66,958-square-foot property was built in the 1950s and renovated in 2013. At the time of sale, the property was 97 percent occupied by major tenants, including Dollar Tree, ACE Hardware, Goodwill and Chevron. Richard Chichester and Donald MacLellan of Faris Lee represented the seller, while Triwell Properties represented the buyer in the transaction.
LOS ANGELES — Marcus & Millichap has facilitated the sale of a retail property located at 9563 W. Pico Blvd. in Los Angeles. CRD Pico Associates acquired the property from a private investor for $2.8 million. The property features 5,000 square feet of retail space. Brandon Michaels and Andrew Leff of Marcus & Millichap represented the seller and buyer in the deal.
ARROYO GRANDE, CALIF. — ALDI Food Market has signed a lease for retail space at the corner of East Grand Avenue and South Elm Street in Arroyo Grande. Grand & Elm Properties leased the 23,931-square-foot space to the grocer. Nick Frechou and Mike Arfsten of Retail California brokered the transaction.
BURBANK, CALIF. — Intercontinental Real Estate Corp. has acquired Connexion Burbank, a 337,904-square-foot office campus in downtown Burbank, for $123.5 million. The three-building urban campus is located at 303 N. Glenoaks Blvd., 333 N. Glenoaks Blvd. and 300 E. Magnolia Blvd. The properties were built in 1983, 1978 and 1984, respectively, and recently underwent a major renovation. The renovation and rebranding, which totaled nearly $8 million, included upgrades to all three lobbies, addition of two outdoor decks that tier down into an open patio area, extensive plaza renovation, new common areas and other modern enhancements. The buildings are situated on just over three acres of land and provide direct access to downtown Burbank. Connexion Burbank is 91 percent occupied by tenants including Turner Broadcasting (Cartoon Network), Regus, Citibank, Blackmagic Design, University of Redlands, WGBH Educational Foundation and Gerencia 360. Intercontinental Real Estate represented itself in this transaction. NKF’s Kevin Shannon, Rob Hannan, Michael Moll and Laura Stumm represented the seller, a joint venture between Lincoln Property Co. and Angelo Gordon. Kent Handleman of Lincoln Property Co. and Doug Marlow of CBRE served as local market leasing advisors in the sale.