LOS ANGELES — Burbank Property Management LLC has acquired a 12-unit apartment building in the Los Angeles submarket of Sherman Oaks for $3.9 million. The community is located at 15059 Burbank Blvd. Janette Monfared of Marcus & Millichap represented the seller, an LLC, in this transaction.
RIVERSIDE, CALIF. — Faris Lee Investments has arranged the $3.5 million sale of a 3,700-square-foot property net leased to Denny’s in Riverside. Denny’s has been at the location for 50 years and recently renewed its lease for another 20-year term. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller, Orange County-based HFC/PRP Madison LLC. Sonny Lee of RE/MAX Commercial represented the all-cash buyer, Arcadia-based Yuanqi International. The property sold at a cap rate of 4.66 percent and approximately $956 per square foot. Located at 3530 Madison St., Denny’s has been a tenant since the asset was built in 1967. The property underwent a renovation in 2016.
LOS ANGELES — A joint venture between California Landmark Group and Cayton Capital have completed construction of R3, a 67-unit apartment community in the Los Angeles submarket of Marina del Rey. The $30 million community is located at 4091 Redwood Ave. in the Arts District. R3 features a mix of one- and two-bedroom floor plans ranging from 685 square feet to 1,655 square feet. Amenities include a rooftop pool and lounge, fitness center and a Zen yoga garden with complimentary yoga sessions by a certified instructor.
LOS ANGELES — Sares Regis Group (SRG) has broken ground on nine industrial buildings in the Los Angeles submarket of Thousand Oaks. The buildings will contain a total of 507,878 square feet. The facilities are being built to LEED specifications on the remaining 29 acres in the Conejo Spectrum business park in Conejo Valley. They are scheduled for completion in the fourth quarter. John DeGrinis, Patrick DuRoss and Jeff Abraham of Colliers International represented SRG.
STOCKTON, CALIF. — Sean Pathiratne, owner of Buzz Oates’ subsidiary CVICH Stockton LLC, has purchased a 256,671-square-foot industrial building in Stockton for $18 million. The building is located at 2845 Boeing Way. The facility is situated near BNSF & Union Pacific Railroad Intermodal facilities. The building joins two other properties owned by Pathiratne, which are used for warehousing and distribution. Greig Lagomarsino and Michael Goldstein of Colliers International executed the transaction.
MANTECA, CALIF. — CenterPoint Properties plans to develop a 404,600-square-foot industrial facility at CenterPoint Intermodal Center in Manteca, just south of Stockton. The build-to-suit project will be situated on 25 acres adjacent to the domestic Union Pacific Intermodal. CenterPoint is building the facility for 5.11 Tactical, a brand of tactical apparel and gear.
SANTA MONICA, CALIF. — DivcoWest has acquired The Telephone Building in Santa Monica for $52.5 million. The six-story creative office building is located at 1314 7th St. As part of the deal, DivcoWest also acquired 58,538 square feet of office condominiums in the building. The remaining 33,254 square feet of office condominiums houses a telephone switching hub owned by Frontier Communications and was not included in the sale. The building is 86 percent leased. HFF’s Doug Bond and Andrew Harper represented the seller, a joint venture between Alcion Ventures and Pacshore Partners, in this transaction.
REDWOOD CITY, CALIF. — An undisclosed nonprofit corporation has acquired the 55-unit Atherton Court Apartments in Redwood City for $17.1 million. The community is located at 3762-3770 and 3752 Rolison Road. Atherton was built in 1961. It is situated near U.S. Highway 101 and Interstate 280. Taylor Flynn and Philip Batlin of Marcus & Millichap represented both the buyer and seller, a private investor, in this transaction.
SANTA BARBARA, CALIF. — Senior Living Investment Brokerage has arranged the sale of Oak Cottage of Santa Barbara, a 44-bed memory care facility in Santa Barbara. Although the sales price was not disclosed, the $465,000-per-unit price for the facility’s 40 units translates to $18.6 million. The 27,217-square-foot community was built in 2015 on 0.65 acres. The community was still in lease-up at the time of sale, and had an occupancy of 82 percent. A California-based operator purchased the facility. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage negotiated the transaction on behalf of the undisclosed seller.
CLAREMONT, CALIF. — GPI Cos. and LStar Communities have begun construction on a 365 by Whole Foods Market located at Sycamore Hills Plaza, an 80,000-square-foot shopping center located within the master planned community of Sycamore Hills in Claremont. The Sycamore Hills store will be the first 365 location in Southern California’s Inland Empire. Tenants set to open at Sycamore Hills Plaza include CVS/pharmacy, Starbucks Coffee, MOD Pizza, Orangetheory Fitness, Arby’s, Supercuts and Lee Spa Nails. The property is scheduled for completion in late 2017. JLL’s Scott Kaplan, Erik Westedt and Blake Kaplan, along with Dan Samulski and Ryan Gast of CBRE, are handling leasing at the center.
