TALMADGE, CALIF. — ACI Apartments has arranged the sale of a retail strip center located at 4412 Euclid Ave. and 4746 El Cajon Blvd. in Talmadge. San Diego-based Talmadge Gateway LP acquired the asset from La Mesa, Calif.-based Alessio Leasing Corp. for $2.5 million. The three-parcel property totals 35,183 square feet of retail space. Ricardo Lopez and Keith Courtney of ACI Apartments represented the seller and buyer in the transaction.
SAN DIEGO — Bruce Kleege has acquired a six-unit apartment community in the San Diego submarket of Crown Point for $2.2 million. The community is located at 3847-63 Sequoia St. It is situated half a block from Mission Bay and Crown Point Park. The property was built in 1955. It was fully occupied at the time of sale. The buyer represented himself, while Ciara Trujillo, David Santistevan and Gunder Creager of Colliers International represented the seller, Sequoia Street Apartments, in this transaction.
LONG BEACH, CALIF. — Pet Food Express has opened its newest location in California. Located at 4220 Long Beach Blvd., the store is the company’s fifth location to open in Southern California, along with the 52 stores in Northern California. The new location will feature an indoor dog park; permanent state-of-the-art cat adoption center; permanent event rooms for adoptions, dog training and dog birthday parties; newly designed self-service pet wash stations with organic shampoos; and a wellness center, provided by VIP Pet Care with services like annual physicals, diagnostic testing, vaccines and nail trims.
SANTA CLARA, CALIF. — Telenav has relocated its office space from Sunnyvale to Santa Clara. The wireless, location-based services company has sublet 54,635 square feet from Avaya. It signed a five-year lease that will commence April 1. The new space is located at 4655 Great America Parkway. It is situated within a 318,000-square-foot, Class A office building that sits adjacent to the new Levi’s Stadium. Doug Sugimoto and Scott Dever of Cushman & Wakefield represented Avaya, a global provider of business collaboration and communications solutions.
LOS ANGELES — A joint venture between Douglas Emmett and the Qatar Investment Authority has purchased a 1.7-million-square-foot office portfolio in the Los Angeles submarket of Westwood for $1.3 billion. The portfolio contains four Class A office buildings within the Westwood Wilshire office corridor. Douglas Emmett plans to retain 20 percent to 30 percent of the joint venture equity. The remaining interest will be held by institutional partners. The JV obtained a $580 million, non-recourse, interest-only loan with a seven-year term. This acquisition will allow Douglas Emmett to control 74 percent of the Westwood Wilshire office corridor. The firm’s portfolio now contains a total of 66 office properties with 17.2 million square feet of space.
ROSEVILLE, CALIF. — A California-based investment firm has purchased The Terraces of Roseville, a 198-unit independent living, assisted living and memory care community in the Sacramento suburb of Roseville, for $39 million. Blueprint Healthcare Real Estate Advisors represented the seller, a New York-based private investment group, in the sale. Westmont Senior Living will continue to operate the community after the sale. The Terraces of Roseville was built in 1987 and sits on a 4.1-acre parcel. The community was sold out of bankruptcy as a value-add property. The proposed repositioning includes capital investment and/or a substantial expansion on the site as well as adjacent 1.3-acre parcel. The sale price equates to approximately $197,000 per unit and a capitalization rate of 6.8 percent based on in-place operating income. Blueprint’s Christopher Hyldahl was the lead advisor on the transaction and was supported by Gideon Orion and Mike Segal.
RIVERSIDE, CALIF. — Reliant Management Group has purchased Riverside Healthcare Center, a 188-bed skilled nursing facility, for $12.5 million. Shep Roylance of JCH Senior Housing Group represented both the buyer and the seller, Lifehouse, in the transaction. Lifehouse will continue to operate the facility under a 15-year lease with two five-year extension options. Located in Riverside, approximately 50 miles east of Los Angeles, Riverside Healthcare Center is situated on nearly four acres and features several one¬story buildings. Originally constructed in 1969, the site has grown to nearly 40,000 square feet.
SAN DIEGO — CBRE Global Investors Fund has purchased a 93,254-square-foot Carlsbad industrial building for an undisclosed sum. The building is located at 2765 Loker Ave. W. It is fully leased to global manufacturer Nordson Asymtek after formerly serving as the home of Ashworth Golf. The building was constructed in 1999. CBRE Global Investors represented itself in the transaction, while CBRE’s Louay Alsadek, Hunter Rowe and Andrew Taylor and Dennis Visser, as well as Todd Davis of Cushman & Wakefield, represented the seller, a privately held real estate investment advisor.
FOLSOM, FAIRFIELD AND CONCORD, CALIF. — Garaventa Properties has sold a three-building industrial portfolio to a partnership between Birtcher Anderson Realty and Merced Capital for $63.4 million. The portfolio totals 533,700 square feet. The transaction includes the 204,726-square-foot Garaventa Park in Concord; the 228,133-square-foot Fairfield Corporate Commons in Fairfield; and the 100,832-square-foot Lake Forest Business Park in Folsom. The portfolio features 18 industrial, flex and office buildings leased to more than 30 tenants. The three properties have an average occupancy rate of 85 percent. The portfolio buy represents Birtcher Anderson’s first Northern California acquisition. Steve Hermann and Robert Gilley of Cushman & Wakefield represented Garaventa in the deal.
SAN DIEGO — Bosa Development has acquired Five Thirty B, a 232,936-square-foot office building in downtown San Diego, for $53.2 million. The high-rise building is located at 530 B St. The property underwent a $15 million renovation in early 2014 that included new restrooms, a redesigned lobby, a refurbished conference center with new audio/visual equipment, and a 15,000-square-foot sky terrace that wraps around the building’s third floor. Five Thirty B also features a roof garden and collaborative outdoor meeting space with plants, walking paths and private seating areas. Five Thirty B is currently 78 percent leased to tenants like Lewis PR, NCRC Mediation, Nyhart and Smash Lab. CBRE’s Louay Alsadek, Andrew Taylor and Hunter Rowe represented both the buyer and seller, Kearny Real Estate Company, in this transaction.
