LOS ANGELES – A 40,738-square-foot building in the Los Angeles submarket of La Mirada that is leased to 24 Hour Fitness has sold to a local private investor for $13.9 million. The building is located at 13395 Beach Blvd. It is occupied by a 24 Hour Fitness Sport facility. The space was built in 2002. It is the anchor tenant in a shopping center that also contains CVS, Jack in the Box, Max Muscle and Electric Tan. The gym has eight years remaining on its double-net lease. The buyer is expected to hold the asset long term for passive income. It also assumed existing CMBS debt that was in place at the property. The unnamed seller was represented by Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County.
LOS ANGELES – Bellflower Plaza, a 41,720-square-foot neighborhood retail center in the Los Angeles submarket of Bellflower, has sold to local private investment group for $9.2 million. The center is located at 17600 – 17620 Bellflower Blvd. It was built in 1991. Bellflower Plaza is anchored by Jack in the Box and 7-Eleven. This acquisition marks the fifth highest shopping center purchase per square foot in the Mid-Cities submarket since 2009, according to Joe Penich of Sperry Van Ness Rich Investment Real Estate Partners, who represented the buyer. The unnamed seller was represented by Andrew Awaida of Remax Optima.
LOS ANGELES – A private investor has purchased the 30-unit Trojan Palms Apartments near the University of Southern California (USC) campus in Los Angeles for $8.9 million. The community is located at 1115 W. 30th Street, half a block from USC. It was built in 1957 and remodeled in 2007. The 67-bedroom student housing property is generally fully occupied. Ron Harris, Michael DiSimone and Garrett Nichols of Marcus & Millichap’s Los Angles office represented both the buyer and seller, another private investor, in this transaction.
LAKE FOREST, CALIF. – An affiliate of Menlo Equities LLC has purchased a 76,841-square-foot office building in Lake Forest for an undisclosed sum. The building is located at 26250 Enterprise. It is situated near the 241 toll road and Interstate 5 via Bake Parkway.. The building is 87 percent occupied by four tenants, with a majority of the space occupied by Panasonic Avionics Corporation. The seller, Bixby Land Company, was represented by Jeffrey Cole, Jeffrey Chiate, David Dowd and Ed Hernandez of Cushman & Wakefield’s Irvine office.
MINNEAPOLIS — High Street Residential, the residential subsidiary of Trammell Crow Co., has acquired a nearly two-acre site for the construction of a 164-unit, six-story, Class A mixed-use building in Minneapolis. The residential complex will replace an existing restaurant and associated surface parking lot fronting the West Lake Corridor. Construction is expected to begin during the second quarter and ready for occupancy in the third quarter of 2016. 3118 W. Lake will include a contemporary studio, alcove, one-, two- and three-bedroom apartments with views of the surrounding Lake Calhoun and the Minneapolis Skyline. The commercial portion of the development will include 5,000 square feet of indoor restaurant space and an outdoor patio space. ESG Architects will serve as the project architect. A joint venture between Continuum Construction and Big D Construction will serve as the general contractor. Jerry Ebert, senior vice president of construction, will oversee the development of the project on behalf of High Street Residential and Trammell Crow Co.
PLAINFIELD, IND. — Transpacific Development Co. (TDC) has executed a lease with Ozburn-Hessey Logistics (OHL) for 450,000 square feet of distribution space at 2450 Stanley Road in Plainfield. TDC acquired the newly-constructed building in 2013. The building features a 32-foot ceiling height, 40 dock doors in a cross-dock configuration, T-5 lighting and three entrances. With this transaction, OHL now leases three full buildings from TDC in the Plainfield submarket. Jeb Atkinson, Jess Andrews, Brian Camp and Doug McDowell of ProVenture represented OHL in the lease. Steve Schwegman of JLL assisted in the lease transaction. Michael Weishaar and Luke Wessel of DTZ represented the landlord.
DALLAS — Buchanan Street Partners has acquired Granite Tower, a 10-story, 240,000-square-foot office building located at 4055 Valley View Lane in Dallas. Buchanan Street acquired the property on behalf of an unnamed pension plan from a partnership between CREA Investments and Macfarlan Capital Partners. Granite Tower is currently 97 percent leased. The firm acquired Granite Tower with five-year, fixed-rate financing provided by a Midwestern-based life insurance company through HFF, who acted as the mortgage broker in the transaction. Dallas-based DTZ will continue to manage and lease the property.
FRANKFORT, ILL. — Reed Construction will build Riverside Medical Center, a new 20,000-square-foot medical office building for Riverside Healthcare in Frankfort. The property will be located on a 25-acre site at the corner of US 45 and Steger Road. The single-story masonry medical office facility will feature metal panels and a curtain wall glazing system. The medical space will include exam rooms, CT imaging, EKG facilities and infusion bays for Riverside Healthcare, a healthcare system serving the needs of patients throughout the counties of Kankakee, Iroquois, Will and Grundy. Reed Construction will also complete more than 20 acres of site improvements and infrastructure for future development on the property. Scott Pickands and Cy Rangel are the project executives overseeing the project on behalf of Reed Construction. Jack Sbertoli of Reed Construction is leading the project team, which is scheduled to begin construction in April with completion slated for end of the year. Proteus Group is providing the architectural services.
HOUSTON — 29th Street Capital (29SC) has acquired Ashley Park Apartments, a 284-unit, Class B asset located in the Medical Center/University submarket of Houston. The property is located inside of the 610 Loop and is less than two miles from the Texas Medical Center. The property will be re-branded as The Edge at City Centre. 29SC plans to invest $2.17 million, or $7,640 per unit, to improve the quality of the units and common areas while enhancing curb appeal. Amenities will include a new fitness center and upgraded leasing center. New plank siding, landscape improvements and signage will be added to the exteriors. Renovations in the apartment units will include the addition of new appliances, resurfaced countertops and cabinets, upgraded kitchen and bathroom fixtures, modern lighting and new flooring in the living areas.
LAKE FOREST, ILL. — Brennan Investment Group, in a joint venture with Goldman Sachs, has acquired an industrial property located at 13970 Laurel Drive in Lake Forest. This property will be added to the 23-building, 4.68 million-square-foot portfolio Brennan and Goldman Sachs acquired in late 2014. The properties are located within the greater Chicago Metropolitan area and were purchased from Mirvac Industrial Trust, an Australian public REIT. Further details of the transaction were not disclosed.