INGLEWOOD, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 901 S. La Brea Ave. in Inglewood. A partnership acquired the asset from an individual/personal trust for $3.2 million, or $351 per square foot. Domino’s Pizza occupies the 9,042-square-foot retail building. Brandon Michaels of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the deal.
SAN DIEGO — Capstone Development Partners has closed on traditional debt and equity financing for the development of VIVA 5750, a new on-campus student housing community at San Diego State University in San Diego. Situated on ground leased by Capstone, the four-story, 80,000-square-foot community will house approximately 182 students in a mix of apartment-style units. Additionally, the project will feature indoor and outdoor amenities. Construction of the $23.5 million project commenced in May, with completion slated for the fall 2021 semester. Capstone, JWDA Architects and Cannon Constructors collaborated with the San Diego State University Research Foundation’s project stakeholders to design the new apartment property to meet the university’s goals and objectives relative to upper-division and graduate student housing options. VIVA 5750 is Capstone’s second P3 partnership with the San Diego States University Research Foundation.
MALIBU, CALIF. — Miramar Property Investment Co. has completed the sale of two office buildings located within Malibu Professional Park in Malibu. Wave Enterprises, a 501(c)(3) charitable entity of Pepperdine University, acquired the assets for $17.5 million. Located at 23805 and 23815 Stuart Ranch Road, the buildings offer a total of 39,615 square feet. At the time of sale, the properties were nearly 85 percent leased to a variety of office and medical tenants, including UCLA Medical, Pepperdine University and various local business firms. Tony Dorn of Beitler Commercial Realty, along with A.J. Dorn of Newmark Knight Frank, represented the seller in the deal.
WALNUT CREEK, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of three boutique, value-add multifamily properties in Walnut Creek. Totaling 150 units, the portfolio sold to two individual buyers for a total combined price of $55.6 million, or $371,000 per unit. Raintree Partners acquired The Pines, a 120-unit asset, and the 20-unit City View, while a private investor purchased the 10-unit 1465 Mt. Pisgah Road property. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Alex Tartaglia of IPA, along with Carlos Azucena of Marcus & Millichap, represented the undisclosed seller in the transactions.
COVINA, CALIF. — Southern California-based IRA Capital has purchased a medical office building located in Covina for an undisclosed price. The name of the seller was not released. Magan Medical occupies the 64,000-square-foot property, which houses more than 50 physician providers across 20 specialties, including oncology, neurology, dermatology, radiology and cardiology. OptumCare, a wholly owned subsidiary of UnitedHealthcare, recently acquired the tenant. As part of the integration into the OptumCare/UnitedHealth network, the building underwent extensive renovation and capital improvements.
RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has directed the sale of two industrial facilities, totaling more than 85,000 square feet, located in the South Bay market of Rancho Dominguez, an unincorporated community in Los Angeles County. First Industrial Realty Trust purchased the assets from a cosmetic products manufacturer for $14.3 million. The buyer plans to redevelop the two industrial warehouses into a 27,962-square-foot building with 15 docks on 3.9 acres of land. The redeveloped property, which will offer robust distribution capabilities, is slated for completion in third-quarter 2021. The warehouses are located at 19400 and 19302 S. Laurel Park Road. Natalie Lara, Jordan Lara and Andrew Lara of DAUM represented the seller and procured the buyer in the transaction.
TORRANCE AND COMMERCE, CALIF. — Omninet Capital has purchased two office parks in the metro Los Angeles area for a combined total of $78 million in separate transactions. The buyer was self-represented in both transactions. In the first transaction, TA Associates sold Park Del Amo, a three-building office park located at 2355 and 2377 Crenshaw Blvd. in Torrance, for $39 million. Built in 1985 on 12.8 acres, Park Del Amo features 204,468 square feet of office space. At the time of sale, the campus was 92 percent leased to multiple tenants, including Keenan & Associates, which occupies 43 percent of the property and recently signed a five-year lease extension. Kevin Shannon, Ken White and Michael Moore of Newmark Knight Frank’s (NKF) Capital Markets team represented the seller in the deal. In the second deal, Omninet acquired Commerce Plaza, a two-building office complex located at 5601 E. Slauson Ave. and 5701 S. Eastern Ave. in Commerce. Colony Capital sold the offce campus for $39 million. At the time of sale, 13 tenants including Waste Management, County of Los Angeles and DaVita Medical Management occupied the 194,908-square-foot asset. The County of Los Angeles plans to lease an additional 51,555 square feet, which …
IRVINE, CALIF. — City of Hope has acquired a 190,000-square-foot, four-story building and 11 acres of adjacent land in Irvine, located approximately 40 miles southeast of Los Angeles, for $108 million. The acquisition was part of the Duarte, California-based nonprofit medical organization’s plan to construct a $1 billion comprehensive cancer center on the site. Located at 15161 Alton Parkway, the project will offer diagnostic imaging, screenings, precision medicine, early detection, chemotherapy, surgery and other cancer treatments. In addition, a research center for clinical trials will be located in the building. The adjacent hospital, which City of Hope plans to construct, will focus exclusively on treating and curing cancer. The seller was Five Point Holdings LLC (NYSE: FPH), a California-based owner and developer of master-planned, mixed-use communities. The property is part of Five Point’s 1 million-square-foot FivePoint Gateway corporate campus currently under development in Orange County. In addition to office space, the four-building campus will offer access to retail, entertainment venues, restaurants and the Irvine Transportation Center. The cancer center and hospital will anchor what FivePoint and City of Hope believe will one day become a regional hub for a larger wellness campus in the heart of Irvine. “We are ‘all …
TRACY, CALIF. — Greystone has secured $86.2 million in refinancing for Aspire Apartments, a newly constructed multifamily asset in Tracy. Todd Vitzthum and Simon Herrmann of Greystone Real Estate Advisors, along with Cody Field of Greystone, arranged 10-year refinancing and Freddie Mac loan for the undisclosed borrowers. Completed last year, Aspire Apartments features 348 units, a resort-style swimming pool, fitness center, pet spa and clubhouse.
SAN DIEGO, CALIF. — Santa Monica, Calif.-based BLT Enterprises has completed the disposition of Sorrento Tech Campus, a three-building creative office/R&D complex located in San Diego’s Sorrento Mesa submarket. Longfellow Real Estate Partners acquired the campus for $39 million. Located at 10070, 10140 and 10180 Barnes Canyon Road, the complex totals 83,480 square feet. BLT Enterprises implemented a repositioning plan of the original campus, which it acquired in 2016. The renovations included transforming 35,000 square feet of raw industrial space into innovative creative office product with an open floor plan, three executive offices, a large conference room, an upgraded kitchen and an outdoor patio. CV Sciences, TorreyCove Capital Partners, L3 Technologies and Ron’s Pharmacy fully occupied the complex at the time of sale. Ron Jacobson of SD Realty Partners, along with Rick Reeder and Brad Tecca of Cushman & Wakefield, completed the transaction on behalf of the buyer and seller.
