PALM DESERT, CALIF. — Marcus & Millichap has arranged the sale of Pointe Monterey Business Park, an industrial property at 34450 Gateway Drive in Palm Desert. Renken Consulting Group acquired the asset from Fullmer Construction for $10.2 million. Built in 2008, Monterey Business Park is a 113,945-square-foot, multi-tenant industrial property. At the time of sale, the property was 100 percent occupied by 10 tenants. Kevin Struve of Marcus & Millichap represented the buyer in the sale.
RIVERSIDE, CALIF. — A joint venture between Stillwater Investment Group and Greenlaw Partners has completed the sale of Mission Lake Center, a multi-tenant office complex located in Riverside. A private high-net-worth buyer acquired the property for $10.1 million. Gary Stache, Anthony DeLorenzo, Doug Mack and Sammy Cemo of CBRE represented the seller. Located at 3600 Lime St., Mission Lake Center features seven two-story, Class A office buildings totaling 74,646 square feet. The property underwent a $900,000 renovation and includes a water feature surrounded by landscaping, common area, and an on-site restaurant.
SANTA ANA, CALIF. — SVN Vanguard has arranged the sale of an industrial building, located at 302 N. Townsend in Santa Ana. An undisclosed seller sold the property to a local owner-user for $5.2 million. The 39,089-square-foot property features 20-foot clearance, a warehouse ventilation and a drive-through capacity. Fernando Crisantos of SVN Vanguard represented the buyer and seller in the off-market deal.
SAN JOSE, CALIF. — Decron Properties has acquired Willow Creek, a multifamily property located at 935 Willowleaf Drive in San Jose. An undisclosed seller sold the property for $84.6 million. Built in 1985, Willow Creek features 208 apartments in a mix of one- and two-bedroom floor plans. All units include full-size washers and dryers, central heating and air conditioning, walk-in closets, patios or balconies, and enclosed garages or covered parking. Community amenities include two resort-style pools and spas with poolside Wi-Fi access, a health and fitness center, a lighted tennis court, a children’s play area and landscaped courtyards. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of Institutional Property Advisors’ Palo Alto, Calif., office represented the seller in the transaction.
VISTA, CALIF. — BLT Enterprises has purchased a corporate headquarters-quality industrial manufacturing and warehousing facility located at 3250 Business Park in Vista, a suburb northwest of San Diego. DENSO Wireless Systems America sold the property for $31.1 million in the sale-leaseback transaction. Built in 1997 by DENSO, the 221,660-square-foot facility is fully leased by the company, a supplier of advanced automotive technology, systems and components. The property features 28-foot to 30-foot clear heights, 12,000 amps of power and a backup generator system. Additionally, the property features sculptured concrete, reflective glass, a stylish canopy entry and a two-story glass-clad lobby. Situated on 16 acres, the asset also includes a yard and vehicle parking area, as well as a 3.7-acre parcel that is currently unpaved, offering the opportunity for future development. Rob Jacobsen of SD Realty Partners represented the buyer, while Aric Starck of Cushman & Wakefield represented the seller in the deal.
LOS ANGELES — Nadel Architects has announced that construction is underway on Jordan Downs Plaza, a $48 million mixed-use development in Los Angeles. Designed for Primestor Development, the overall $5 billion project will bring 115,000 square feet of retail and dining space to the Watts neighborhood of Los Angeles. Slated for completion in summer 2019, Jordan Downs Plaza will feature an open-air shopping and dining space, as well as a full-service supermarket, financial institutions, a fitness center, sit-down restaurants, cafés and a variety of local and national retailers. The revitalization project is situated on 10 acres and will be a “community living room” gathering-style plaza for the 34,000 area residents. The Nadel Architect team includes Greg Lyon, David Anderson, Keith Martinez and Andrew Wolff.
SAN JUAN CAPISTRANO, CALIF. — Continuing Life has unveiled plans for Reata Glen, a 480-unit continuing care retirement community in San Juan Capistrano. Reata Glen is located on 60 acres in South Orange County, where 13 percent of the population are seniors. That number is expected to double by 2040, according to Continuing Life. Partners on the project include California-based W.E. O’Neil Construction and KTGY Group Architects. Construction is already underway, with a planned delivery in spring 2019.
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vue Hollywood, an apartment building located at 1425 N. Alta Vista Blvd. in Los Angeles’ Hollywood neighborhood. Phoenix Group purchased the property from a private multifamily investment firm for $45 million, or $489,326 per unit. Built in 1987, the property features 92 non-rent-controlled apartments. The building features mostly two-bedroom units with an average size of 966 square feet. Since 2015, the asset has undergone significant exterior, common area and apartment interior improvements. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller and procured the buyer in the deal.
RANCHO CUCAMONGA, CALIF. — TH Real Estate, an affiliate of Nuveen, has completed the sale of an industrial warehouse located at 9050 Hermosa Ave. in Rancho Cucamonga. Deutsche Wealth Services acquired the property for $68.9 million, or $147.11 per square foot. Built in 2004 on a 20-acre site, the freestanding, cross-docked property features 468,682 square feet of Class A industrial space. The asset offers fully-secured concrete truck courts, gate-controlled drive-around access, an ESFR sprinkler system, 104 dock-high and four ground-level loading doors and heavy power. Ingram Micro, a distributor of information technology products, fully occupies the property. Jeffrey Cole, Jeff Chiate, Mike Adey and Ed Hernandez from Cushman & Wakefield’s Capital Markets Group brokered the transaction. Chuck Belden and Phil Lombardo of Cushman & Wakefield, along with Mike McCrary and Peter McWilliams of JLL, served as market advisors.
SACRAMENTO, CALIF. — NB Private Capital has purchased The Element, a student housing community located at 6730 Fourth Ave. in Sacramento, from an undisclosed seller. The property was offered as a Delaware Statutory Trust and eligible for 1031 investors, and was 100 percent occupied upon syndication with 12-month leases. The initial total offering price was $91.8 million, of which approximately $38.5 million came from investor equity. Serving students at Sacramento State University, The Element features 216 units, totaling 792 beds, in a mix of one-, two-, three- and four-bedroom layouts. Built in 2003 and renovated in 2016, the property features stainless-steel appliances, common area furniture and window treatments. Community amenities include a resort-style pool, high-tech fitness center, study lounge, tanning bed, covered basketball half-court, lighted sand volleyball court, game room and private campus shuttle. NB Private Capital is a new investment firm founded by Brian Nelson, previously of Nelson Brothers Professional Real Estate.
