CITY OF INDUSTRY, CALIF. — Realty Advisory Group has arranged the sale of an industrial property located at 15250 Don Julian Road in City of Industry. Cordia Capital Management acquired the 78,600-square-foot property for an undisclosed price. Situated on 3.8 acres, the facility features 25-foot to 29-foot ceiling heights, seven dock-height positions and future divisibility. At the time of sale, Golden West Packaging Group fully occupied the property. Mark Repstad and John Repstad of Realty Advisory Group represented the undisclosed seller and the buyer in the transaction.
SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has negotiated the purchase of Claddagh Apartments, a multifamily property located at 1408 Reeve St. in Santa Clara. A local apartment group acquired the asset from an undisclosed seller for $7.6 million. Constructed in 1958, the property features 20 apartments in a mix of one- and two-bedroom layouts, a community pool, on-site laundry and covered parking. The buyer plans to reposition and renovate the property. Levin Johnston represented the buyer in the deal.
SAN JOSE, CALIF. — Splunk Inc. has signed a long-term lease for 301,000 square feet of office space at 700 Santana Row. The 319,000-square-foot mixed-use building is under construction at the intersection of Santana Row and Olsen Drive in San Jose. Splunk is a publicly traded software company that creates applications for tracking big data. Developed by Federal Realty Investment Trust, 700 Santana Row is scheduled for delivery in 2019. The property will feature seven levels of office space above ground-floor retail space and a parking garage with approximately 1,300 spaces. San Francisco-based WRNS Studio designed the asset, which Devcon Construction is building. The all-concrete structure features 13-foot ceiling heights, a modern glass curtain wall, private terraces, a world-class urban plaza and is built to LEED Silver standards. Once completed, Santana Row will offer a total of 690,000 square feet of Class A office space, which is fully leased; 50 shops; 30 restaurants; nine personal service businesses; 615 rental apartments; 219 residential condominiums; and the 215-room Hotel Valencia.
LOS ANGELES — AIDS Healthcare Foundation (AHF), through Healthy Housing Foundation by AHF, has purchased the historic Biltmore hotel located at 501 S. Los Angeles St. in downtown Los Angeles. The purchase price and seller were not disclosed. The buyer plans to convert 204-room hotel into residential units for homeless or extremely low-income individuals. Built in 1910, the hotel is the fourth property acquired by the Healthy Housing Foundation since October 2017 for use as homeless or low-income housing. Currently, the hotel has 76 tenants in residence, who will remain in place. The non-profit organization also owns the 150-room King Edward Hotel, the 202-room Madison Hotel and the 27-room Sunrise on Sunset hotel in Los Angeles.
NORWALK, CALIF. — Charles Dunn Co. has brokered the sale of a single-tenant retail property, located at 12419 Norwalk Blvd. in Norwalk. TIMSA LLC sold the property to Hope & Happy LLC for $5.6 million, or $421 per square foot. Kyle Gulock and Matt Kramer of Charles Dunn Co.’s Bank Property Group represented the seller, while Juliet Shoham of Nelson Shelton & Associates represented the buyer. Bank of America has occupied the 13,298-square-foot, single-tenant property for more than 50 years and has four years remaining on its lease.
LOS ANGELES — Stepp Commercial has arranged the sale of Washington Place Apartments, a multifamily property located at 11852 Washington Place in Los Angeles. Los Angeles-based Venetian Place LLC sold the property to Los Angeles-based S.R. Properties for $4.6 million, or $575,000 per unit. Built in 1990, the 11,482-square-foot property features six two-bedroom units and one one-bedroom unit, as well as a three-bedroom single-family house. Units feature balconies, wood floors, vaulted ceilings with skylights, stone countertops and a community backyard. Kimberly Stepp and Mark Ventre of Stepp Commercial represented the seller in the transaction.
SAN DIMAS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Trails at San Dimas, a multifamily property located 444 N. Amelia Ave. in San Dimas. Stockbridge Capital Group and CNS Focused Investments sold the property to Korda Group for $78.5 million, or $272,569 per unit. The Trails at San Dimas features 288 apartment units in a mix of studio, one- and two-bedroom layouts. On-site amenities include a resident lounge with Wi-Fi, resort-style swimming pool, dog park with dog wash station, fitness center, outdoor grilling area, covered parking, laundry facilities and tennis courts. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the sellers and procured the buyer in the transaction.
LONG BEACH, CALIF. — The Salvation Army has completed the sale of an office tower, located at 180 E. Ocean Blvd. in downtown Long Beach. An affiliate of Thrifty Oil Co. acquired the 199,156-square-foot property for an undisclosed price. Completed in 1984, the 12-story building features an ocean view, granite-clad lobby, 16,000-square-foot octagonal floor plates and above-standard parking. The buyer plans to further improve the building. Jeffrey Cole, Robert Gary, Ed Hernandez and Nico Napolitano of Cushman & Wakefield’s Capital Markets Group represented the seller in the disposition.
SAN MARCOS, CALIF. — Marcus & Millichap has brokered the sale of Grandon Village, a 161-unit age- and income-restricted housing asset in San Marcos, approximately 35 miles north of San Diego. The seller was Grandon Village LP, which originally developed the community in 2004. An undisclosed buyer acquired the property for $30.2 million, or $187,578 per unit. The community was 100 percent occupied at the time of sale and historically has a long waiting list, according to Marty Cohen of Marcus & Millichap, who represented the seller. The property is walking distance from a 357,000-square-foot shopping center and a North County Transit District Breeze bus stop.
ONTARIO, CALIF. — CalBay Development has acquired two restaurant properties in Ontario for a total of $5.8 million. In June, the company purchased a to-be-vacated restaurant building, located at 2345 S. Grove Ave., for $2 million. MGR Real Estate represented the seller, an owner-user, in the deal, while MidFirst Bank provided acquisition financing. In May, the City of Ontario Planning Commission approved CalBay’s application to change the use of the property from restaurant to express car wash. Construction for the new Fast5Xpress Car Wash is scheduled to begin in November. In a separate transaction, CalBay acquired a Chevy’s Fresh Mex Restaurant, located at 4551 Mills Circle, for $3.8 million. Situated on a two-acre outparcel of Ontario Mills Mall, the restaurant building totals 8,000 square feet. CAPRE Brokerage arranged the transaction, while Comerica Bank provided financing for the acquisition.