FRESNO AND PORTERVILLE, CALIF. — Retail California has arranged the sales of two retail buildings in Fresno and Porterville. In the first transaction, Abdol Chalak acquired an 8,320-square-foot property, located at 4007 E. Ventura Ave. in Fresno. FD Partners LLC sold the property for an undisclosed price. Lewis Smith and John Lee of Retail California brokered the transaction. In the second deal, Opus-Dean LLC purchased a 9,900-square-foot retail property located at 1174 W. Henderson Ave. in Porterville. Walgreen Co. sold the property for an undisclosed price. Nick Frechou of Retail California represented the buyer, while Matt Alexander and John Krupka of SRS Real Estate represented the seller in the transaction.
LOS ANGELES — Marcus & Millichap has brokered the sale of a land parcel located at 1581-1587 W. Adams Blvd. in Los Angeles. An undisclosed buyer acquired the 13,996-square-foot site for $1.5 million. Floyd Shaheen of Marcus & Millichap represented the seller, an individual/personal trust, in the deal.
SPRING VALLEY, CALIF. — Pacific Coast Commercial has facilitated the sale of a retail property located at 620-628 Grand Ave. in Spring Valley. Furniture Environments Inc. acquired the 6,992-square-foot property from Advance Auto Parts. The property was occupied by NAPA Auto & Truck Parts, which vacated upon sale. Tom Hennessy and Scott Coronel of Pacific Coast Commercial represented the seller, while Chris Musgjerd of Savills Studley represented the buyer in the deal.
ENCINITAS AND ESCONDIDO, CALIF. — Poki Poki has signed two leases for new locations in California. The restaurant will occupy 1,240 square feet at Escondido Valley Center, located at 1348 W. Valley Parkway in Escondido, and 896 square feet at Encinitas Marketplace, located at 154 El Camino Road in Encinitas. Beth Sargent and Jon Horning of Flocke & Avoyer Commercial Real Estate represented the tenant in both transactions. Phil Lyons of Cushman & Wakefield represented the landlord at Escondido Valley Center and Manuel Balderrabano of Kimco Realty represented the landlord in the Encinitas deal.
SEATTLE AND FULLERTON, CALIF. — Berkadia has arranged the sale of two student housing properties located in Washington and California for an aggregate price of $146 million. The two properties are AVA University District, located near the University of Washington in Seattle, and Fullerton University Village, located near California State University – Fullerton in Fullerton, roughly 26 miles outside Los Angeles. Kevin Larimer, Greg Gonzalez, Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Avalon Bay Communities Inc., in the disposition of AVA University District. The same team worked alongside Shane Shafer of Berkadia to represent the seller, an undisclosed local TIC group, in the Fullerton University Village disposition. The buyers in both transactions were undisclosed.
MODESTO, CALIF. — A private Southern California-based investor has purchased a two-property multifamily portfolio in Modesto for a total of $32.5 million. The portfolio includes the Commons Apartment Homes, a 100-unit community on Standiford Avenue, and Summerview Apartment Homes, a 136-unit community on Prescott Road. Built on a 4.3-acre site in 1989, the Commons is located at 1600 Standiford Ave., while Summerview is situated on a five-acre site on Coffee Road. Alex Mogharebi and Otto Ozen of the Mogharebi Group represented the seller, a Massachusetts-based investor, in this transaction.
LOS ANGELES — Apartment Investment and Management Company (Aimco) (NYSE: AIV) has acquired the remaining interest in a Los Angeles multifamily portfolio for $451.5 million. Aimco already owned 53 percent interest in the properties, and bought the remaining 47 percent from its joint venture partners, institutional investors advised by J.P. Morgan Asset Management. The acquisition now gives Aimco complete ownership of three Palazzo communities. These include the 521-unit Palazzo at Park La Brea, the 611-unit Palazzo East and the 250-unit Villas at Park La Brea. All three communities are situated in the mid-Wilshire area of Los Angeles, about two miles from Beverly Hills, Hollywood and Century City, and six miles from downtown LA and Santa Monica. “We appreciate the mid-Wilshire submarket with its highly educated and high-income customers who value the proximity to transportation, job centers and upscale retail … and where we can see clearly that future development is increasingly difficult,” says Terry Considine, CEO and chairman of Aimco. “We expect to continue the operation of the properties and to redevelop each, over time and at the right time, to serve different and distinctive market segments.” The average age of the units within the Palazzo portfolio is 12 years, …
LOS ANGELES — Sussex Capital Group has acquired The Hillpointe, a 30-unit apartment property situated in the Hollywood Hills neighborhood of Los Angeles, for $13.4 million. The community is located at 2330 N. Cahuenga Blvd. It was built in 1987. Peter Sherman of Avison Young represented both the buyer and seller, Inco Monterra, in this transaction.
ANAHEIM, CALIF. — An unidentified private owner has acquired an 81,836-square-foot industrial building fully occupied by Discount Dance Supply for $12.2 million. The building is located at 5065 E. Hunter Ave. in Anaheim. CBRE’s Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, Makena Properties, in this transaction.
SANTA ANA, CALIF. — Gold Acceptance has purchased a 24,737-square-foot office building in Santa Ana for an undisclosed sum. The building is located at 555 N. Park Center. It was renovated in 2016. Gold Acceptance will occupy a portion of the building. The seller was Stream Realty Partners.