TORRANCE, CALIF. — A joint venture between PMRG and Mariner Real Estate Management has purchased Torrance Technology Campus, a 573,167-square-foot office campus, for an undisclosed sum. The five-building campus is located at 3100 Lomita Blvd. in Torrance. The property is currently 70 percent leased by L-3 Communications and Torrance Memorial Medical Center. Oliver Fleener of PMRG will handle leasing at the property, while the firm’s James Bowers will handle property management. Newmark Knight Grubb Frank represented the seller, an institutional investor, in this transaction.
ESCONDIDO, CALIF. — Badiee Development has announced plans to build a second industrial campus in the San Diego submarket of Escondido. Dubbed Escondido Innovation Park, this campus will include 86,010 square feet of multi-tenant industrial space situated on 5.5 acres. The park will be located at 1925 Harmony Grove Road. Badiee will break ground on the three-building campus in the first quarter of 2017, with a scheduled completion in the third quarter of that year. TFW Construction is building Escondido Innovation Park, which Ware Malcomb will design. Tucker Hohenstein, Mike Erwin and Conor Boyle are serving as the listing agents.
LOS ANGELES — Private investor James H. Tuggle has acquired The Olympic Residential Hotel, a 172-unit micro-apartment building in Los Angeles, for $12 million. The community is located at 725 S. Westlake Ave. The Olympic was built in the 1920s as a hotel, which was converted to residential apartments in 2013. The property is four stories tall, has a grand lobby entrance, an elevator and reinforced brick construction. The building also has 5,000 square feet of ground-level retail space on South Westlake Avenue. Ziv Kozaski and Michael Dixon of NAI Capital’s Multifamily Services Group represented the seller, Olympic Hotel LLC, in this transaction.
SAN DIEGO — Swift Real Estate Partners has purchased HP’s 782,211-square-foot San Diego campus for an undisclosed sum. The campus is located at 16399 W. Bernardo Drive in the Rancho Bernardo submarket. The property contains seven office/R&D buildings and one Class A office building. HP has owned and occupied the campus since the first building was constructed in 1970. The information technology company will lease back 79 percent of the campus. CBRE’s Louay Alsadek, Alex Somerville, Hunter Rowe and Brad Black represented HP, while Swift represented itself in this transaction.
GRAND TERRACE, CALIF. — TruAmerica Multifamily and Investcorp have acquired The Highlands, a 556-unit garden-style apartment community near Loma Linda, for $92 million. The community is located at 11750 Mt. Vernon Ave. in Grand Terrace, about 60 miles east of downtown Los Angeles. The Highlands was built in two phases between 1986 and 1988. It features a mix of one- and two-bedroom floor plans, each with a patio or balcony. The new owners plan to upgrade the unit interiors, exteriors and common area amenities. HFF’s Charles Halladay and Mike Gigliotti arranged financing.
LOS ANGELES — Tishman Speyer has purchased a 1.7-acre creative office campus in downtown Los Angeles’ Arts District for an undisclosed sum. The campus is situated along the Los Angeles River at Bay and Sacramento streets. The site features the 38,000-square-foot world headquarters of transportation technology company Hyperloop One. The campus is near the new SoHo House location, just two blocks from Warner Music Group’s new West Coast headquarters at the Ford Factory. The seller was Lion Real Estate Group and the Borman Group.
CONCORD, CALIF. — A joint venture between Long Market Property Partners LLC and Paragon Commercial Group LLC has acquired Shops at Todos Santos, a full city block of retail located in downtown Concord, for an undisclosed price. The 40,000-square-foot property is fully occupied by tenants including Peet’s Coffee, The Old Spaghetti Factory, CREAM Inc., Capriotti’s, Bollinger Nail Salon, Naan ’n’ Curry, Half Price Books and Chevron. Forrest Gherlone, Mike Zylstra, Keith Marr and Zachary LeBeouf of Newmark Cornish & Carey handled the disposition on behalf of the seller, an undisclosed private family.
SAN DIEGO — NAI San Diego has arranged the sale of a retail/office property located at 2176-2180 Chatsworth Blvd. in San Diego’s Ocean Beach/Point Loma neighborhood. Fig Tree LLC acquired the 10,000-square-foot property from Wilson Trust for $2.2 million. Built in 1943, the property is currently occupied by a gym/martial arts studio, an English-style tea shop, an acupuncturist, nail and hair salons, a real estate office and a residential unit on the upper floor. Michael Glickstein of NAI San Diego represented the seller in the transaction.
LOS ANGELES — California Landmark Group has broken ground on D1, a 68-unit luxury apartment complex in the Los Angeles submarket of Marina del Rey. The $30 million community is located at 4210 Del Rey Ave. within the Marina Arts District. The development will feature a mix of open concept studios, as well as one-, two- and three-bedroom floor plans, ranging in size from 740 square feet to 1,640 square feet. Common area amenities will include a gym, business center, meeting areas, outdoor lounge spaces, and a 3,000-square-foot rooftop pool deck with unobstructed city and ocean views. D1 will be completed in fall 2018. PK Architecture designed the project.
LOS ANGELES — Los Angeles-based Kayne Anderson Real Estate Advisors has sold a portfolio of seven student housing properties totaling nearly 6,000 beds to Singapore-based Mapletree Investments Pte Ltd. The purchase price was undisclosed. The portfolio includes 13th & Olive, a 1,308-bed community located near the University of Oregon in Eugene; Lofts at City Centre, a 1,225-bed community located near the University of Alabama in Tuscaloosa; Capstone Cottages of San Marcos, an 899-bed community located near Texas State University in San Marcos; The View on 10th, a 718-bed community located near Baylor University in Waco, Texas; One12 Courtland, a 717-bed community located near Georgia State University in Atlanta; The Flats at West Village, a 622-bed community located near the University of Virginia in Charlottesville; and Fuse, a 489-bed community located near Purdue University in West Lafayette, Indiana. Each property in the portfolio was built within the last three years, and features amenities including common rooms, game areas, reading rooms, gyms and swimming pools. Mapletree now owns a total of 32 student housing assets in the U.S. and the U.K.