GARDENA, CALIF. — AutoZone, an auto parts retailer, has signed a 10-year lease for 7,000 square feet of end-cap retail space on Crenshaw Boulevard in Gardena. The location is located within a 26,000-square-foot community shopping center. Geoff Grossman and Aaron Guido of Centers Business Management represented the undisclosed landlord in the transaction.
SAN BERNARDINO, CALIF. — Hillwood has announced a new tenant has signed a 1.1 million-square-foot lease to fully occupy AllianceCalifornia Gateway South Building 3 in San Bernardino. The distribution building is located at 555 E. Orange Show Road. The new tenant has not been named. Gateway South Building 3 is currently the largest speculative building in Southern California, according to Hillwood. The building sits on 50 acres just north of Interstate 10. AllianceCalifornia is a 2,000-acre trade and logistics center. It is one of Hillwood’s largest developments to date, totaling more than 13 million square feet. The property has another 414,000 square feet under construction that should be delivered in the second quarter of 2016.
ELK GROVE, CALIF. — NRC Manufacturing is expanding its presence in Elk Grove by building a 230,000-square-foot manufacturing facility. This will be the electronic components prototype manufacturer’s second facility within the Sacramento submarket. The facility will eventually employ up to 2,500 manufacturing and management personnel for the Fremont-based company. Phase I is slated for completion by the end of 2017. NRC partnered with the Kamilos Cos. on this project. It will be the first major employer within the City of Elk Grove’s Southeast Policy Area, a 1,200-acre, master-planned area that includes more than 400 acres of fully entitled, development-ready corporate office and manufacturing land.
LOS ANGELES — Bonnis Properties has purchased the 147,346-square-foot Foreman & Clark Building in downtown Los Angeles for $52 million. The 13-story building is located at 404 W. 7th St. The space was originally built in 1929 as a Foreman & Clark department store. It most recently served as a jewelry mart, but was vacated in mid-2015 when the space was slated to transform into a boutique hotel. Bonnis plans to rehabilitate and restore the historic core property. Redevelopment details are in the early planning stages. Derrick Moore of Avison Young represented the buyer. CBRE’s Phillip Sample and Chris Caras represented the seller, Dr. Kyung Ku Cho, in this transaction.
SAN DIEGO — Norm Blumenthal has purchased a seven-unit apartment complex in the San Diego submarket of Pacific Beach for $2.3 million. The community is located at 835-41 Agate St. Gary Urtiaga of Apartment Realty Group and Dylan Wright of ACRE represented Blumenthal. Dennis Leslie of ACI represented the seller, Stevens Family Trust – care of Elizabeth Dunn, in this transaction.
LAKEWOOD, CALIF. — Advanced Real Estate Services (ARES) has purchased the 149-unit Olivewood Apartments in Lakewood for $30.9 million. The community is located at 5800 South St. Olivewood Apartments was built in 1976. The property has never undergone a renovation. ARES plans to completely renovate and rebrand the community as The 5800 Apartment Homes. ARES assumed a loan worth approximately $16 million. The company plans to add $6 million in improvements to the property. Dean Zander of Berkadia executed the sale. The seller was Interstate Equities Corp.
SAN FRANCISCO — Dougherty Funding LLC has provided $22.8 million in financing for a 169-room Comfort Inn & Suites Hotel in San Francisco. The hotel is situated in south San Francisco, about three miles north of San Francisco International Airport. It was built in 1986 and was renovated last in 2010. About $2.4 million of the loan proceeds will be used to renovate the hotel. Dougherty Funding served as lead lender and servicer for the loan.
IRVINE, CALIF. — Saint Marina Coptic Church has purchased an 11,500-square-foot industrial property in Irvine for $2.8 million. The property is located at 3 Wrigley, within the Irvine Spectrum. Saint Marina Coptic Church will use the building for its administration operations. The church occupies space in an adjacent building as well. NGKF’s David Kluver represented the seller, Hunter Julian Properties, which was previously the owner-occupier.
COLTON, CALIF. — Progressive Real Estate Partners has arranged the $1.9 million sale of Bluffs Crossing, a 6,167-square-foot retail property located at 1231 E. Washington St. in Colton, Calif. Greg Bedell of Progressive represented the seller, a Sherman Oaks-based private investor, in the transaction. Fred Furey, an independent Huntington Beach-based broker, represented the buyer, a Chino Hills-based private investor. Tenants at the center include Premier Insurance, U-Haul and Pizza Q.
KERMAN AND CLOVIS, CALIF. — Retail California, a division of Pearson Realty, has arranged two retail leases totaling 5,300 square feet. In Kerman, Sally Beauty Supply inked a lease for 1,300 square feet of retail space at 14051 W. Whitesbridge Ave. from CFTNV Developments LLC. Lewis Smith of Retail California represented the landlord, while Doug Cords of Commercial Retail Associates represented the tenant in the transaction. In Clovis, AAA Insurance leased 4,000 square feet of retail space with Trading Post Shopping Center from DN Clovis LLC. Lewis Smith and Peter Orlando of Retail California represented the landlord, while Nick Rendino of Colliers International represented the tenant in the deal.