IRVINE, CALIF. — Olen Properties Corp. has acquired Main & Redhill Business Center, a 203,946-square-foot, low-rise office campus in Irvine, for $44.8 million. The 15-building campus is situated on 17 acres adjacent to the Interstate 405/State Route 55 Freeway interchange in Orange County’s airport area submarket. It is 97 percent leased. HFF’s Ryan Gallagher, Mike McCann, Tim Geiman and Derreck Barker represented the seller, a global real estate investment management firm, in this transaction.
SAN BERNARDINO, CALIF. — The Rockefeller Group has purchased 19 acres in San Bernardino for an undisclosed sum. The acquisition includes a 225,000-square-foot industrial building located at 1333 S. Tippecanoe Ave. The company plans to redevelop this space into a modern distribution space. Rockefeller is planning two industrial distribution buildings totaling about 415,000 square feet. The first building will be a 333,170-square-foot, cross-dock distribution facility. The second is an 81,730-square-foot, front-loading building for storage and distribution. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, Michael Kendall and Andrew Briner represented the seller, CT Realty, in this transaction.
LOS ANGELES — Micropolitan has purchased a half-acre site in Los Angeles for $11.1 million. The plot will house the new SixThirtyNine apartment project located at 639-645 N. Fairfax Ave. in the city’s Fairfax Village District. HFF’s Blake Rogers represented the seller, Ness Holdings, in this transaction.
SUNNYVALE, CALIF. — GI Partners has acquired a 75,000-square-foot data center in Sunnyvale for an undisclosed sum. The facility is located at 825 Stewart Drive. The acquisition was made through DataCore, a $500 million real estate fund GI Partners manages on behalf of the California State Teachers’ Retirement System (CalSTRS). The Class A office and R&D property was developed in 1968. It was repositioned in 2002 and 2015. The property is fully leased to a prominent technology company.
SAN DIEGO — Cross Development has purchased a 29,477-square-foot manufacturing facility in the San Diego submarket of San Marcos for $3.5 million. The facility is located at 185 Vallecitos De Oro. Caliber Collision, a collision repair provider, will occupy the property. CBRE’s Jason Reed and Jeff Drew of Retail Insite represented Cross Development. Trent France, Isaac Little, Marko Dragovic and John Perrillo of Lee & Associates – North San Diego County and Don Grant of Cushman & Wakefield represented the seller, Nelson Family Trust, in this transaction.
SAN DIEGO – Santa Margarita Properties I LLC has purchased a six-unit apartment complex in the San Diego submarket of Pacific Beach for $2.3 million. The community is located at 2009-2013 Oliver Ave. The space was renovated in 2015. The sale was completed as part of a 1031 exchange. Terry Moore of ACI Apartments represented the buyer. Chris Robinson, Ken Herskind and Dylan Wright of ACRE Commercial represented the seller, 2009 Oliver Avenue LLC, in this transaction.
TEMECULA, CALIF. — The University of Redlands has signed a 66-month lease for 9,561 square feet of office space at Garrett Corporate Center in Temecula. The Class A building is located at 1 Betterworld Circle. The university will open its new space on July 1. Corey Martin and Matt Shaw of Legacy Properties Group represented the landlord.
GARDEN GROVE, CALIF. — King Shocks has acquired a 55,576-square-foot industrial building in Garden Grove for $9.4 million. The facility is located at 12472 Edison Way. The American manufacturer of off-road automotive parts will use the space for its corporate headquarters. Isuzu formerly occupied the property. Mike Bouma, Paul Caputo and Eric Smith of Voit’s Anaheim office represented the seller, LBA RIV-COMPANY XXVII LLC, in this transaction.
SAN JOSE, CALIF. — A partnership between SteelWave (formerly Legacy Partners Commercial) and USAA Real Estate Co. has broken ground on Phase II of America Center in San Jose. This phase will add 450,000 square feet of office space in two six-story buildings. America Center is situated off Highway 101 at the junction of Highway 237 and Great America Parkway. It sits adjacent to the 175-room Aloft Hotel, and is surrounded by a 30-acre open space preserve, with access to public jogging and bicycle paths. The new phase will bring America Center to a total of 885,000 square feet. The project will eventually include 1.1 million square feet of Class A office space once Phase III is completed. Phase I is 88 percent leased. It is occupied by tech companies like Polycom and Flextronics International. The project was initially built in 2009. Newmark Cornish & Carey is handling leasing for the property.
LOS ANGELES — An undisclosed buyer has purchased the 90-unit Vista Catalina apartment complex in the Los Angeles County submarket of Rancho Palos Verdes for $40.1 million. The community is located at 6507-6510 Ocean Crest Drive. Vista Catalina was built in the early 1970s and renovated between 2010 and 2012. Ron Harris, Paul Darrow and Michael DiSimone of Institutional Property Advisors represented both the buyer and seller in this transaction.
