LOS ANGELES — Dedeaux Properties has purchased an eight-property industrial portfolio totaling 121,162 square feet in the Los Angeles submarket of Santa Fe Springs for an undisclosed price. The properties are located near the Milroy Place cul-de-sac. CBRE’s Tom Dorman and Steve Young represented the seller, Adaya Family Trust.
LONG BEACH, CALIF. — Molina Healthcare has leased 73,486 square feet of office space at One World Trade Center in Downtown Long Beach. The facility will serve as an expansion for the company’s corporate headquarters, which is located across the street. Damion McKinney and Jamie Keller of McKinney Advisory Group represented Molina in the lease. JLL’s Steve Solomon, Jason Fine and Kristen Bowman, along with CBRE’s Dave Smith represented the landlords, Greenlaw Partners, Walton St. Capital and Stillwater Investment Group.
SAN DIEGO — Calame Development has purchased an 18,472-square-foot R&D/biotech property in the Miramar submarket of San Diego for $2.5 million. The property is located at 6605 Nancy Ridge Drive. It was built in 1990. Capital Growth Properties represented Calame in the sale. NGKF’s Brent Bohlken and Paul Britvar represented the seller, Torrey Pines ANA LLC.
CARLSBAD, CALIF. — Decron Properties has purchased the 450-unit eaves Carlsbad apartment community for $112 million. The community is located at 2262 Avenida Magnifica in the San Diego submarket of Carlsbad. Decron plans to execute an $18.2 million capital improvement program at the property that will include significant interior upgrades, exterior enhancements and site improvements. The property will also be rebranded as the Reserve at Carlsbad. This is the real estate investment, development and management firm’s first acquisition in San Diego. Decron has acquired nearly $300 million worth of properties so far this year.
SAN JOSE, CALIF. — Multi-Employer Property Trust (MEPT), Bentall Kennedy and Trammell Crow Company have purchased an 8.2-acre land parcel in San Jose for $58.5 million. The land is located at 374-384 West Santa Clara St. The land sits adjacent to the Diridon Station master plan, which is zoned for two 10-story office buildings and a nine-story multifamily building. Diridon Station links Caltrain to San Francisco, the ACE train service to the Central Valley and the Amtrak Capital Corridor train to the north. It will also house the future extension of BART, and will serve as the first Northern California stop for the potential high-speed rail service that would connect Los Angeles to the Bay Area. Diridon Station’s master plan will eventually create a transit hub similar to San Francisco’s Transbay District, according to Bentall Kennedy. The new development may include up to 960,000 square feet of tech-oriented office space, more than 30,000 square feet of retail and 325 multifamily residential units.
ONTARIO, CALIF. — Sares Regis Group (SRG) has purchased 150 acres of land in Ontario for an undisclosed sum. The land is part of the undeveloped, 243-acre Meredith International Centre, which extends nearly a mile along the north side of Interstate 10, between Archibald and Vineyard avenues. SRG plans to develop a 3-million-square-foot industrial distribution campus on the site. Following the initial acquisition, the largest of the site’s seven planned buildings was recently pre-leased to QVC. It will act as the video and e-commerce retailer’s first West Coast distribution hub. QVC’s lease will include 1.5 million square feet. The building will be completed by next July. It will include 30,000 square feet of office and employee cafeteria space. Joe McKay of Lee & Associates represented SRG in the land acquisition and lease. CBRE’s Erik Wanland and Mike Barker represented QVC. Chuck Noble, John Hatzis and Dave Hunsaker of Lee & Associates represented the seller, the Meredith family.
CHINO HILLS, CALIF. — Dunhill Partners Inc. has acquired The Shoppes at Chino Hills, a 377,966-square-foot lifestyle center located in the Los Angeles suburb of Chino Hills, for $147 million. Ryan Gallagher and CJ Osbrink, with assistance from John Crump and Bryan Ley, of HFF represented the seller, MX3 Ventures, in the transaction. The open-air center was 96 percent occupied at the time of sale by tenants including anchors Forever 21, H&M, Trader Joe’s, Banana Republic, Victoria’s Secret and Barnes & Noble.
SAN DIEGO — A private investor has purchased Scripps Ranch Marketplace Phase II, a 28,700-square-foot shopping center located in San Diego, for $20.45 million. Philip Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Brad Rable, Matt Burson, Jimmy Slusher and John Read of CBRE and Mike Moser of Retail Insite represented the seller, a San Diego-based private asset management and investment company, in the transaction. A Santa Barbara-based private investor purchased the fully occupied property. The center is shadow anchored by Vons and CVS/pharmacy, and home to tenants including Chase, Verizon and Which Wich.
RIVERSIDE, CALIF. — Hanley Investment Group has arranged the $15.2 million sale of a newly built, 45,000-square-foot, single-tenant LA Fitness located in Riverside. Pat Kent and Bill Asher of Hanley Investment Group worked on behalf of the seller, GRAE La Sierra LLC, and George Ragheb of Entrance Homes Inc. represented the buyer, a Lakewood, Calif.-based private investor, in the transaction.
CLAREMONT, CALIF. — Dollar Tree will open a new 9,000-square-foot store at 342 S. Indian Hill Blvd. in Claremont later this year. The store will be located within the recently renovated Peppertree Square neighborhood center. Janine Peltier of Progressive Real Estate Partners represented the lessor in this transaction.
