CONCORD, CALIF. – The 40-unit Modera Apartments in Concord has sold to a group of local investors for $7.3 million. The community was built in 1969. CBRE’s Keith Manson represented both the buyers and the seller, Graham Chernoff of Cumberland Holdings, in this transaction. The buyers were in a 1031 exchange.
IRVINE, CALIF. – AREO Inc. has signed a five-year lease renewal for 44,253 square feet of manufacturing and distribution space in Irvine. The space is located at 15041 Bake Parkway. The home accent products and eco-friendly housewares manufacturing and distribution company was represented by Jeff Saywitz of the Saywitz Company. The landlord, Buckhead Phoenix, was represented by CBRE’s Greg Haly.
LONG BEACH, CALIF. – A 20-unit apartment complex in Downtown Long Beach has sold to a private investor from Egypt for $3 million. The community is located at 765 Cerritos Ave. It was built in 1963 and recently underwent a major renovation. Robert Stepp of Stepp Commercial represented both the buyer and seller, 765 Cerritos LLC, in this transaction.
LOS ANGELES – A local private investor has purchased a 31,242-square-foot building in Los Angeles that is net leased to Stock Building Supply Holdings for $15.7 million. The building is located at 3860 Grand View Blvd. Stock Building Supply had occupied the building for more than 20 years before deciding to sell the property in late 2014. The lease was restructured into a 15-year term after the building was purchased. This space is the builder’s West Coast flagship property. Stock Building Supply was represented by Chris Sands of Sands Investment Group.
BUENA PARK, CALIF. – Tesla Motors has signed a seven-year lease for 23,000 square feet of space in Buena Park. The dealership is located at 6692 Auto Center Drive, within the Buena Park Auto Center. The space was previously occupied by Premier Chevrolet and General Motors. It served as a temporary location while the company’s five-acre dealership was being developed within the auto center. Jodi V. Meade of Avison Young represented both Tesla and the landlord, RST Associates, in this transaction.
LIVERMORE, CALIF. – Tri Valley Learning Corporation (TVLC) has acquired an 80,000-square-foot office building in Livermore for an undisclosed sum. The building is located at 3090 Independence Drive. TVLC operates charter schools in Livermore, Stockton and San Diego. This acquisition has been in the works for several years. The Class A building will house high school students from the K-8 campus, as well as international students. The land between the two campuses will be used for a sports field. TVLC was represented by John Hone of Colliers International.
SAN DIEGO — Drawbridge Realty has purchased Spectrum Corporate Center Campus, a 182,870-square-foot office campus in San Diego, for $61 million. The campus is located at 9388 Lightwave Ave. in the Kearny Mesa submarket. The three-building campus is triple-net leased to Northrop Grumman Systems Corporation, a wholly owned subsidiary of Northrop Grumman Corporation. The sellers, Real Estate Capital Partners and IVG Institutional Funds, were represented by Michael Roberts and Brunson Howard of Cushman & Wakefield.
SAN DIEGO — Ed Colson Jr. and Michael Campbell have opened InvestCore Commercial, a boutique investment advisory firm focused on net leased investments. The new office is located at 3910 West Point Loma in San Diego. The two brokers have more than 20 years of experience in the net-lease investment field. They were both formerly with DTZ / Cassidy Turley. InvestCore Commercial will focus on the acquisition and disposition of retail properties nationwide. Clients include private investors, 1031 and 1033 exchange buyers, developers, franchisees, REITs and institutional investment funds. Though the firm specializes in single-tenant, net-leased properties with high credit and low risk, Campbell believes he and his partner’s expertise can help investors identify deals they may not have otherwise considered.
ANAHEIM, CALIF. – A 0.79-acre site in Anaheim that is net leased to Starbucks has sold to a local real estate investment group for $2.9 million. The property is located at 1200 Harbor Blvd. It is the only drive-thru Starbucks pad in the trade area, and enjoys close proximity to Disneyland, California Adventure and the 91 freeway. The property sold at a cap rate of 3.27. This was the lowest cap rate for a drive-thru retail pad in Southern California, according to CBRE’s Arthur R. Flores, who represented the seller, another locally based real estate investment company, in this transaction. The firm’s Tim and Justin McMahon served as the landlord’s leasing agents at the time of the sale.
LOS ANGELES – The Medallion, a 96-unit apartment building in Downtown Los Angeles, has received a $33-million refinance. The community is located at 334 S Main Street. It is currently 97 percent occupied. The property also contains 80,000 square feet of ground-floor retail space and a 275-car parking garage. The loan is also secured by a fully entitled, two-acre development site that sits adjacent to the Medallion. That site is slated for Phase II of the community, which will include an additional 300 units. It is currently leased to a parking lot operator. The short-term bridge loan was secured by Jonathan Hakakha and Mike Yim of Quantum Capital Partners on behalf of Illusion Holdings and Ocean Blue Investments.