MANHATTAN BEACH, CALIF. — West Ridge Rentals LLC has purchased a 35,911-square-foot medical office complex in Manhattan Beach for $15.6 million. The three-building complex is located at 500 S. Sepulveda Blvd. The buildings include small retail elements that house related businesses. The complex was built in 1976. Eric Lastition and Geoff Ludwig of Colliers International represented the seller, Manhattan Beach Mall LP.
TORRANCE, CALIF. — Grocery chain Fresh & Easy is relocating its executive and administrative hub from El Segundo to nearby Torrance. The hub will be located at 20101 Hamilton Place. NGKF’s David Kluth and Joel Smith negotiated the lease.
SANTA FE SPRINGS, CALIF. — Custom Companies has leased 306,286 square feet of industrial space in Santa Fe Springs. The space is located at 13012 Molette. The lease is valued at $13.7 million. Custom Companies, which provides airfreight and truck shipments to and from all points in the U.S., Canada and Mexico, will relocate from nearby Carson. The company will use the space for its warehouse, distribution, outside trailer storage and general office needs. NGKF’s Wesley Hunnicutt and Matthew Moore represented Custom Companies. Eric Knirk of Fremont Associates represented the owner, Oltmans Real Estate Company.
MILL VALLEY, CALIF. — Ultima Hospitality and Argosy Real Estate have sold the 100-room Holiday Inn Express in Mill Valley, a submarket in Marin County that is just north of San Francisco. The hotel is located at 160 Shoreline Highway. The price was not disclosed. The hotel was formerly known as the Larkspur Mill Valley Hotel until the partners rebranded it in fall 2012. The property’s guestrooms, common areas and exteriors were also renovated at this time.
MILL VALLEY, CALIF. — JLL has agreed to acquire Shelter Bay Retail Group, a retail property management firm based in Mill Valley, for an undisclosed sum. Shelter Bay manages 74 urban and suburban, open-air shopping centers throughout the San Francisco Bay Area, San Jose/South Bay, central and southern California and Arizona. The acquisition is expected to close later this month, subject to customary closing conditions. The properties’ management teams will remain intact to ensure a seamless transition when the deal closes. Shelter Bay’s team of 30 experts will join JLL at closing. Stephen Robertson, chairman of Shelter Bay, will join JLL as director of retail business development, West Coast, while Sondra Van Metre, president and CEO, will join as director of retail property management, West Coast. The two will lead the combined organization’s West Coast retail property management operations.
CONCORD, CALIF. — KZ Companies has purchased Concord Terminal Shopping Center, a 41,400-square-foot shopping center near Walnut Creek, for $7.2 million. The center is located at 2677 and 2689 Clayton Road. It is occupied by CVS Pharmacy and Big 5 Sporting Goods. Concord Terminal was built in 1963. Kevin Van Voorhis, Henry Englehardt and Deborah Perry of Collier’s International represented the sellers, Logan Survivor’s Trust and Logan Non-Exempt Marital Trust.
SAN BERNARDINO, CALIF. — Shaw Development Co. has purchased a 197,000-square-foot industrial warehouse in San Bernardino for $12 million. The warehouse is located at 5080 Hallmark Parkway. Shaw plans to reposition the asset before marketing it for sale or lease. Frank Geraci and Juan Gutierrez of Voit Real Estate Services’ Ontario office executed the sale.
LOS ANGELES — A private investor has purchased The Deveraux apartment building in the Los Angeles submarket of Koreatown for $4.7 million. The community is located at 2921 S. Francis Ave. The majority of the units were recently renovated. The Deveraux is now 90 percent leased. The buyer represented itself in this transaction, while Dana Brody of Commercial Asset Group represented the seller, ASBREA LLC.
LOS GATOS, CALIF. — A 6,452-square-foot, mixed-use property in Los Gatos that was formerly occupied by Bank of America has sold to an unidentified personal trust for $4.5 million. The space is located at 2 North Santa Cruz Ave. It was built in 1932. J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office represented the buyer.
FRESNO, CALIF. — Retail California, a division of Pearson Realty, has brokered two retail sales totaling 69,208 square feet in Fresno. In the first transaction, Fresno Coin Gallery Jewelry and Loan Inc. acquired a 9,208-square-foot retail space at 1727 E. Gettysburg Ave. from Dean & Arlene Sigle Trust. Michael Kennedy and John Lee of Retail California negotiated the transaction. In the second deal, Ag Land Joint Venture acquired a 60,000-square-foot retail building at 4550 and 4582 N. Blackstone Ave. from Rich Development/Gryphon Capital. Lewis Smith of Retail California, along with Mark Saito of Saito Company, brokered the transaction. The acquisition prices were not released for either sale.
