OAKLAND, CALIF. – Coasters Company of America has signed a 10-year lease for a 232,881-square-foot warehouse building in Oakland. The Class A building is located at 8350 Pardee Drive. The furniture importer and distributor was represented by Tim Cronin and Craig Hagglund of Lee & Associates. The developer and landlord, Goodman Birtcher, was represented by JLL’s Jason Ovadia.
LONG BEACH, CALIF. – The 40-unit Bixby Park Apartments in Long Beach has sold to a local private investor for $6.2 million. The community is located at 1132 San Antonio Drive and 4481 Orange Ave., in the Bixby Knolls submarket. Robert Stepp of Stepp Commercial represented both the buyer and sellers, Pathfinder Partners and Ryanik, in this transaction.
LONG BEACH, CALIF. – City Logistics and Transport has leased a 104,453-square-foot industrial building in Long Beach. The building is located at 2888 E. El Presidio Street. City Logistics will utilize the space as its new headquarters on March 1. It will be relocating from nearby Rancho Dominguez. The 64-month lease is valued at $3.9 million. The transportation and warehousing company was represented by Frank Schulz, Todd Taugner and David Prior of Klabin Co. The landlord, Invesco Realty Advisors, was represented by CBRE’s John Schumacher and Brett Quinlan.
LAGUNA HILLS, CALIF. – A Chevron gas station and convenience store in Laguna Hills has sold to a Southern California-based buyer for $4.5 million. The property is located at 23991 El Toro Road. It was built in 1973 and renovated in 2012. The buyer is also the current operator. The investor was represented by C-Store Realty. The seller, also a private investor, was represented by Donald MacLellan and Tom Chichester of Faris Lee Investments.
LOS ANGELES — A 28-story office tower in the Los Angeles submarket of Century City has received $125 million in financing. The Class A tower was built in 1969. The 596,856-square-foot tower contains a mixture of FIRE (finance, insurance, real estate) and legal tenants. The non-recourse, fixed-rate loan features a 10-year, interest-only term. It was arranged by George Mitsanas and Doug Tisdale of Newmark Realty Capital’s Los Angeles office through the firm’s correspondent life insurance company lenders. Mitsanas has previously financed this property twice for the borrower.
FOLSOM, CALIF. — Sequoia Equities has acquired the 280-unit Iron Point at Prairie Oaks in the Sacramento Valley submarket of Folsom for $58.2 million. The community is located at 1550 Iron Point Road. Iron Point was built in 2000. It is situated near Prairie City Crossing neighborhood shopping center, the Palladio at Broadstone lifestyle center, Folsom Premium Outlets, Broadstone Marketplace and Plaza, the Folsom Historic District and the central Folsom shopping district. Community amenities include a fitness center, resort-style swimming pool and hydrotherapy spa, a business center and a clubhouse. Sequoia Equities was represented by Kenneth Blomsterberg of Marcus & Millichap. The seller, Interland LLC, was represented by IPA’s Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni.
MONROVIA, CALIF. – A 17,000-square-foot building in Monrovia that is triple-net leased to 24 Hour Fitness has sold to HREH LLC for $5.5 million. The building is located at 715 East Huntington Drive, within the East Huntington Drive technology corridor. It was built in 1995. 24 Hour Fitness has occupied the property for 19 years. The gym recently signed a 10-year lease extension. The seller, Monrovia Fitness LLC, was represented by Jeff Conover of Faris Lee Investments. The all-cash buyer represented itself.
RANCHO CUCAMONGA, CALIF. – A 39,600-square-foot office building in Rancho Cucamonga has sold to CFRE Holdings LLC for $13.4 million. The building is located at 8163 Rochester Ave. CFRE was represented by Cathy Jones, Paul Miachika, Jessica Cegavske and Roy Fritz of Sun Commercial Real Estate. The seller, 8163 Rochester Partners LLC, was represented by Isaiah Harf of Stan Johnson Company.
ALTADENA, CALIF. – Altadena Crossing, a 43,108-square-foot shopping center, has sold to a private family trust for an undisclosed sum. The fully leased center is located at 2230-2268 Lincoln Ave. in Altadena, just north of Pasadena. It was built in 2006. Notable tenants include Verizon Wireless, Panda Express, Bank of America, 24 Hour Fitness and Subway. The latter three tenants were not part of the sale. The trust was represented by Martin Agnew and Jessica Kelley of Marcus & Millichap’s Encino office. The seller was not named. The transaction’s financing was arranged by Sharone Sabar of MMCC’s Encino office.
PASADENA, CALIF. — Laurus Corp. has purchased a 163,194-square-foot office building in Pasadena for a reported $52.5 million. The Class A building is located at 199 S. Los Robles Ave. The property is situated between the cross streets of Cordova and El Dorado, just one block south of the Paseo Colorado lifestyle center. It sits adjacent to the Pasadena Convention Center, near Old Town Pasadena, the Lake Avenue Business and Shopping District and the Del Mar Metro Gold Line Station. Notable employers in the area include the California Institute of Technology, NASA’s Jet Propulsion Laboratory, the Art Center College of Design, Bank of America, OneWest Bank, Tokio Marine Insurance and Western Asset Management.
