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.
LIVERMORE, CALIF. – Industrial Property Trust has acquired Greenville Business Center, a 266,825-square-foot warehouse/distribution building in Livermore for an undisclosed sum. The property is located at 7501-7551 Las Positas Road. The center is fully leased to Performance Food Group (Vistar), Transwestern Polymers Inc. and Topp Shelf (dba UNITS). Michael Lloyd and Greig Lagomarsino of Colliers International represented both the buyer and seller, Alere Property Group, in this transaction.
WEST COVINA, CALIF. – A 37,500-square-foot retail building in West Covina that is leased to 24 Hour Fitness USA has sold to Capital Square Realty Advisors for an undisclosed sum. The building is located at 1530 W. Covina Parkway. The 1.6-acre property includes a three-level, free-standing parking garage. It is designed as a 24 Hour Fitness “Sport” facility. Amenities include cardio equipment, circuit training, a kids club, sauna, steam room and lap pool. Capital Square was represented by TFS Properties, doing business as TaxGuard1031.
OAKLAND, CALIF. — DiNapoli Capital Partners has acquired the 489-room Marriott City Center in downtown Oakland for a reported $84 million. The hotel is located at 1001 Broadway. The property is attached to the Oakland Convention Center. It is one block from a BART station. The seller, CIM Group, renovated the hotel in 2011, modernizing all common areas and guest rooms. It also partnered with the City of Oakland to renovate the hotel and convention center’s combined 89,000 square feet of meeting space. CIM acquired the Oakland Marriott in 2007. It was the company’s first asset in downtown Oakland. The firm currently maintains a Bay Area portfolio of about 3 million square feet of Class A space. CIM has disposed of a total of 570 residential units, 908 hotel rooms and about 1,420,000 square feet of retail space, including this latest sale, since the beginning of the year.
SANTA BARBARA, CALIF. — Kennedy Wilson has acquired the 208-unit Montiavo at Bradley Square apartment complex in the Santa Barbara submarket of Santa Maria for $47 million. The community is located at 2460 S. Rubel Way in the master-planned community of Bradley Square. Montiavo offers two- and three-bedroom townhome-style units. Common-area amenities include a grand lobby, fitness center, pool and sundeck, business center and a clubhouse/lounge. The community was built in 2004. Kennedy Wilson will implement a strategic interior renovation plan. The seller, AEW Capital Management/Holland Partners, was represented by Ron Harris, Greg Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors.
LOS ANGELES — JLL has acquired Wilson Retail Group, a Los Angeles-based independent retail brokerage and capital markets firm, for an undisclosed sum. The merger will bring 16 Wilson associates to JLL. It will allow JLL to provide a broader range of brokerage and investment sales services to retailers and investors in a core urban gateway. Chris Wilson will now serve as executive vice president, Southwest brokerage lead at JLL Retail; Scott Burns will serve as executive vice president, retail brokerage lead for JLL’s Los Angeles office; and Geoff Tranchina will serve as executive vice president of investment sales. The new Wilson executive team will report to Peter Belisle, market director for JLL’s Southwest region. They will work closely with Naveen Jaggi, president of JLL’s Americas Retail Brokerage business. JLL’s Retail Group is the largest third-party retail property manager in the United States. JLL’s retail portfolio has more than 500 centers totaling 69 million square feet under management. The portfolio includes regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects.