MISSION VIEJO, CALIF. – ValueRock Realty Partners has acquired Mission Viejo Garden Plaza, a 67,000-sqiare-foot office and retail property in the Orange County submarket of Mission Viejo, for $13.3 million. The center is located at the northwest corner of La Paz Road and Marguerite Parkway. The space was built in 1975 and renovated in 2009. Peter D. Beauchamp, Brian Corrigan, and Mark Sigler of Voit Real Estate Services represented both ValueRock and the unnamed seller in this transaction.
LOS ANGELES – Jump LA has renewed its lease for 7,000 square feet of creative office space at Blackwelder in the Los Angeles submarket of Culver City. The space is located at 3123 S La Cienega Blvd. Other tenants at the campus include Hungry Man, Bandito Brothers and Gentlemen Scholar, as well as visual-effects firms like The Mill. The creative editorial boutique firm was represented by Avison Young’s Jeff Vertun. The landlord, a joint venture between Alcion Ventures and Genton Property Group, was represented by Lincoln Property Company.
UPLAND, CALIF. – Alta Medical Center, a 24,212 square foot medical property in Upland, has sold to Elat Properties for $5.5 million. The center is located at 1113 Alta Ave. The center is currently 93 percent leased. About 34 percent of its current leases will expire in the next few years. The space was built in 1989. CBRE’s Bryan Lewitt, John Oien, and Chris Isola represented both the buyer and the seller, Alta Investment Properties LLC, in this transaction.
SAN DIEGO — A regional hotel investor has purchased the 175-room Holiday Inn San Diego Mission Valley Stadium for an undisclosed sum. The hotel is located at 3805 Murphy Canyon Road. The Holiday Inn is located about three miles from Qualcomm Stadium, home to the San Diego Chargers. The seller, a special servicer, acquired the hotel through foreclosure. It was represented by Mike Armstrong of HREC Investment Advisors.
LIVERMORE, CALIF. – Exeter Property Group has purchased an 81,717-square-foot distribution building in Livermore for more than $6.5 million. The Class A building is located at 7701-7703 Las Positas Road. Exeter was represented by Michael Donnelly and Joe Yamin of Colliers International. The seller, Bolliboka Properties, was represented by Michael Lloyd of the same firm.
SAN DIEGO – A 24-unit apartment building in the San Diego submarket of Lemon Grove has sold to Phx CapI LLC for $2.9 million. The community is located at 1790 Dayton Drive. It was fully leased at the time of sale. Curtis Lockey of Voit Real Estate Services’ San Diego office represented both the buyer and seller, Limoncello LLC, in this transaction.
NEWPORT BEACH, CALIF. – Law firm Klein and Wilson has purchased a 7,300-square-foot office building in Newport Beach for $2.9 million. The building is located at 4770 Von Karman, within the Newport Corporate Plaza. The seller, Kearny Real Estate Company, was represented by Joe Winkelmann of Voit. The building is one of five fee-simple buildings acquired by Kearny in June 2014. Klein Wilson was represented by Steve Economos of Jones Lang LaSalle.
SAN DIEGO – The Sasa Group has acquired a 20,030-square-foot office/industrial property in San Diego for $2.4 million. The building is located at 720 Gateway Center Drive. It is 50 percent leased to Fresenius Medical Care. The buyer will occupy the other half of the building, which was constructed in 1988. Sasa was represented by Mark Lewkowitz of Colliers International. The seller, Urban League of San Diego, was represented by Bob Teglia and Brent Bohlken of Newark Grubb Knight Frank.
SAN DIEGO – A 10-unit apartment building in the San Diego submarket of Pacific Beach has sold to Plotts Real Estate LP for $2 million. The community is located at 2030 Diamond Street. Plotts Real Estate was represented by Terry Moore of ACI Apartments. It acquired the property as part of a 1031 tax deferred exchange. The unnamed seller was represented by Ron Hammett of Hammett Properties.
LOS ANGELES – Planet Fitness has leased a 28,000-square-foot facility in Downtown Los Angeles. The space is located at 437 South Broadway Street. This lease represents the largest anchor tenant to come to Broadway since Urban Outfitters, according to Kennedy Wilson, which represented the landlord, Broadway Investments Group LLC. The property was built in 1942. It is currently 39 percent occupied. The remainder of the property includes two stories of available creative office space and 3,500 square feet of additional retail space aimed at fast-casual restaurant concepts like a juice bar or coffee house. Planet Fitness was represented by Lauren Smith-Hams Dressler of Crown Retail Services. The Kennedy Wilson team included Lee Shapiro and Justin Weiss.
