California

Former Office Depot Building in Garden Grove Sells for $4.6M

by Nellie Day April 20, 2015

GARDEN GROVE, CALIF. – A 30,000-square-foot retail building in Garden Grove that was formerly occupied by Office Depot has sold to Red Mountain Retail Group for $4.6 million. The building is located at 11100 Garden Grove Blvd. It was built in 1996. The building sits adjacent to Costco, across from Home Depot. Two new tenants have leased the space. Office Depot, meanwhile, downsized to a 15,800-square-foot space. Keith Kropfl and Michael Ganz of Avison Young represented both the buyer and seller, Gallinas Properties, in this transaction.

April 20, 2015

California Hospitality Western

Viejas Band of Kumeyaay Indians Adds Second Hotel Tower to Alpine Casino

by Nellie Day April 17, 2015

SAN DIEGO — The Viejas Band of Kumeyaay Indians has commenced construction on a second hotel tower for the Viejas Casino in Alpine. The casino is located at 5000 Willows Road, just northeast of San Diego. The four-star resort project features a new five-story, 109-room hotel tower that will include a top-floor technology suite. The project will also include additional space on the gaming floor, a specialty bar, ballroom, meeting and board rooms, resort-style pool and extensive multi-use grounds. The new tower is slated for completion in November. It is being built by Xpera CM. The locally based construction management consulting firm has worked on other resort and gaming projects throughout the West, including the Arizona Biltmore Hotel, Stowe Mountain Lodge, Trump National in Los Angeles and Sycuan Resort and Casino.

April 17, 2015

California Multifamily Western

Linda May Manor in Los Angeles Sells for $5.7M

by Nellie Day April 17, 2015

LOS ANGELES – Linda May Manor, a 32-unit apartment building in Los Angeles, has sold to an unnamed buyer for $5.7 million. The community is located at 456 South Cochran Ave., in the area’s Miracle Mile district. The seller was not named, but the property was listed as being “owned by the same family for more than 40 years.” The family was represented by Rich Johns of KW Commercial.

April 17, 2015

California Industrial Western

Via Frontera Business Park in San Diego Sells for $10.5M

by Nellie Day April 16, 2015

SAN DIEGO – Via Frontera Business Park, an 80,882-square-foot industrial/R&D property in San Diego, has sold to Seven C’s Group LLC, for $10.5 million. The two-building property is located at 10965-10993 Via Frontera Drive. It was built in 1982. The buildings are 41 percent occupied. The buyer plans to occupy a portion of the space. Notable employers in the area include Microsoft, General Atomics, BAE Systems, Sony and HP. The seller, GCCFC 2007-GG9 Diamond Office LP, was represented by Mark McEwen, Ted Cuthbert and Matt Zimsky of Colliers International.

April 16, 2015

California Multifamily Western

The Enclave Apartment Complex in Los Angeles Sells for $61.1M

by Nellie Day April 15, 2015

LOS ANGELES — A joint venture between Bridge Investment Group Holdings and Starr Companies has acquired The Enclave, a 306-unit apartment complex in Paramount, for $61.1 million. The community is located at 13801 Paramount Blvd. in the Los Angeles submarket of Paramount. The Enclave was built in 1991. It is situated near four Metro lines. Notable employers in the area include the County of Los Angeles, RMI International, Kaiser Permanente, Bellflower Medical Center, St. Francis Medical Center and Lakewood Regional Medical Center. The seller, Kennedy Wilson, was represented by Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors.

April 15, 2015

California Retail Western

Victoria Gardens in Rancho Cucamonga to Undergo Complete Renovation

by Nellie Day April 15, 2015

RANCHO CUCAMONGA, CALIF. — Victoria Gardens in Rancho Cucamonga will undergo a complete renovation throughout the 1.1-acre shopping center. The full streetscape renovation will take place along Monet Avenue. It will include the refurbishment of exterior building facades, the widening of sidewalk areas to accommodate new outdoor patio dining, the introduction of parklets and a newly designed plaza area that will include a street art program. The redevelopment will introduce new, modern landscaping, linear concrete pavers, updated lighting and new streetscape furniture. The center will install LED lighting and drought-resistant landscaping, offer several hot spots along Monet Avenue with free Wi-Fi, and focus on new fast-casual restaurants and cafes that will be incorporated into the active outdoor patio areas. Ferraez adds this renovation project will serve as the prototype for the rest of the center as it grows and matures. The redevelopment will commence this month. It is scheduled for completion in November.

April 15, 2015

California Industrial Western

Gelson’s Markets Leases Space at Freeway Springs Logistics Center in Los Angeles

by Nellie Day April 15, 2015

LOS ANGELES — Gelson’s Markets has leased 248,304 square feet of space at Freeway Springs Logistics Center in the Los Angeles submarket of Santa Fe Springs. The space will serve as the market’s warehouse and distribution center. Freeway Springs is located at 13833 Freeway Drive. Gelson’s will also occupy 30,000 square feet of office space at the facility. The lease is valued at more than $20 million. The Encino, Calif.-based market will assume more than half of the center’s 463,060 square feet. Gelson’s was represented by Stephen Calhoun, Craig Stevens and Tyler Stevens of Colliers. The landlord, Freeway Springs LLC, a division of Golden Springs Development Co., was represented by Calhoun, along with Clyde Stauff and Christopher Sheehan.

April 15, 2015

California Office Western

PCCP Buys Stoneview Plaza in Roseville

by Nellie Day April 15, 2015

ROSEVILLE, CALIF. – PCCP LLC has acquired Stoneview Plaza, a 108,354-square-foot office building in Roseville, for an undisclosed sum. The building is located at 3001 Lava Ridge Court. It is currently 72.5 percent occupied. The property will be managed by Basin Street Properties, while leasing efforts will be handled by Newmark Cornish and Carey.

April 15, 2015

California Retail Western

Liberty Station Office, Retail Building Sells in San Diego

by Nellie Day April 14, 2015

SAN DIEGO – A 37,333-square-foot office and retail building in San Diego has sold to Tower Investments for $5.2 million. The property is located at 2751 Roosevelt Road. It has six tenant spaces and is anchored by the Point Loma Sports Club and San Diego Gymnastics. The seller, Liberty Station 210 Investors, was represented by Tracy C. Clark and Kimberly Clark of Voit Real Estate Services’ San Diego office.

April 14, 2015

California Office Western

Old Mission Center in Santa Clara Sells for $7M

by Nellie Day April 14, 2015

SANTA CLARA, CALIF. – Old Mission Center, a 30,000-square-foot office property in Santa Clara, has sold to an unnamed buyer for $7 million. The center is located at 1601 Civic Center Drive. It is situated in Silicon Valley, near the newly built Santa Clara Town Centre. The sale was executed by J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office.

April 14, 2015

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