SAN MATEO, CALIF. – The 26-unit Park Laurel Apartments in San Mateo has sold to MNM Partners LLC for $10.3 million. The community is located at 710 Laurel Ave. It was built in 1959. The seller, the Brenner Family Partnership, was represented by Ted Kokernak of Marcus & Millichap’s Palo Alto office.
SAN DIEGO – Spike LLC has purchased a 50,220-square-foot industrial building in the San Diego submarket of San Marcos for $5.4 million. The building is located at 495 Enterprise Street. The buyer plans to hold the property as a long-term investment. The seller, Thornton Technology, leased back 50 percent of the property for an undisclosed period of time. Spike was represented by Justin Beattie of Palomar Commercial. Thornton Technology was represented by Daniel Knoke, Peter Merz, Marko Dragovic and Isaac Little of Lee & Associates-North San Diego County.
SAN DIEGO — Invesco Real Estate and Cruzan have acquired a 311,305-square-foot office campus in the Sorrento Mesa submarket of San Diego for $85.5 million. The two-building campus is located at 6450 Sequence Drive. Amenities at the campus include secured lobbies, a cafeteria, gym, showers, basketball and volleyball courts, and several patios that serve as outdoor lounge and dining areas. Cruzan plans to renovate the campus. Renovations will include a contemporary café, a fully integrated fitness center, an outside amphitheater, and new passive and active spaces. The buyers represented themselves in this transaction. The seller, a publicly traded company, was represented by CBRE’s Louay Alsadek, Justin Parsonnet, Hunter Rowe, Chris Pascale and Mike Hoeck. Mark McGovern and Scott Peterson of CBRE Debt & Structured Finance secured a $70-million, four-year, variable rate loan for the buyers. It was provided by Cornerstone RE Advisors.
PALM SPRINGS, CALIF. – The 121-unit Whispering Palms apartments in Palm Springs has sold to Latitude 33 LLC for $6.8 million. The community is located at 449 E. Arenas Road. The buyer was represented by Milburn Stevens of Lee & Associates Palm Desert. The seller, Metropolitan Management Company and City Center Real Estate, was also represented by Stevens.
LOS ANGELES – A 143,000-square-foot office park in the Los Angeles submarket of Northridge has sold to a local developer for $6.1 million. The building is located at 8350–8454 Reseda Blvd. It is currently occupied by three tenants in six buildings. The buyer, Harridge Capital Group, was represented by Lynwood Fields of Madison Partners. The seller, Lehr Properties, was represented by David Young and Chad Gahr of NAI Capital.
SAN DIEGO – A 9,157-square-foot retail portfolio in the San Diego submarket of Pacific Beach has sold to Dayani Partners for $4.6 million. The property is located at 1036-1038, 1757-1765 and 1775 Garnet. It includes five bungalows adjacent to the PB Fish Shop and an additional parcel several blocks to the west. Kipp Gstettenbauer and Ryan King represented both the buyer and seller in this transaction.
SANTA CLARA, CALIF. – Admiral Capital Group has sold a 74,276-square-foot office property in Santa Clara for an undisclosed sum. The buyer was not named. The building is located at 4500 Great America Parkway. It was built in 1983. Admiral’s joint venture partner in this transaction was South Bay Development Company.
ANAHEIM, CALIF. — Intercontinental Real Estate Corporation and MG Properties Group have purchased the 768-unit Madison Park Apartments in Anaheim for an undisclosed sum. The community is located at 2235 W. Broadway. This is the largest single property by number of units to be purchased in Southern California since 2013, according to the buyers. Madison Park is situated in West Anaheim near the I-5 freeway, between Disneyland and Knott’s Berry Farm. The buyers plan to make improvements to the community’s common areas and interiors. Common-area amenities include two swimming pools, sports courts, a large fitness center and group exercise room, clubhouse, movie theater, banquet room and a business center. Madison Park was purchased from a private multifamily investment firm that was represented by Institutional Property Advisors’ Greg Harris and Kevin Green. The buyers represented themselves in this transaction. The acquisition was financed with a 10-year, fixed-rate mortgage from Fannie Mae that was arranged by Brian Eisendrath at CBRE.
SAN BERNARDINO, CALIF. — A joint venture between Hines and funds managed by Oaktree Capital Management L.P. have purchased Tri-City Corporate Centre, a 17-building, mixed-use office complex in San Bernardino, for an undisclosed sum. The property is located near the intersection of the I-10 and I-215 freeways. Tri-City Corporate Centre contains more than one million square feet of space on 153 acres. The master-planned business park offers a range of building styles, including mid-rise, low-rise, flex and eight Class A office towers. This was the largest office sale by square footage in recorded history for the Inland Empire, according to CBRE, which represented the sellers. Construction began on the center in 1986 and continued through 2008. It is currently 61 percent occupied. Notable tenants include Northrop Grumman, Art Institute of California, Wells Fargo, CalPERS, Health Net, Fidelity Title, Parsons Brinckerhoff, TASC and Chicago Title. Tri-City contains notable buildings like One Vanderbilt, Vanderbilt Plaza, Brier Corporate Center, One, Two and Three Parkside, Lakeside Tower, North River Place, One and Two Carnegie Plaza, Northcourt Plaza, and Carnegie Business Center I and II. The campus is entitled to add more than 300,000 square feet of development on four parcels of land. It also …
LOS ANGELES – A 2,872-square-foot retail property in the Los Angeles submarket of Santa Fe Springs has sold to an Orange County-based buyer for $3.6 million. The property is located at 11442 Telegraph Road. It is situated within the Santa Fe Springs Promenade. The center is anchored by 99 Cent Only. Other notable tenants include Bank of America, Auto Zone and KFC/Taco Bell. Matthew Mousavi and Joe Chichester of Faris Lee Investments represented both the buyer and the seller, a private Orange County partnership, in this transaction.
