LOS ANGELES – A 33,730-square-foot industrial building in the Los Angeles submarket of Compton has sold to Perera Family Trust for $4.7 million. The building is located at 2250 S. Central. It was built in 1990. The building also includes 12,000 square feet of Class A office space. The trust was represented by David Denitz of Gateway Business Properties. The seller, M&H Capital Investments LLC, was represented by Craig Poropat and Garen Ramyan of Lee & Associates’ Los Angeles – Long Beach.
SAN DIEGO – A six-unit apartment building in the San Diego neighborhood of Crown Point has sold to Walnut Company LLC for $2 million. The community is located at 3704 Promontory Street, near Mission Bay. Walnut Company was represented by Nga Nguyen of Berkshire Hathaway Home Services. The seller, Plotts Real Estate, was represented by Terry Moore of ACI.
BREA, CALIF. — Clarion Partners and Pacific Industrial have purchased 17.6 acres in Brea for an undisclosed sum. The land is located at 1225 West Imperial Highway. The partners plan to redevelop the site to build a 367,194-square-foot logistics and distribution facility. The Class A facility will be known as Imperial Distribution Center. The center will feature 36-foot minimum clearance, 55 dock-high doors, a fully concrete truck court, 3 percent skylight coverage and 4,976 square feet of office space.
MODESTO, CALIF. — Phillips Edison Grocery Center REIT II has purchased North Point Landing, a 152,769-square-foot shopping center in Modesto, for an undisclosed sum. The center is located at 3848 McHenry Ave. North Point is anchored by Walmart Supercenter. Other notable tenants include GNC, T-Mobile, the UPS Store, Allstate and Round Table Pizza. Phillips Edison Grocery Center REIT II is a public, non-traded REIT that seeks to acquire and manage well-occupied, grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services. It looks for properties in strong demographic markets throughout the U.S. It currently owns and manages an institutional-quality retail portfolio with 22 grocery-anchored shopping centers totaling 2.5 million square feet.
FREMONT, CALIF. – JC Paper has signed a 10-year lease extension for 214,809 square feet of warehouse space in Fremont. The space is located at 47422 Kato Road. The Kato Road complex was built in 1997. JC Paper was represented in-house by Mark Clarke. The landlord, Westcore Properties, was represented by its own Meghan Sandlin.
SANTA ANA, CALIF. – A 152,705-square-foot office building in Santa Ana has sold to Small Giant for $12.7 million. The nine-story building is located at 1200 North Main. It was 55 percent leased at closing. The property was built in 1971 and renovated in 1997. The seller, Positive Investments, was represented by Dan Vittone and Alan Pekarcik of Avison Young.
CARLSBAD, CALIF. – Lincoln Property Company has purchased a 68,392-square-foot R&D/office park in Carlsbad for $11.9 million. The park is located at 5993 and 5999 Avenida Encinas. It was 80 percent occupied at the time of purchase. This is Lincoln’s fourth purchase in North County over the past year. Rick Reeder and Aric Stark of DTZ represented both the buyer and unnamed seller in this transaction.
LOS ANGELES – Ramon Plaza, a 70,131-square foot retail property in the Los Angeles submarket of Cathedral City, has sold to an unnamed buyer for $9.1 million. The three-building property is located at 68100 Ramon Road. It contains a mix of medical, retail and office uses. The seller, a private investor, was represented by Pablo Rodriguez and Richard Vincent of Marcus & Millichap’s Ontario office.
SAN FRANCISCO — Meridian Capital Group has provided $35 million in acquisition financing for an office and retail property in San Francisco. The 46,000-square-foot property is located at 166 Geary Street in the city’s Union Square area. The loan was provided to The Jackson Group, Sun Equity Partners and Concord Real Estate. The 36-month, floating-rate mortgage was structured to accommodate the sponsors’ unique business plan. The borrowers plan to separate the asset into two commercial condos post-closing by pre-allocating $25 million to one portion of the asset and $10 million to the remainder. Financing was provided by a national balance sheet lender. It features full-term, interest-only payments. The loan was arranged by Shaya Ackerman and Moshe Majeski of Meridian Capital Group.
IRVINE, CALIF. – Pinnacle Exhibits LLC has leased 92,802 square feet of industrial space in Irvine. The space is located at 9 Holland, within the Irvine Spectrum. The 180,982-square-foot industrial building is now fully leased. The designer, builder and manager of 3-D brand environments was represented by Ryan Harman of Lee and Associates’ Irvine office. The landlord, CT Holland Industrial LLC, was represented by CBRE’s Gregg Haly, Jeff Carr and Dave Desper.
