LOS ANGELES – A 28-unit apartment complex in Los Angeles has sold to Trion Properties for $6.8 million. The community is located at 4620 South Slauson Ave. It was built in 1988. Robert Narchi of Marcus & Millichap represented both the buyer and private seller in this transaction.
SAN DIEGO – McDonald Property Group and an entity owned by First Industrial Realty Trust have announced plans to develop La Pacifica II, a 237,275-square-foot industrial park in Oceanside. The $26-million project will be the first speculative industrial construction to occur in North San Diego since 2008, according to the developers. The three-building project will be located on a 15.8-acre site within the master-planned Ocean Ranch business park. It will be situated off Interstate 5 and Oceanside Boulevard. Ocean Ranch is also home to Coca Cola, Taylor Made and Genentech, among others. US Foods and FedEx will soon occupy space within the immediate area as well. The new project will feature three light warehouse manufacturing buildings that contain 108,413 square feet, 63,262 square feet and 65,600 square feet. This will be the first development project for McDonald Property Group, a company formed by Bruce McDonald in 2013. First Industrial Financing Partnership acquired the fully improved and entitled site from La Pacifica 2-Ocean Ranch LLC, an entity owned by Cruzan Monroe Investments, this past September for $9.6 million. La Pacifica 2-Ocean Ranch was represented by Aric Stark and Dennis Visser of Cassidy Turley in the sales transaction. The land was sourced …
SAN FRANCISCO — Uber Technologies has leased 77,600 square feet at the Monadnock Building in Downtown San Francisco. The 205,000-square-foot building is located at 685 Market Street. Uber will occupy four floors. The Monadnock Building was originally constructed in 1907. It is situated near Uber’s other San Francisco offices. It also offers employees easy access to the BART and MUNI. The property is within walking distance of Union Square. Uber will occupy this space by the end of the year. The landlord, Brookfield Property Partners, was represented by Chris Roeder, Jak Churton and Tom Doupe of Jones Lang LaSalle.
HAYWARD, CALIF. — KTR Capital Partners has acquired seven out of the eight buildings comprising the Hayward Corporate Center for an undisclosed sum. The high-tech R&D/flex space is located at 29902-20991 Cabot Blvd. in Hayward. The transaction contains a total of 208,420 square feet. The unnamed seller was represented by Steve Hermann and Robert Gilley of Cassidy Turley.
LOS ANGELES — Fogo de Chao has signed a 15-year lease for 7,414 square feet in Downtown Los Angeles. The Brazilian steakhouse will be located at 800 S. Figueroa Street in the city’s Financial District. It will be situated across the street from the FIGat7th open-air shopping mall. The lease is valued at $6.2 million. The space was previously occupied by Roy’s Hawaiian Fusion. It is currently undergoing tenant improvements. Fogo de Chao is hoping to open in the fourth quarter of this year, in time for the holiday season. The restaurant was represented by Sierra Commercial Real Estate. The landlord, 800 Fig Verona Corp., was represented by Derrick Moore of Avison Young.
LOS GATOS, CALIF. – A 12,800-square-foot retail property in Los Gatos has sold to a limited liability company for $6.1 million. The property is located at 102 South Santa Cruz Ave. It was built in 1974. Notable tenants at the property include 101 Broadway and The Spa. The LLC was represented by Anh Stovall, J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office.
SAN DIEGO – A 9,945-square-foot retail property in San Diego has sold to Howard Park of 1999 Park Family Trust for $2.7 million. The property is located at 7763-67 Balboa Ave. The space was originally built for Color Tile, which occupied the property for more than 20 years. The new owner, which also owns T-Shirt Mart and several related retail stores, will upgrade the property. The trust plans to occupy about 60 percent of the space.
GLENDALE, CALIF. – CNL Healthcare Properties has acquired the Lee Hughes Medical Building, a 76,758-square-foot medical office building in Glendale, for $29.9 million. The Class A building is located on the campus of the 500-bed Glendale Adventist Medical Center. Lee Hughes is connected to the main hospital through a sky bridge. The building is currently 97 percent occupied by a range of tenants, including an ambulatory surgery center leased by Adventist Health. Lee Hughes Medical Building is the only on-campus medical office building not owned by the hospital. Cypress West Realty Management Inc. will provide on-site leasing and asset management services.
LOS ANGELES — Shoe Palace has opened four new stores within the Los Angeles area. The new stores include a 4,460-square-foot store at 7721-7725 Melrose Ave., which was leased from 499 Canon LLC; a 4,945-square-foot space at 214 Santa Monica Blvd. in Santa Monica, leased from Schrober Investments; a 14,800-square-foot store at 6351-6353 Pacific Blvd. in Huntington Park that was purchased from Fine Discounts; and a new store on Van Nuys Boulevard in Panorama City that is currently in escrow. It is scheduled to open by the end of the year. The combined sales and lease transactions for all four properties total more than $8 million. Shoe Palace is owned and operated by the Mersho family. The retailer was represented by Irwin Hyman and Jesse Paster of NAI Capital’s Encino office.
IRVINE, CALIF. — Lincoln Property Company has purchased Michelson Marketplace, a 32,560-square-foot shopping center within the Irvine Business Center. Though the final selling price was not disclosed, the publicly listed asking price was $13 million. The marketplace is located at 2222 and 2272 Michelson Drive. It is 90 percent occupied. Lincoln plans to renovate the 29-year-old shopping center. Lincoln Property represented itself in this transaction, while the private seller was represented by Michelle Schierberl, Donald Ellis, Jereme Snyder and Mark Joens of Colliers.