LOS ANGELES — Mani Brothers Real Estate Group has purchased The Landing at Playa Vista, a 100,756-square-foot office building in the Los Angeles submarket of Playa Vista, for $80 million. The Class A property is located at 12655 Jefferson Blvd. The six-story property was originally built in 1985. It was recently redeveloped into a creative office space. The Landing underwent extensive upgrades, including exposed ceilings, open floor plans, multiple outdoor decks, and the conversion of an internal stairwell and a portion of the underground parking garage into office space. The building was fully pre-leased prior to the renovation’s completion. WeWork signed a deal for 78,000 square feet, which takes up most of the building’s space. Media and communication firm Dentsu Aegis Network leased the remainder of the property. Madison Partners’ Bob Safai represented Mani, while the seller, Hudson Pacific Properties, represented itself in this transaction.
TORRANCE, CALIF. — A joint venture between PMRG and Mariner Real Estate Management has purchased Torrance Technology Campus, a 573,167-square-foot office campus, for an undisclosed sum. The five-building campus is located at 3100 Lomita Blvd. in Torrance. The property is currently 70 percent leased by L-3 Communications and Torrance Memorial Medical Center. Oliver Fleener of PMRG will handle leasing at the property, while the firm’s James Bowers will handle property management. Newmark Knight Grubb Frank represented the seller, an institutional investor, in this transaction.
RICHLAND AND KENNEWICK, WASH. — Security Properties has purchased two multifamily assets in the Tri-Cities area of Washington State for a total of $41.3 million. The acquisitions include the 228-unit Riverpointe Apartments in Richland and the 200-unit Crosspointe Apartments in Kennewick. Both Class B assets are vintage/garden-style apartment communities built in 1996. Security Properties plans to renovate both communities, which were purchased for $22.3 million and $19 million, respectively. The communities were financed with assumed HUD mortgages at a 3.42 percent average fixed rate. Security Properties-affiliate Madrona Ridge Residential will manage the communities.
ESCONDIDO, CALIF. — Badiee Development has announced plans to build a second industrial campus in the San Diego submarket of Escondido. Dubbed Escondido Innovation Park, this campus will include 86,010 square feet of multi-tenant industrial space situated on 5.5 acres. The park will be located at 1925 Harmony Grove Road. Badiee will break ground on the three-building campus in the first quarter of 2017, with a scheduled completion in the third quarter of that year. TFW Construction is building Escondido Innovation Park, which Ware Malcomb will design. Tucker Hohenstein, Mike Erwin and Conor Boyle are serving as the listing agents.
LOS ANGELES — Private investor James H. Tuggle has acquired The Olympic Residential Hotel, a 172-unit micro-apartment building in Los Angeles, for $12 million. The community is located at 725 S. Westlake Ave. The Olympic was built in the 1920s as a hotel, which was converted to residential apartments in 2013. The property is four stories tall, has a grand lobby entrance, an elevator and reinforced brick construction. The building also has 5,000 square feet of ground-level retail space on South Westlake Avenue. Ziv Kozaski and Michael Dixon of NAI Capital’s Multifamily Services Group represented the seller, Olympic Hotel LLC, in this transaction.
SAN DIEGO — Swift Real Estate Partners has purchased HP’s 782,211-square-foot San Diego campus for an undisclosed sum. The campus is located at 16399 W. Bernardo Drive in the Rancho Bernardo submarket. The property contains seven office/R&D buildings and one Class A office building. HP has owned and occupied the campus since the first building was constructed in 1970. The information technology company will lease back 79 percent of the campus. CBRE’s Louay Alsadek, Alex Somerville, Hunter Rowe and Brad Black represented HP, while Swift represented itself in this transaction.
GRAND TERRACE, CALIF. — TruAmerica Multifamily and Investcorp have acquired The Highlands, a 556-unit garden-style apartment community near Loma Linda, for $92 million. The community is located at 11750 Mt. Vernon Ave. in Grand Terrace, about 60 miles east of downtown Los Angeles. The Highlands was built in two phases between 1986 and 1988. It features a mix of one- and two-bedroom floor plans, each with a patio or balcony. The new owners plan to upgrade the unit interiors, exteriors and common area amenities. HFF’s Charles Halladay and Mike Gigliotti arranged financing.
LOS ANGELES — Tishman Speyer has purchased a 1.7-acre creative office campus in downtown Los Angeles’ Arts District for an undisclosed sum. The campus is situated along the Los Angeles River at Bay and Sacramento streets. The site features the 38,000-square-foot world headquarters of transportation technology company Hyperloop One. The campus is near the new SoHo House location, just two blocks from Warner Music Group’s new West Coast headquarters at the Ford Factory. The seller was Lion Real Estate Group and the Borman Group.
CONCORD, CALIF. — A joint venture between Long Market Property Partners LLC and Paragon Commercial Group LLC has acquired Shops at Todos Santos, a full city block of retail located in downtown Concord, for an undisclosed price. The 40,000-square-foot property is fully occupied by tenants including Peet’s Coffee, The Old Spaghetti Factory, CREAM Inc., Capriotti’s, Bollinger Nail Salon, Naan ’n’ Curry, Half Price Books and Chevron. Forrest Gherlone, Mike Zylstra, Keith Marr and Zachary LeBeouf of Newmark Cornish & Carey handled the disposition on behalf of the seller, an undisclosed private family.
SAN DIEGO — NAI San Diego has arranged the sale of a retail/office property located at 2176-2180 Chatsworth Blvd. in San Diego’s Ocean Beach/Point Loma neighborhood. Fig Tree LLC acquired the 10,000-square-foot property from Wilson Trust for $2.2 million. Built in 1943, the property is currently occupied by a gym/martial arts studio, an English-style tea shop, an acupuncturist, nail and hair salons, a real estate office and a residential unit on the upper floor. Michael Glickstein of NAI San Diego represented the seller in the transaction.