COMPTON, CALIF. — Partners Capital has purchased a 51,674-square-foot industrial building in Compton for $5.7 million. The fully occupied facility is located at 510 W. Carob St. It was built in 1974. Remington Moses and Trauger Ralston of Lee & Associates LA/Long Beach represented both the buyer and seller, Create & More LLC, in this transaction. The buyer purchased the property as a sale-leaseback.
LAS VEGAS — Las Vegas-based NewMarket Advisors has hired Michelle Bauer as a retail real estate advisor. Bauer’s role will be the representation of national retail tenants and landlords of institutional quality shopping centers. Bauer has more than 20 years of retail real estate experience. Most recently, as state director for Kimco Realty Corp., Bauer led the leasing and management teams for 18 of the company’s shopping centers. Prior to joining Kimco, Bauer was a real estate manager for Dollar Tree stores, where she was responsible for new store development in the Southwest region.
SAN DIEGO — The 100-unit Estancia Apartments in the San Diego submarket of Escondido has sold to Vista International for $16.5 million. The community is located at 725 N. Fig St. Estancia is situated near Interstate 15 and Highway 78. JLL’s Darcy Miramontes and Kip Malo represented the sellers, Fowler Property Acquisitions and PCCP LLC, in this transaction.
ALISO VIEJO, CALIF. — Wilson Journey LLC has acquired Journey Business Park, a 60,648-square-foot R&D facility in Aliso Viejo, for $14 million. The two-building property is located at 6 Journey. It was built in 1999. NGKF’s Gary Allen and Douglas Mathews represented the seller, LL & DM Investments LLC, in this transaction.
WALNUT CREEK, CALIF. — Tallen Capital Partners LLC and Citivest Commercial LLC, alongside an undisclosed equity partner, will redevelop Rossmoor Shopping Center, a 108,000-square-foot retail center located in Walnut Creek. The phased redevelopment will include a refreshed façade, the addition of a drive-thru pharmacy, enhanced landscaping with the addition of new plazas and gathering spaces, new lighting and a public art component. The redevelopment will bring an additional 29,000 square feet of space to the property. Groundbreaking is scheduled to take place in the fourth quarter of 2016 with completion expected in late 2017. Norman Sears of SGPA’s San Francisco office will lead the architectural design team for the project. Recent lease signings for the center include a long-term lease with Safeway, CVS/pharmacy, Better Homes & Gardens and Starbucks Coffee.
CONCORD, CALIF. — Sterling Organization has acquired Olivera Crossing, a 47,571-square-foot shopping center located in Concord, from West Valley Properties for $12 million. The asset, located roughly 30 miles outside of San Francisco, was acquired through the firm’s institutional fund Sterling Value Add Partners II LP. Dan Wald of Cushman & Wakefield represented the seller in the transaction. Planet Fitness anchors the 77 percent occupied center, which was originally built in 1960 and underwent renovations in 2005.
LAGUNA NIGUEL, CALIF. — A joint venture between TruAmerica Multifamily and an affiliate of Berkshire Group has acquired the 142-unit Career Lofts in Laguna Niguel for an undisclosed sum. The community is located at 28100 Cabot Road, along California State Route 73. The JV plans to rebrand the property as Sky at Laguna Niguel. It is only the second institutional-grade multifamily project to be constructed in the submarket in more than 20 years, according to the JV. Steve Fried and Seth Hall of Mesa West Capital assisted with the financing.
LOS ANGELES — Simon Baron Development has acquired the ground lease on the 600-room Stay on Main Hotel in downtown Los Angeles for an undisclosed sum. The hotel is located at 640 S. Main St. Simon Baron plans to institute a capital improvement program and reposition the 170,000-square-foot property into a modern mixed-use facility. This acquisition is the developer’s first foray into the West Coast, and represents the firm’s first project in California. Ben Reznik of Jeffer Mangels Butler & Mitchell LLP represented Simon Baron in the deal. David Swartz of CGS3 represented Simon Baron in the ground lease. 248 Haynes Hotel Associates LLC was the seller. HKS Capital provided financial advisory services to Simon Baron.
DENVER — American Realty Advisors has purchased a 341-unit apartment building in the Union Station submarket of downtown Denver. The purchase price was not disclosed. The property, formerly known as Elan Union Station, will be rebranded as ALARA Union Station. The newly constructed asset is located at 1975 19th St. The property also contains 58,000 square feet of ground-floor retail space and a two-story subterranean parking garage. King Soopers, Wells Fargo, upscale pet food store Kriser’s and the Pig and Sprout, a new restaurant concept by a local restaurateur, lease the retail portion. Jordan Robbins and Jeff Haag of Holliday, Fenoglio and Fowler represented the seller, a joint venture that included Greystar, in this transaction.
ALISO VIEJO, CALIF. — Colliers International has arranged the sale of a single-tenant PetSmart location in Aliso Viejo. An Orange County, Calif.-based private investor acquired the land and building, located at 23511 Aliso Creek Road, for $18.5 million, with a 4.62 percent cap rate. The property is one of the anchor tenants for Aliso Town Center. The seller was a Los Angeles-based developer. Jereme Snyder and Eric Carlton of Colliers brokered the transaction.
