MORENO VALLEY, CALIF. — Faris Lee Investments has arranged the sale of a Rite Aid property located at 24991 Alessandro Blvd. in Moreno Valley. Karaglanov Trust acquired the asset from P&A Development for $5 million. Built in 1998 and situated on 1.66 acres, the property features 16,730 square feet of retail space. Jeff Conover of Faris Lee represented the seller, while Century 21 Golden Realty represented the buyer in the deal.
CARLSBAD, CALIF. — Matthews Retail Advisors has brokered the sale of a retail property located at 5802 Van Allen Way in Carlsbad. A private family partnership acquired the 3,260-square-foot property from a private seller for $3.6 million. The building is currently leased to 7-Eleven. Aron Cline and Matt Coates of Matthews Retail Advisors represented the seller in the deal.
TAYLORSVILLE, UTAH — S Squared Development, along with financial partner Tri-Gate Capital, has signed several new tenant deals at The Crossroads at Taylorsville in Taylorsville, located off Interstate 25. The property is currently being renovated. A Regal Cinema luxury multiplex is underway and several new restaurants have signed on at the property. Wing Stop plans to open a 2,500-square-foot restaurant in July, and Blaze Pizza is opening a 3,000-square-foot restaurant in September. Additionally, TJ Maxx and Davida Wireless have signed leases at the center, which is located in the Greater Salt Lake City market.
SAN DIEGO — BLT Enterprises has purchased Sorrento Tech II, a 63,333-square-foot office and R&D campus in the San Diego submarket of Sorrento Mesa for $12.6 million. The two-building campus is located at 10140 and 10180 Barnes Canyon Road. The space was renovated in 2014. It is 87 percent leased. Ron Jacobson of Madison Partners represented BLT in the transaction. Sean Fulp and Brunson Howard of NGKF Capital Markets represented the undisclosed seller.
LOS ANGELES — Kids from the Valley XIV has purchased a production and entertainment facility in the Los Angeles submarket of Simi Valley for $11 million. The Class A office complex is located at 101 W. Cochran St. The buyer has formed Anjac Studios West to operate its new facility, which will continue to be used for a wide variety of production-related activities. The office portion of the property was built in 1991 with the studio complex built in 2000. Keller Williams Realty Calabasas represented the buyer. Dennis Slattery and Stacy Vierheilig-Fraser of Charles Dunn Company represented the seller, the Adventist Media Center, in this transaction.
CENTURY CITY, CALIF. — Post Advisory Group has relocated from the Water Garden in Santa Monica, where it has been housed for seven years, to 2049 Century Park E. in Century City, one of the Century Plaza Towers. The financial services firm signed a 10-year lease for the 30th floor of the 1.2-million-square-foot tower. It will occupy 17,707 square feet beginning in December of this year. This represents an expansion for Post Advisory Group. CBRE’s Amanda Calof represented the landlord, JP Morgan. Andy Lustgarten and Mark Sullivan of Savills Studley represented Post Advisory Group.
SAN DIEGO — Jay Crystal LLC has acquired the 13-unit Loma Vista Apartment Homes in the San Diego submarket of Point Loma for $4.4 million. The community is located at 3720 Yonge St. It was built in 1973 and renovated in 2007. CBRE’s Jim Neil, Eric Comer and Merrick Matricardi represented the buyer. The seller, SD Apartments LLC, an affiliate of Birge & Held Asset Management LLC, represented itself in this transaction.
INGLEWOOD, CALIF. — Wireless Watchdogs has purchased a 14,566-square-foot office/flex building in Inglewood for an undisclosed sum. The building is located at 317 S. Isis Ave. It was built in 1985. The wireless expense management firm plans to renovate a portion of the office space to use for its corporate headquarters. Ryan Harding of Newmark Grubb Knight Frank represented the buyer, while the seller, Altemus Co., was self-represented.
SAN FRANCISCO — Blackstone has purchased Market Center, a 753,000-square-foot office project in downtown San Francisco, for an undisclosed sum. The two-building project is located at 555 and 575 Market St. The campus was 93 percent leased at the time of sale. Market Center is home to Uber, TIBCO Software, PNC Bank and Bank of San Francisco. It will soon serve as the Northern California regional headquarters for Equity Office. Equity Office, a wholly owned affiliate of Blackstone Real Estate Partners, will manage the on-site team. Blackstone represented itself in the transaction, while Eastdil Secured represented the seller, John Hancock Real Estate, the U.S. division of Manulife Financial Corporation. CBRE’s Bill Cumbelich, Tom Poggi and Alexis Walsh will handle leasing.
SOLANA BEACH, CALIF. — Newmark Grubb Knight Frank (NGKF) has arranged the sale-leaseback of a three-building school campus located at 1010 Solana Drive in Solana Beach. LePort Real Estate LLC sold the 15,881-square-foot property to an intermediary for Builders Trust for $6.25 million. The property is fully occupied LePort Educational Institute Inc. Nick Carey, Byron Foss, Wade Tift and Brent Bohlken of NGKF represented the seller, while Commercial Asset Group represented the buyer in the transaction.