LOS ANGELES – A joint venture between BLVD Partners LLC and Arris Investments has acquired a 25,000-square-foot, mixed-use building in the Los Angeles submarket of Venice Beach for $11.5 million. The two-story building is located on Lincoln Boulevard at Rose Avenue. It is divided between retail and office space, with a 30 percent occupancy rate at the time of closing. The creative office space will be marketed by Industry Partners. The acquisition also included an adjacent 55-stall surface parking lot. CBRE’s Jeff Pion represented both the buyer and seller, a private partnership, in this transaction. Acquisition financing was provided by Latitude Real Estate Investors. Sklar Kirsh attorney Andrew Kirsh also advised the JV on the purchase and acquisition financing.
IRVINE, CALIF. – A 44,800-square-foot industrial property in Irvine has sold to 17392 Daimler LLC for $7.2 million. The building is located at 17392 Daimler Street, near the 55 and 405 freeways. The property includes three ground-level loading doors and a dock-high truck well-located at the rear of the building. The LLC was represented by Doug Killian of VRES. The seller, Burke Daimler LLC, was represented by Alan Pekarcik and Dan Vittone of Avison Young and Sam Olmstead of Voit Real Estate Services.
DENVER – A 21-unit apartment building in Denver has sold to an unnamed buyer for $3.6 million. The community is located at 1410 Poplar Street. It was renovated in 2012 and 2013, when it received condo-level finishes. The buyer and unnamed seller were represented by Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors.
TORRANCE, CALIF. – Occupational Therapy Training Program (OTTP) has signed a five-year lease renewal at Harbor Gateway Garden Office Park in Torrance. The 94,112-square-foot, nine-building office property is located at 19401 S. Vermont. The lease is valued at $1.5 million. The non-profit agency that offers comprehensive life skills training, work readiness training, job placement and support services is a division of Special Service for Groups. OTTP was represented by Chris Runyen of Charles Dunn Company. The landlord, Harbor Gateway, LLC, was represented by Dwight Everest of Sunny Hills–Palladium.
BERKELEY, CALIF. – Meridian Property Company has acquired a 15,915-square-foot medical office building in Berkeley for an undisclosed sum. The building is located at 2920 Telegraph Ave. It was built in 1971 and was vacant at the time of sale. Meridian plans to invest $2.6 million into the building. The company also plans to reduce the building’s footprint to 12,900 square feet. It will use that space to create internal, secure parking behind the ground floor, which will meet the conditional use permit requirement and allow medical use at this location. The renovation is scheduled this fall. The seller was Gambro. Dave McCarty of Lee & Associates of Oakland serves as the building’s exclusive leasing agent.
GILBERT, ARIZ. – Saint Xavier University opened a new recruiting center in Gilbert. The center is located at 119 North Gilbert Road. It will allow the university to attract future students to its new Gilbert campus, which will open this fall. The building is still under construction, though students have begun online classes through the new university outpost.
LOS ANGELES – American Realty Advisors has acquired Shoemaker Distribution Center, a 175,000 square-foot warehouse space in the Los Angeles submarket of Santa Fe Springs, for an undisclosed sum. The space is located at 15050-15066 Shoemaker Ave. It is fully leased to tenants like J.B. Hunt Transport Services, Altaquip LLC, Pacific Diving Academy USA Inc., Spartech Corporation and Sysonic USA. American Realty Advisors represented itself in this acquisition. The seller, an entity controlled by Lincoln Property Company, was represented by CBRE’s Barbara Emmons, Darla Longo, Rebecca Perlmutter and Laird Perkins.
MISSION VIEJO, CALIF. – ValueRock Realty Partners has acquired Mission Viejo Garden Plaza, a 67,000-sqiare-foot office and retail property in the Orange County submarket of Mission Viejo, for $13.3 million. The center is located at the northwest corner of La Paz Road and Marguerite Parkway. The space was built in 1975 and renovated in 2009. Peter D. Beauchamp, Brian Corrigan, and Mark Sigler of Voit Real Estate Services represented both ValueRock and the unnamed seller in this transaction.
LOS ANGELES – Jump LA has renewed its lease for 7,000 square feet of creative office space at Blackwelder in the Los Angeles submarket of Culver City. The space is located at 3123 S La Cienega Blvd. Other tenants at the campus include Hungry Man, Bandito Brothers and Gentlemen Scholar, as well as visual-effects firms like The Mill. The creative editorial boutique firm was represented by Avison Young’s Jeff Vertun. The landlord, a joint venture between Alcion Ventures and Genton Property Group, was represented by Lincoln Property Company.
UPLAND, CALIF. – Alta Medical Center, a 24,212 square foot medical property in Upland, has sold to Elat Properties for $5.5 million. The center is located at 1113 Alta Ave. The center is currently 93 percent leased. About 34 percent of its current leases will expire in the next few years. The space was built in 1989. CBRE’s Bryan Lewitt, John Oien, and Chris Isola represented both the buyer and the seller, Alta Investment Properties LLC, in this transaction.