LAKEWOOD, WASH. – A 136,500-square-foot industrial property in Lakewood has sold to WLA Investments for $9.9 million. The property is located at 10111 South Tacoma Way in the Tacoma submarket. It is referred to as Lakewood 512 Business Park. The park was 93 percent occupied at the time of sale. The seller, SSC Acquisitions, is an entity owned by Public Storage. WLA was represented by Dan Vittone and Alan Pekarcik of Avison Young.
SAN BERNARDINO, CALIF. – Shogun Japanese Restaurant has leased a 7,500 square-foot freestanding restaurant building in San Bernardino. The space is located at 1050 E. Harriman Place. The new restaurant is scheduled to open this summer. It is situated between Costco and Sam’s Club within the Hub shopping center. The family-friendly restaurant is open for lunch and dinner. It offers Japanese entrees and Teppanyaki. Paul Galmarini and Kenia Drugan of Progressive Real Estate Partners represented both the landlord and Shogun in this transaction.
SAN DIEGO — The Richman Group of California has announced its plans to build three new residential/mixed-use projects in Southern California. The new communities will be located in Los Angeles, Orange and San Diego counties. They will contain a total of 326 apartment units for a combined value of $150 million. Richman’s first project is a 95-unit, affordable seniors community at 345 Commonwealth Ave. in Fullerton. The six-story, 130,000-square-foot midrise building will contain 3,200 square feet of retail space, as well as a subterranean parking garage. It is scheduled for completion in spring 2016. The group also plans to break ground on a 132-unit luxury apartment community in Cerritos later this year. The firm most recently received approval for F11, a 99-unit apartment community in San Diego. It will front the north side of F Street, between 11th Avenue and Park Boulevard. F11 will feature 5,644 square feet of street-level commercial space, resident and guest parking spaces, and indoor and outdoor recreational amenities. The U-shaped tower will surround a south-facing courtyard and pool area. Other amenities include exercise facilities and a bowling alley. The Richman Group is partnering with Shearn H. Platt, a subsidiary of the Richman Group Development Corp., …
SAN MATEO, CALIF. — Land & Houses USA Inc. has purchased the 111-unit Mode by Alta apartment community in the Silicon Valley submarket of San Mateo for $73.6 million. The community is located at 2089 Pacific Blvd. Mode by Alta was completed late last year. Apartments have above-standard ceiling heights, patios or balconies, oversized windows and high-end contemporary finishes. Community amenities include a fitness center and yoga studio, a contemporary lounge with a chef’s kitchen and resident business center, and resort-style courtyards with water features, fire pits and an outdoor kitchen. The community is within walking distance of Caltrain. It is also one mile from San Mateo’s downtown district. The developer and seller, Wood Partners, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors.
BEND, ORE. — A joint venture between Tryperion Partners and Vesta Hospitality has acquired the Riverhouse Hotel & Convention Center, a 220-room hotel in Bend, for an undisclosed sum. The full-service hotel is located at 3075 US-97 BUS, along the Deschutes River. The acquisition includes a 53,000-square-foot convention center. The joint venture plans to upgrade the guest rooms and food and beverage outlets. The hotel also has prime access to walking and hiking trails along the river.
OAKLAND, CALIF. — A new food market known as Water Street Market will soon debut at Jack London Square, a mixed-use waterfront development in Oakland. The new market will be developed by Steve Carlin and the Carlin Company, in partnership with Jack London Square Ventures, a joint venture between Ellis Partners and DivcoWest. The market will be located at 55 Harrison Street. Carlin has developed similar projects in the area, including Oxbow Public Market in Napa and the Ferry Building Marketplace in San Francisco. Carlin will serve as master lessor for the 32,000 square feet on the first floor. The second floor will be renovated for additional market-related uses at a later date. The building also contains 110,000 square feet of office space spread among four upper levels. Plank, a food and entertainment venue, opened this past October at Jack London Square, while Steel Rail, a locally owned café, will open this spring. The City of Oakland also recently approved plans for 665 residential units on two parcels near the Market that will help meet the city’s growing demand for urban housing. Jack London Square is Oakland’s only publicly accessible mixed-use waterfront area. It has been a landmark along a …
PORTLAND, ORE. – The 72-unit Connery Place apartment community in Portland has sold to a private investor for $7 million. The community is located at 8110 SE Mill Street in the southeast Montavilla neighborhood. It is 97 percent occupied. The property features a renovated clubhouse and outdoor pool. About 30 percent of the units have been renovated. HFF’s Nick Klein and Tyler Linn represented both the buyer and seller, Cumberland Holdings, in this transaction.
POMONA, CALIF. – Buchanan Street Partners has purchased University Tech Center, a 100,360-square-foot suburban office complex in Pomona, for an undisclosed sum. The building is located at 3179 and 3191 West Temple Ave. Buchanan plans to complete significant improvements to the property over the next year. The building is 91 percent leased, with the County of Los Angeles occupying one of the buildings. Buchanan represented itself, while the seller, Invesco, was represented by CBRE’s Kevin Shannon and Mike Kendall.
LOS ANGELES – A 40,738-square-foot building in the Los Angeles submarket of La Mirada that is leased to 24 Hour Fitness has sold to a local private investor for $13.9 million. The building is located at 13395 Beach Blvd. It is occupied by a 24 Hour Fitness Sport facility. The space was built in 2002. It is the anchor tenant in a shopping center that also contains CVS, Jack in the Box, Max Muscle and Electric Tan. The gym has eight years remaining on its double-net lease. The buyer is expected to hold the asset long term for passive income. It also assumed existing CMBS debt that was in place at the property. The unnamed seller was represented by Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County.
LOS ANGELES – Bellflower Plaza, a 41,720-square-foot neighborhood retail center in the Los Angeles submarket of Bellflower, has sold to local private investment group for $9.2 million. The center is located at 17600 – 17620 Bellflower Blvd. It was built in 1991. Bellflower Plaza is anchored by Jack in the Box and 7-Eleven. This acquisition marks the fifth highest shopping center purchase per square foot in the Mid-Cities submarket since 2009, according to Joe Penich of Sperry Van Ness Rich Investment Real Estate Partners, who represented the buyer. The unnamed seller was represented by Andrew Awaida of Remax Optima.
