SEAL BEACH, CALIF. — Rexford Industrial Realty has acquired a 170,865-square-foot industrial building in the Orange County submarket of Seal Beach for a reported $21.1 million. The Class A building is located at 1700 Saturn Way in the Pacific Gateway Business Park. It is fully leased to Dendreon Corporation. The biotechnology company invested about $65 million to transform the building into a drug manufacturing facility with extensive HVAC, mechanical, plumbing and electrical system improvements. Dendreon focuses on the discovery, development and commercialization of novel therapeutics that may improve cancer treatment options for patients. Darla Longo, Barbara Emmons, Rebecca Perlmutter, John Schumacher and Brian DeRevere of CBRE’s Capital Markets represented both Rexford and the seller, an institutional owner, in this transaction.
Western
RENTON, WASH. — TruAmerica Multifamily has acquired the 174-unit Montclair Heights apartment complex in Renton for $28.6 million. The community is located at 2223 Benson Road S. It was built in 1990. TruAmerica plans to make improvements to the property. The seller was Braddock & Logan. The transaction was executed by David Mortensen of Turning Point Realty Advisors and Dave Schumacher and Dylan Simon of Colliers International. TruAmerica has purchased nearly $110 million dollars of apartments in the Seattle area in the past five months.
SANTA CRUZ, CALIF. – A 100-room Holiday Inn Express Hotel & Suites in Santa Cruz has sold to a joint venture between Trigild and Blu Hotel Investors for $16.5 million. The hotel is located at 1410 Ocean Street. Trigild will manage the property. The JV also purchased the 121-room Santa Ana Hampton Inn & Suites last year.
DENVER — The Patrician, a 36-unit apartment building in Denver, has sold to a local apartment real estate investment and management company for $6.3 million. The community is located at 1075 Corona Street in the city’s Cheesman Park neighborhood. The seller, the Gruber family, was represented by Justin Hunt and Andy Hellman of ARA Colorado.
ONTARIO, CALIF. – A 115,316-square-foot industrial building in Ontario has received a $4.2-million refinance. The building is located at 4502 E. Airport Drive. It is occupied by the Newark Group. The non-recourse, 10-year loan features a 25-year amortization schedule. It was arranged by Robert R. Hervey of NorthMarq Capital’s Los Angeles office through the firm’s relationship with a correspondent life company.
MESA, ARIZ. — Village Square at Dana Park, an urban lifestyle center in Mesa, has added three new tenants to its roster. Pita Jungle recently opened a new 3,600-square-foot space; Soma Intimates has occupied 2,200 square feet; and Thinique has debuted a new 2,300-square-foot studio at the center. The three leases total more than 8,000 square feet. Village Square is owned by Whitestone REIT.
PHOENIX — Alliance Financial Resources has leased 25,000 square feet at The Offices On High Street in Phoenix. The home loan provider will occupy the second floor of the A5 building. It will relocate about 110 employees from its Deer Valley office. Alliance was represented by CBRE’s Dave Carder. The landlord is a joint venture between ScanlanKemperBard Companies and Wayzata Investment Partners.
SAN FRANCISCO — Equity Residential has broken ground on 340 Fremont, a $160-million residential tower in San Francisco’s South of Market (SOMA) district. The 40-story tower is located just a few blocks from the bay, near Interstate 80 and Market Street. The tower is being built by Suffolk Construction and designed by Handel Architects. It will include a clubhouse, outdoor courtyards and kitchens, a fitness center, lounge, demonstration kitchen, a dog spa and bike facilities with a repair room. The tower is scheduled for completion by the end of next year.
CABAZON, CALIF. — Desert Hills Premium Outlets has opened its 50-store expansion, making it one of the largest centers in the country, according to its owner, Simon Property Group. The outlet center is located on Interstate 10 off of the Malki Road exit on Seminole Drive, next to the Morongo Casino Resort and Spa. The fully leased center now contains 650,000 square feet and 180 stores. The expansion added Alexander McQueen, Bally, Belstaff, CH Carolina Herrera, Fendi, Helmut Lang, John Varvatos, Maje, Max Mara, Rag and Bone, Sandro, Valentino and Wolford to the center. They join notable tenants like Armani, Coach, Elie Tahari, Gucci, Jimmy Choo, Neiman Marcus Last Call, Loro Piana, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Tod's, Versace and Saint Laurent Paris. The property also received some enhancements during the expansion. They included the addition of a 1,100-space parking garage, improved landscaping and wider walkways.
NEWPORT BEACH, CALIF. — Lido Marina Village, a 123,391-square-foot, mixed-use development in Newport Beach has received a $51.4-million loan that will finance its renovation. The village is located at 3400 Via Oporto on Lido Isle. Lido features retail, restaurant and office space throughout 14 separate structures. It includes prime waterfront boutique and dining space with views of the harbor, along with 47 boat docks and common area space. Lido Retail Group, an affiliate of DJM Capital Partners, purchased the property from Vornado Realty Trust in an off-market transaction last year. Bridge financing was arranged by Steve Bram and David Pascale of George Smith Partners.