SAN DIEGO – A 7,500-square-foot retail building in the San Diego submarket of El Cajon has sold to Cindy C. Kasai Separate Property Trust and Pai Ho Wey Separate Property Trust for $2.6 million. The building is located at 1025 Fletcher Parkway within the Wild West Village shopping. It is currently occupied by CoCo’s Bakery & Restaurant, which has 9.5 years remaining on its lease. The buyers were represented by John R. Wertz of Colliers International. The seller, Barsky Family Limited Partnership, was represented by Justin Earley of Capital Real Estate Ventures.
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LOS ANGELES – A 36,000–square-foot Wal-Mart Neighborhood Market has opened at Thousand Oaks Marketplace. The retail center is located on the northeast corner of Ventu Park Road and Highway 101 in the Los Angeles submarket of Thousand Oaks. Wal-Mart Neighborhood Market is designed as a smaller footprint with a pharmacy, health and beauty products, affordable groceries and merchandise. Thousand Oaks Marketplace is owned by NewMark Merrill Companies.
HAYWARD, CALIF. – Questcor has renewed its lease for 30,000 square feet at the Point Eden Business Park in Hayward. It has signed an additional lease for 13,867 square feet at the park. The spaces are located at 3980 Point Eden Way and 26118 Research Road, respectively. The expansion will provide the biopharmaceutical company with office space. Questcor was represented by Todd Severson of Colliers International in Oakland. The landlord was represented by CBRE.
SAN FRANCISCO — Christian Dior has announced it will open a 10,000-square-foot flagship store in San Francisco. The international fashion house will be located on three floors at 185 Post Street in the Union Square shopping district. It is scheduled to open in 2016. Grosvenor Americas purchased the building in 2005. Originally built in 1908, Grosvenor set about to preserve the building’s brick exterior by encapsulating it in layers of translucent and frosted glass. The firm also upgraded all of its building systems, including seismic protection. Grosvenor owns nearby properties at 251 and 180 Post Street, which are leased to notable tenants like Coach, The North Face, Ghurka and Facconable, among others.
LOS ANGELES – A 101,653-square-foot medical office building in Beverly Hills has received $40 million in refinancing. The fully leased building is located at 450 N. Roxbury, near the intersection of Wilshire and Santa Monica boulevards in the Golden Triangle area. The 15-year, fixed-rate loan will be used to refinance the property’s senior debt. Financing for Starpoint Properties was arranged by HFF’s Chris Vittetoe and Paul Brindley through an affiliate of Guggenheim Finance LLC. The loan will be serviced by HFF.
TRACY, CALIF. — Costco Wholesale Corporation has acquired the remaining two buildings at Patterson Pass Business Park in Tracy for an undisclosed sum. The facilities are located at 25850-25928 S. Corporate Court and 17270-17350 Commerce Way, between Hayward and Modesto. The wholesaler acquired the first Patterson building, an 84,000-square-foot warehouse, from Lowenberg Associates this past November. It now owns all three of the business park buildings, which total 265,687 square feet on more than eight acres. Lowenberg had acquired the three-building complex in 2009. This transaction was executed by Michael Goldstein, Gregory O’Leary and Greig Lagomarsino of Colliers.
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.
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.