IRVINE, CALIF. – A joint venture between Cigna Corporation and Greenlaw Partners has purchased a 226,055-square-foot, Class A office building in Irvine for an undisclosed sum. The 11-story building is located at 18301 Von Karman Ave. in the Airport Area market. It is part of Koll Center Irvine, and is anchored by Golden State Foods. The buyer was CGGL 18301, LLC. The seller, WW VKO Owner, LLC, was a joint venture between Westbrook Partners, Walton Street Capital and Greenlaw Partners. It was represented by Jeffrey Cole and Ed Hernandez from Cushman & Wakefield’s Irvine office. Cole and Hernandez were also involved in another recent Orange County office sale. The duo, along with Rick Ingwers, Brad Rogers, Roger Gage and Michael McMillan, represented Pacific Bell Telephone Company in the sale of a 191,647-square-foot office property in Anaheim. The Class A building was sold to The PRES Companies for an undisclosed sum. Pacific Bell Telephone Company is a wholly owned subsidiary of AT&T, Inc.
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LOS ANGELES – A 36,703-square-foot, Class A office building in Beverly Hills has received $13 million in permanent debt. The building is located at 8201 Beverly Blvd., near Cedars Sinai Medical Center and the Beverly Center. Beverly Quest, LLC purchased the vacant building in October 2012. By the following October, it was fully leased to entertainment media, fashion and medical professionals. The new loan was secured by Quantum Capital Partners, which also secured the initial $11-million loan Beverly Quest used to purchase the building. Beverly Quest is an affiliate of South Park Group.
SAN DIEGO — Spring Valley Auto Center, a 15,255-square-foot retail property in the San Diego submarket of Spring Valley, has sold to LBM Investments for $2.8 million. The center is located at 8730-8750 Jamacha Road. It contains five suites that are fully occupied by auto care providers. Matt LoPiccolo of Marcus & Millichap’s San Diego office represented both the buyer and seller, Winslow Investments Limited Inc., in this transaction.
PALO ALTO, CALIF. — Morgan Stanley Real Estate has paid $65 million for a full leasehold interest in a 75,875-square-foot office building in Palo Alto. The building is located at 1117 South California Ave. within the Stanford Research Park. Its main tenant is Paul Hastings law firm, among others. Morgan Stanley acquired the building for its commingled fund, The Prime Property Fund. This is the fund’s first Palo Alto investment. Northern California is one of seven markets preferred by the fund. Additional markets include Southern California, Chicago, South Florida, New York, Boston and Washington, D.C. About 9 percent of the fund’s portfolio is based in Northern California. This includes a mix of office and industrial properties throughout San Francisco, Santa Clara, San Jose, Hayward and Stockton. The fund’s counsel was provided by Doug Praw and Lewis Feldman of Goodwin Procter LLP.
SACRAMENTO, SAN JOSE, CALIF. — Ridge Capital Investors, LLC, has acquired a Sacramento apartment complex and a San Jose office building for a total of $31.8 million. The firm purchased the 105-unit Lesarra Apartments in the Sacramento suburb of El Dorado Hills for $22.8 million. The community is located at 2230 Valley View Parkway near El Dorado Hills Town Center. Ridge Capital partnered with an affiliate of Andell, Inc. on this transaction. This is Ridge Capital’s fifth apartment investment in the past 18 months, and its first in Sacramento. Both the buyer and the unnamed seller were represented by Jason Parr of Cushman & Wakefield’s San Francisco office. Ridge Capital also recently acquired the 109,200-square-foot Balentine Park in Silicon Valley for $9 million. It is located at 39889 Balentine Drive, just off Interstate 880. The property was 70 percent occupied at the time of foreclosure. It will undergo extensive renovations this year. Ridge Capital partnered with Contrarian Capital Management, LLC on this trustee sale. This is Ridge Capital’s third Silicon Valley office investment in the past 18 months.
SACRAMENTO, CALIF. – A family trust has purchased the 197-unit Parkwood apartment building in the Sacramento suburb of Carmichael for $14.2 million. The community is located at 6930 Fair Oaks Blvd., across from Carmichael Park. It was built in two phases that commenced in 1973 and 1985. Eric Price of Marcus & Millichap’s Sacramento office represented both the buyer and the seller, another family trust, in this transaction.
LOS ANGELES — Knollwood Plaza, a 23,922-square-foot shopping center in the Los Angeles submarket of Granada Hills, has sold to a private Los Angeles investor for $10.5 million. The center is located at 11846-11862 Balboa Blvd. It is fully occupied by tenants like Starbucks, Curves, Pacific Dental, State Farm Insurance, The UPS Store and a Bank of America ATM. The buyer was represented by Alex Needleman of Rosano Partners. The seller, Knollwood Balboa L.P., was represented by Edward B. Hanley and William B. Asher of Hanley Investment Group.
SCOTTSDALE, ARIZ. — Sierra Crossings, a 17,955-square-foot retail property in Scottsdale, has sold to a limited liability company for $5.5 million. The center is located at 11300 East Via Linda Road. It contains one single-tenant retail building that is occupied by Tutor Time and one multi-tenant retail building that includes four other tenants. The buyer was represented by Doug Fielding of Marcus & Millichap’s Phoenix office. The seller, another LLC, was represented by Mark Ruble and Jamie Medress of the same office.
CERRITOS, CALIF. — Big 5 Plaza, a 15,568-square-foot retail center in Cerritos, has sold to a private Vernon investor for $4.6 million. The plaza is located at 11310-11360 183rd Street. It is anchored by Big 5 Sporting Goods. The fully leased center is also home to Subway, Castlehead Escrow and Providence Speech and Hearing. Edward B. Hanley and Jeremy McChesney of Hanley Investment Group represented both the buyer and seller, a private Los Angeles investor, in this transaction.
YORBA LINDA, CALIF. – A 46,449-square-foot property in Yorba Linda that is net leased to Best Buy has sold to a Midwest-based corporation for $6.6 million. The retail building is located at 23000 Savi Ranch Parkway near Costco, Kohl’s, HomeDepot, Target and Dick’s Sporting Goods. Best Buy has four years remaining on its current lease, with three, five-year renewal options. The seller, a high-net-worth individual from the Midwest, was represented by Randy Blankstein and Jimmy Goodman of The Boulder Group.