SAN MARCOS, CALIF. — The Golden Door Spa, a 41-room luxury spa resort in San Marcos, has sold to an unnamed buyer for $24.8 million. The acquisition also includes ownership of The Golden Door brand, as well as any future resort expansion opportunities. The seller was represented by Dan Peek, Bill Stadler, Scott Hall and Alexandra Lalos.
Western
BURBANK, CALIF. – A joint venture partnership that includes KBS Strategic Opportunity REIT has purchased The Burbank Collection, a 39,428-square-foot retail property in Burbank. The purchase price was not disclosed. The Burbank Collection was built in 2008 and features 12 retail units. Notable tenants include Pinkberry, Barney’s Beanery, Verizon and Panera Bread.
CORONA, CALIF. – The 312-unit Parcwood Apartment Homes in Corona has sold to Western National Group for $42.2 million. The community is located at 1700 Via Pacifica. The seller, Essex Property Trust, was represented by Joe Leon and Javier Rivera of Jones Lang LaSalle’s Capital Markets.
PALM SPRINGS, CALIF. — A 51,572-square-foot portion of the Washington Square retail center in Bermuda Dunes, a submarket of Palm Springs, has sold to 42 Washington Square LP for $9.5 million. The sold portion of the 136,314-square-foot center is located at 42-100, 42-200 and 42-400 Washington Street. It was 97 percent occupied at the time of sale. A 30,000-square-foot HomeGoods store was part of the transaction. Dennis Vaccaro of Faris Lee Investments represented both the buyer and the seller, Washington Square S.C., LLC, in this transaction. Matt Mousavi, also of Faris Lee, assisted Vaccaro with the buyer.
FULLERTON, CALIF. — B/E Aerospace has signed a 10-year lease for a 91,116-square-foot building in Fullerton. The expansion lease is valued at $5.1 million. The facility is located at 1400 S. Manhattan Ave. The new space will allow the company to build 20,000 square feet of new office and engineering space. B/E Aerospace was represented by Jeff Bethel of Lee & Associates’ City of Industry office. The landlord, 1400 Manhattan Properties, LLC, was represented by Clyde Stauff of Colliers.
CORONA, CALIF. – The 312-unit Parcwood Apartment Homes in Corona has sold to Western National Group for $42.2 million. The community is located at 1700 Via Pacifica. The seller, Essex Property Trust, was represented by Joe Leon and Javier Rivera of Jones Lang LaSalle’s Capital Markets.
PALM SPRINGS, CALIF. — A 51,572-square-foot portion of the Washington Square retail center in Bermuda Dunes, a submarket of Palm Springs, has sold to 42 Washington Square LP for $9.5 million. The sold portion of the 136,314-square-foot center is located at 42-100, 42-200 and 42-400 Washington Street. It was 97 percent occupied at the time of sale. A 30,000-square-foot HomeGoods store was part of the transaction. Dennis Vaccaro of Faris Lee Investments represented both the buyer and the seller, Washington Square S.C., LLC, in this transaction. Matt Mousavi, also of Faris Lee, assisted Vaccaro with the buyer.
FULLERTON, CALIF. — B/E Aerospace has signed a 10-year lease for a 91,116-square-foot building in Fullerton. The expansion lease is valued at $5.1 million. The facility is located at 1400 S. Manhattan Ave. The new space will allow the company to build 20,000 square feet of new office and engineering space. B/E Aerospace was represented by Jeff Bethel of Lee & Associates’ City of Industry office. The landlord, 1400 Manhattan Properties, LLC, was represented by Clyde Stauff of Colliers.
LOS ANGELES — Kilroy Realty Corporation has completed its disposition of the firm’s entire industrial portfolio and two small office projects. In total, Kilroy shed 3.7 million square feet as part of its capital recycling strategy. All of the assets were located in California, with the majority residing in the Orange Countyregions of Anaheim, Brea, Costa Mesa, Garden Grove, Santa Ana, Tustin and Irvine.The dispositionnetted about $355 million. The firm plans to use these funds to expand its West Coast office development program. The 44 properties were sold in two tranches to two institutional buyers, TIAA-CREF and LBA REIT. The buyers were represented by David Phelps of Paul Hasting's Los Angeles office, and Andrew Shiner and Tim Farahnik of Seyfarth Shaw's Los Angeles office, respectively. Kilroy was advised by Allen Matkins’ Tony Natsis, Peter Roth, Crystal Lofing and Elizabeth Wilgenburg.
TRUCKEE, CALIF. — Kennedy Wilson has purchased The Ritz-Carlton, Lake Tahoe, a 170-room luxury resort in Truckee. The purchase price was not disclosed. The resort is located mid-mountain at Northstar California. The acquisition included 23 unsold condominium units and a neighboring 3.4-acre development site. The resort also features a 17,000-square-foot Ritz-Carlton Spa, 15,000 square feet of indoor meeting space, two heated outdoor pools, a fitness center and a business center, in addition to three restaurants.The seller, Truckee Highlands Syndicated Holdings, LLC, was represented by HFF’s Dan Peek, Holden Lim, Michael Leggett, Gerry Rohm, Max Comess and Cyrus Vazifdar.