IRVINE, CALIF. – Merchsource has purchased a 26,799-square-foot office building inside the Irvine Spectrum for an undisclosed sum. The two-story building is located at 15 Cushing in Irvine. Merchsource was represented by Chip Wright & Gregg Haly of CBRE’s Newport Beach office. The seller, Cushing Properties LLC, was represented by Geoff DeWolf and Steve Economos of 360 Commercial.
Western
RENO, NEV. — The View Apartments, a 308-unit multifamily community in Reno, has sold to RPM Company Management Group for $35 million. The two Class A complexes are located at 1195 and 1850 Selmi Drive. The seller, Fore Property Company, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors. Ken Blomsterberg of affiliated brokerage firm Marcus & Millichap Real Estate Investment Services also advised the seller.
HUNTINGTON BEACH, CALIF. — Edinger Plaza, a 155,000-square-foot retail center in Huntington Beach, has completed its $20-million renovation, which commenced in late 2011. Improvements to the plaza included site, landscaping and exterior upgrades. A few of the center’s buildings were also expanded. They include a vacant 25,000-square-foot building that was expanded to 47,948 square feet to accommodate Dick’s Sporting Goods; another vacant building that was expanded to 34,000 square feet to accommodate Nordstrom Rack; and a Michaels store that was expanded to 25,000 square feet. The center also received a new drive-thru Starbucks. Edinger Plaza is now 94 percent leased. Ken Shishido and Chris Wilson of Wilson Commercial Real Estate serve as the center’s leasing agents, while Coreland Companies oversees the property management. MPA acted as project manager of the plaza’s redevelopment.
ONTARIO, CALIF. – A 2,313-square-foot property in Ontario that is triple-net leased to Taco Bell has sold to a private investor for $2.06 million. It is located at 2544 S. Archibald Ave. Taco Bell recently renewed its long-term corporate lease for another 20 years. Phil Voorhees, John Read, Patrick Toomey and Megan Read of CBRE’s National Retail Investment Group-West represented the seller in this transaction.
IRVINE, CALIF. – Merchsource has purchased a 26,799-square-foot office building inside the Irvine Spectrum for an undisclosed sum. The two-story building is located at 15 Cushing in Irvine. Merchsource was represented by Chip Wright & Gregg Haly of CBRE’s Newport Beach office. The seller, Cushing Properties LLC, was represented by Geoff DeWolf and Steve Economos of 360 Commercial.
LONG BEACH, CALIF. – Sares Regis has purchased 160 acres at Long Beach Airport for an undisclosed sum. The land has the potential to hold about 3.2 million square feet of office, industrial and retail developments. The acreage is located at Douglas Park, a 261-acre property that was owned and master-planned by Boeing Realty Corporation. Sares Regis has already begun to develop Pacific Pointe, which will include seven corporate-headquarters buildings totaling 677,142 square feet on 33.6 acres at the park. CBRE’s Bob Smith, Brian DeRevere and John Schumacher represented both the buyer and the seller in this transaction.
SALT LAKE CITY — Spirit Realty Capital has acquired six Sportsman’s Warehouse properties in a sale-leaseback transaction with the Salt Lake City-based retailer. The transaction was valued at more than $45 million. The stores are located in Midvale, Utah; Thornton and Loveland, Colo.; Phoenix and Mesa, Ariz.; and Ankeny, Iowa. They range in size from 43,725 square feet to 57,055 square feet. Sportsman’s will continue to operate the stores under a 15-year lease agreement. The retailer was represented by Bryce Blanchard of NAI West; Chris Hatch of Mountain West; and Jason Smith of Global Corporate Solutions. Other NAI Realty Network affiliates also participated in this transaction. Spirit Realty Capital was represented by Hope Sherman of NAI Ohio Equities.
LOS ANGELES — Grandbridge Real Estate Capital LLC, a wholly-owned subsidiary of BB&T Corporation, has acquired Dwyer-Curlett & Co. The commercial real estate finance firm currently operates three offices throughout SouthernCalifornia. Its headquarters are located in Los Angeles, with additional offices in San Diego and Newport Beach. Dwyer-Curlett was founded in 1933, and specializes in debt and equity placement with life insurance companies and other institutional sources.
SAN JOSE, CALIF. — Trimble Technology Park, a 234,123-square-foot office campus in San Jose, has sold to Bixby Land Companyfor $29.5 million. The four-building campus is located at 375, 397, 399 and 441 W. Trimble Road, within the city’s Golden Triangle submarket. The property was acquired by Bixby in a venture with Cornerstone Real Estate Advisors, on behalf of one of its institutional clients. The company is planning a $23-million repositioning and rebranding at the campus that will include a 16,000-square-foot office space addition. The renovation is expected to begin in early 2013 and finish by year’s end. Bixby represented itself in this transaction, while the seller, Rockpoint, was represented by CBRE’s Joe Moriarty.
LONG BEACH, CALIF. – Sares Regis has purchased 160 acres at Long Beach Airport for an undisclosed sum. The land has the potential to hold about 3.2 million square feet of office, industrial and retail developments. The acreage is located at Douglas Park, a 261-acre property that was owned and master-planned by Boeing Realty Corporation. Sares Regis has already begun to develop Pacific Pointe, which will include seven corporate-headquarters buildings totaling 677,142 square feet on 33.6 acres at the park. CBRE’s Bob Smith, Brian DeRevere and John Schumacher represented both the buyer and the seller in this transaction.