HOLLYWOOD, CALIF. — Champion Real Estate Company has purchased a 1.14-acre commercial parking lot in Hollywood where it plans to develop a mixed-use project. The firm will continue to operate the parking lot, located at 1717 Cherokee and 1718 Las Palmas, until construction commences. This is Champion’s second Hollywood acquisition within a year. It also recently purchased a $20-million, 2.76-acre redevelopment site for another mixed-use development.
Western
HILLSBORO, ORE. – A 12,000-square-foot retail building in Hillsboro's Tanasbourne area has sold to an unnamed buyer for $4.5 million. The building is currently fully leased to two medical tenants, including Aspen Dental and Concentra Health. Both recently signed 10-year leases at the property after the building was retrofitted. Chris Johnson, MaryKay West, Denis O'Neill and J.J. Unger of NAI NBS represented the seller, Quattro Hillsboro LLC, in this transaction.
DENVER, TEMPE, ARIZ. — Morrison Street Capital has recently closed three transactions in the Denver and Tempe areas for a total of $5,661,000 in invested equity for Morrison Street Fund IV and Morrison Street Debt Fund II. The investments included $2,661,000 of preferred equity for the 312-unit Greenwood Point Apartments in Englewood, Colo.; $1.4 million for the 230-unit Peachtree Apartments in the Denver metro area; and $1.6 million in the 172-unit The Park in Tempe. Morrison Street utilized the preferred equity investment to finance the Colorado acquisitions and to recapitalize the Tempe property.
SANTA CRUZ, CALIF. — Forever 21 will occupy the 22,508-square-foot space in downtown Santa Cruz that was previously home to Borders bookstore. The fashion retailer will move into the building in August after the remodeling has been completed. Stuart Zall of the Zall Company and Neal Berkowitz of Newmark Knight Frank represented the landlord, Redtree Properties, L.P., in this transaction.
LOS ANGELES – NRI, the Canada-based third-party logistics firm, has ventured into Southern California. NRI USA, a strategic partnership between Canada’s NRI Distribution Inc. and Westlife Distribution, has leased 64,000 square feet at 13200 S. Broadway Ave. in Los Angeles. NRI USA was represented by Cushman & Wakefield’s Los Angeles South team of Rusty Smith, Steve Bohannon and Rooney Daschbach. Prologis, the building’s landlord, was represented in-house in this transaction.
SAN DIEGO – A 27-unit apartment building, located at 5460-5468 Imperial Ave. in San Diego, has sold to a limited liability company for $1,856,000. The property was built in 1984 and consists of five two-story buildings. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyer and the seller, a bank/financial institution, in this transaction.
SAN DIEGO – VivanTech has signed a 60-month lease for 10,100 square feet at Plaza 2020 in San Diego. The lease is valued at $1.4 million. The new space is located at 2020 Camino Del Rio North. VivanTech was represented by Scot Ginsburg and Damon Melda of Jones Lang LaSalle. The landlord, TA Associates Realty, was represented by Tony Russell and Richard Gonor, also of JLL.
CAMARILLO, CALIF. – A 32,110-square-foot industrial property in Camarillo has sold to Neff, Inc. for $3,204,201. The property is located in a master-planned business park. It includes a two-story office space. The seller, DeRado Trust, was represented by Timothy P. Foutz of NAI Capital’s Encino, Calif., office.
SANDY, UTAH — Pedersen Worldwide, parent company of Del Sol and Cariloha, has renewed its lease for its global headquarters in Sandy. The Del Sol and Cariloha retail brands will continue to be housed at the facility. Pedersen also signed a lease for its new worldwide distribution center at Freeport West’s Landmark Industrial Park in Salt Lake City. The company will occupy the new distribution center in the third quarter of 2012. NAI Global Corporate Solutions’ Jason Smith and Erik Simper acted as Pedersen’s corporate real estate partner. Smith and Simper, along with NAI’s Luke Burbank, also represented Pedersen in the warehouse transaction. Freeport West was represented by Brad Ross and Mark Dewald. The landlord, the Boyer Company, was represented by Spencer Summerhays and Jake Boyer.
RANCHO CUCAMONGA, CALIF. — The 98,176-square-foot Kindred Hospital Rancho and a medical office building in Rancho Cucamonga have sold for an undisclosed sum. The property was built in 1996 and is located at 10841 White Oak Ave. The long-term acute care hospital building contains 55 beds and an attached, three-story medical office building. Colliers’ John Wadsworth, Tom Lagos and El Warner represented the seller, Pacific Health Realty, LLC, in this transaction.