PITTSBURG, CALIF. – A 30-unit apartment building located at 4116-4196 Loveridge Road in Pittsburg has sold to a limited liability company for $1.81 million. The property was built in 1973. The buyer was represented by Brandon Geraldo of Marcus & Millichap’s San Francisco office. The seller, a bank/financial institution, was represented by Jon Holmquist and Aaron Bove of the firm’s San Diego office.
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IRVINE, CALIF. — Jones Lang LaSalle (JLL) has merged with 360 Commercial Partners, an Orange County-based real estate services firms. The 12 employees of 360 Commercial will join JLL’s Southern California operations, which will bring its Orange County employee base to 143. Jeff Ingham will lead the firm’s office and research and development practice, while Louis Tomaselli will head its Orange County industrial practice. “The merger of Jones Lang LaSalle and 360 Commercial Partners was driven by client demand for broader and deeper services, as well as the anticipated growth of Orange County,” says Peter Belisle, Southwest market director for Jones Lang LaSalle. “This is a mutually beneficial merger for 360 Commercial Partners and Jones Lang LaSalle, as well as for our clients, who will now have access to a broader platform and local market expertise from a firm that is the clear leader in capturing real value from real estate.”
ANAHEIM, CALIF. — An 82,544-square-foot industrial building in Anaheim has sold to BT La Palma for $7.25 million. The company will be relocating its operations from a nearby city in North Orange County. It plans to fully occupy the building, which is located at 4890 E. La Palma Ave. Mitch Zehner and Seth Davenport of Voit Real Estate Services’ Anaheim office represented BT La Palma. The seller, Dunham & Gilliland LLC, was represented by Clyde Stauff of Colliers International.
CARLSBAD, CALIF. — A 41,516-square-foot office building in Carlsbad that is triple-net leased to ViaSat Digital Communications has sold to a private California limited liability company for $14.15 million. The property is located at 2530 Campbell Place. ViaSat signed a 10-year triple-net lease for the building in May 2009. The lease permits five percent rent increases every two years. Alvin Mansour of Marcus & Millichap’s San Diego office represented the seller, a California limited partnership.
TEMPE, ARIZ. — A 35,490-square-foot retail building at Broadway Plaza in Tempe has sold to the Tarazi Family Trust for $2.6 million. The property was built in 1981 on the southwest corner of Broadway Road and McClintock Drive. Cam Stanton and Joseph Miller of CBRE’s Phoenix office represented the seller, Do We Group LLC & BP La Sierra LLC, in this transaction. The duo also structured the sale.
LOS ANGELES – A 4,672-square-foot Chase Bank property in the Los Angeles submarket of Eagle Rock has been redeveloped and subsequently sold to May Lilly LLC for $4.14 million. It is located at 2175 Colorado Ave. The property, which was acquired by Heslin Holdings in 2007, was formerly a Blockbuster Video. Heslin secured a 15-year, triple-net lease with Chase in 2011 before renovating the space to meet the bank’s needs.May Lilly was represented by Steven Schechter of Marcus & Millichap. The seller, Colorado Avenue Land Partners LLC, was represented by Dennis Vaccaro and Nicholas Coo of Faris Lee Investments.
SAN JOSE, CALIF. — A new Walmart Neighborhood Market will soon reside at Evergreen Village Square in San Jose. Walmart will occupy a 40,950-square-foot retail site that has been vacant since 2007. The company has signed a 10-year lease at the center. The landlord, Shapell Properties, was represented by Mike Messinger and Josh Gispan of Meacham/Oppenheimer CORFAC International.
FREMONT, CALIF. – A 2,386-square-foot property that is triple-net leased to Jack in the Box through 2032 has sold to an individual/personal trust for $2,135,000. The Class A building is located at 34701 Ardenwood Blvd. It was originally built in 1992 and renovated in 2010. The buyer was represented by David Ching of Marcus & Millichap’s Oakland office.
SIMI VALLEY, CALIF. — A 21,700-square-foot industrial building in Simi Valley has sold to California Lasers for $2,139,000. The building is located at 2255 Agate Court. California Lasers was represented by Patrick DuRoss, John DeGrinisand Jeff Abraham of Colliers International. The seller, Spar Investment Company, was represented by Grant Harris, John Ochoa and Grant Fulkerson of Lee & Associates-LA North/Ventura.
CHANDLER, ARIZ. – The 272-unit San Ventura apartments in Chandler has sold to Baron Properties and its equity partner RGA for an undisclosed sum. The community is located at 3600 W. Ray Road. San Ventura was built in 1995 and was 97 percent occupied at the time of sale. The seller, ColRich Multifamily, was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office. This group also structured the sale.