SAN DIEGO – The Mira Sorrento Business Park, a three-building, 97,472-square-foot industrial/flex property in the San Diego submarket of Sorrento Mesa, has sold to Mira Sorrento Venture LLC for $10,465,200. The complex was fully leased at the time of sale. CBRE’s Paul Lafrenz, Paul Komadina and Nick Psyllos represented the seller, Mirso Properties, L.P., along with Brian Crepeau and Ken Robak of Pacific Coast Commercial.
Western
ESCONDIDO, CALIF. — Cypress Office Properties, LLC has purchased a 78,367-square-foot, Class A office building in Escondido for an undisclosed sum. The three-story property was built in 2008 and is 38 percent leased. This is the third office building that Cypress has purchased in the past 12 months. The transaction is part of the company’s overall investment strategy, which is to acquire quality, value-add assets in San Diego, Orange County, Calif., and Phoenix. CBRE’s Gary Stache, Louay Alsadek, Pat Scruggs, Evan August and Anthony Delorenzo represented both the buyer and the seller in this transaction. Cypress also retained Larry Cambra and Dan Yielding from CBRE to handle the property’s leasing. CBRE’s Property Management group will manage the property.
MONROVIA, CALIF. – The 36-unit Wellesley Court apartment community has sold to 208-210 W Lemon Ave, LLC, for $4,550,000. The complex was built in 1963 and will undergo renovations initiated by the buyer over the next 18 months. The buyer also assumed a five-year, fixed-rate loan with a 6.28 percent interest rate. Peter M. Hauser and Steven C. Brombal of Hendricks & Partners’ Newport Beach, Calif., office represented the seller, Wagon Wheel Village.
LA PUENTE, CALIF. — Rexford Industrial has purchased a two-building, 58,084-square-foot industrial complex in La Puente for $3.6 million. The off-market transaction, which was completed on an all-cash basis for the firm’s Rexford Industrial Fund V REIT, enabled the seller to avoid foreclosure. The complex is currently 70 percent leased. Stephen Shatafian of Lee & Associates represented Rexford in this transaction.
VERNON, CALIF. — An 86,000-square-foot industrial property in Vernon has sold to J&H Textile for $7,740,000. The property was built in 1972 and resides at 2301-2303 E. 55th Street. J&H was represented by Steve Kim of Magic Properties. Thomas A. Condo of Colliers International’s Commerce, Calif., office represented the seller, 55th Street Property LLC.
SAN DIEGO – DivcoWest and Stockbridge Capital Group have formed a joint venture to purchase the Genesee Executive Plaza, a 159,425-square-foot, Class A commercial and medical office complex in San Diego, for an undisclosed sum. Genesee Executive Plaza was built in 1984 and resides within San Diego’s University Town Center submarket. It recently received $1.2 million in capital improvements. The plaza is currently 69 percent leased, and has been approved for an additional 22,500 square feet of medical office space. The property was marketed by Fred B. Cordova, Mark A. McEwen, Tom Mercer, Paul Braun, Chris Ross and Ryan Eddy of Colliers International.
FONTANA, CALIF. — Hispanic grocery store chain Rio Ranch Market has leased a 45,000-square-foot retail space at Southridge Plaza Shopping Center in Fontana. The space was formerly occupied by a Ralphs supermarket. Rio Ranch hopes to open its new store in the second quarter of 2012. The value of its 10-year lease was not disclosed. Argent Retail Advisors’ Terry Bortnick represented both Rio Ranch and the center’s owner, Mabela, LLC, in this transaction.
REDWOOD CITY, CALIF. — Zazzle has tripled its space within the Pacific Shores Center in Redwood City. The quality custom products manufacturer has leased 119,730 square feet of Class A office space at the center. It had been subleasing 36,750 square feet at an adjacent building within the center. The new building, located at 1800 Seaport Blvd., will serve as Zazzle’s headquarters. This space is currently occupied by Dreamworks SKG, which will be expanding and relocating within the center as well. Zazzle was represented by Mark Daschbach and John McKenna of Cornish & Carey Commercial. Pacific Shores’ owner, Starwood Capital Group, was represented by Mike Moran, Ben Paul, Michael Courson and Mike Connor of Cassidy Turley.
KENT VALLEY, WASH. — Kent Warehouse and Labeling has leased 240,000 square feet of warehouse space in the Northwest Corporate Park in Kent Valley. The Northwest Corporate Park consists of 19 buildings totaling 2.76 million square feet. The business park’s landlord, Principal Real Estate Investors, was represented by Matt Wood, Thad Mallory and Tony Miltenberger of Kidder Mathews.
LAS VEGAS – A 48,172-square-foot retail center located at the southeast corner of Desert Inn Road and Pecos-McLeod Drive in Las Vegas has sold to Desert Inn-Pecos Plaza, LLC for $1,825,000. The center is anchored by a Family Dollar store, and is currently 45 percent leased. Nicholas Barber, Jason Brooks and Jeremy Foley of Gatski Commercial represented both the buyer and the seller, 3025 E. Desert Inn Holdings, LLC, in this transaction.