NORTH HOLLYWOOD, CALIF. — Hendricks & Partners has sold the 48-unit NoHo Morrison Lofts in North Hollywood to an unnamed buyer for $8.85 million. It was purchased at a sub-5-percent cap rate with upside in the rents. The seller, Province Group, INC/Legacy Homes at Palisades, LLC, was represented by Hendricks & Partners' Melinda Russell.
Western
SCOTTSDALE, ARIZ. — MIG Real Estate has purchased Scottsdale Centre, a Class A office property that contains five two-story buildings and 164,300 square feet of space. Though terms of the sale were not disclosed, the previous owner had recently completed a $5.1-million property renovation. Jones Lang LaSalle's Don Mudd and John Bonnell represented the seller in the transaction. MIG Real Estate represented itself.
ALISO VIEJO, CALIF. — GPS and location-based software developer Telogis is relocating its world headquarters to 20 Enterprise Drive inside Aliso Viejo's Summit Office Campus. Telogis is relocating from 85 Enterprise Drive, which is also in the Summit Office Campus. The move, which will provide Telogis with 26,000 square feet of first generation space, should be complete this November. The firm was represented by UGL Services' vice president Drew Netherton, senior vice president Justin Hodgdon and senior associate Chris Houston, who are all out of UGL's Orange County office. Jake Stickel, first vice president in the Newport Beach office of CB Richard Ellis, represented Summit Office Campus' ownership group, Parker Properties.
SCOTTSDALE, ARIZ. – Concord Eastridge has purchased a 2.89-acre lot in Downtown Phoenix, where the firm plans to develop multi-unit residential properties along with retail and restaurant spaces. The firm hopes these 300 or so units will supply more student and workforce housing to the downtown area. Concord paid $3.1 million to ML Manager for the lot. Construction on the new mixed-use center is scheduled to begin in the first quarter of 2012, with an anticipated completion date of July 2013. Construction costs are estimated at $38 million.
IRVINE, CALIF. – Mitsuwa Marketplace, the nation’s largest Japanese supermarket, has leased 13,853 square feet at Heritage Plaza in Irvine. The supermarket's addition to the plaza is part of a $10-million renovation underway at the 233,000-square-foot neighborhood center. The renovation is scheduled for completion in November. Mitsuwa Marketplace is a California-based retailer that also has six other locations throughout the state. The Irvine outpost is set to open in the fourth quarter of 2011. The retailer was represented by Carl Swanberg of Highland Partners. Heritage Plaza is owned and operated by Regency Partners.
PHOENIX – BH Properties has purchased two notes secured by apartment buildings in the Mesa, Ariz., and Phoenix markets. The loan purchase closed on an all-cash basis within a short time frame. The agreement doesn't feature any contingencies. BH Properties intends to continue expanding its Arizona platform throughout 2011.
SAN DIEGO – Cassidy Turley BRE Commercial has sold a 40,000-square-foot land parcel on the corner of 11th and Broadway in Downtown San Diego's East Village for $5.5 million. The firm's Tim Winslow, Jason Kimmel and Kevin Nolen represented the seller, Dickinson Financial. Anson Realty's Grace Kwok represented the buyer, Pinnacle International Lands, LLC.
SAN JOSE, CALIF. – Harvest Properties and its partner, Stockbridge Real Estate, have purchased Central Park Plaza in Silicon Valley for an undisclosed sum. The recently renovated campus includes six, two-story Class A office buildings that total 300,954 square feet. HFF's Michael Leggett, Gerry Rohm, David Karol and Steve Golubchik participated in this transaction. Harvest Properties, which has managed Central Park Plaza since 2006, will continue to manage the property.
SANTA CLARITA, CALIF. – A Wickes Furniture building in Santa Clarita has been successfully converted into an Ashley Furniture HomeStore. Inland Empire-based Hodgdon Group negotiated the $3.7-million acquisition of this 41,850-square-foot building for Ashley Furniture. The seller, C-III Loan Asset Management, was represented by Lee & Associates' Matthew Sullivan. Hodgdon-Miank Construction acted as the design-build contractor and carried out the renovation for the new Ashley Furniture. The new store is located within the 650,000-square-foot Centre Pointe Marketplace.
OAKLAND, CALIF. – The 98,600-square-foot Broadway-Webster Medical Plaza in Oakland was acquired by Investcorp Real Estate for about $30 million. The building was sold by affiliates of ScanlanKemperBard, which will retain an ownership interest. It will also continue to manage and operate the facility. As part of the agreement, the new venture will make significant upgrades to the facility over the next 12 months, including seismic retrofitting and fire-life safety improvements. Broadway-Webster Medical Plaza currently has 46 tenants. It has maintained an average occupancy of 90 percent for the past 10 years.