SAN DIEGO – The California Department of Insurance has signed a 124-month lease for 12,715 square feet of space at the Scripps Ranch Center office complex in Scripps Miramar Ranch. The 47,962-square-foot complex is 73 percent occupied and recently underwent a $650,000-redesign to achieve a LEED-CS Silver certification from the U.S. Green Building Council. CBRE's Bill Bacon and Steve Ferreira represented the California Department of Insurance. The landlord, Pacific Office Properties Trust, was represented by JLL's Tony Russell and Richard Gonor.
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DENVER – ARA has sold the 40-unit Boulevard Gardens in Southwest Denver to an undisclosed buyer for $2,534,000. The transaction was financed through the Neighborhood Stabilization Program 2. The community was completely renovated and remediated in 2009. Boulevard Gardens is now leasing.
PORTLAND, ORE. – Watumull Properties has purchased two buildings totaling 83,414 square feet of office and warehouse/manufacturing space in Portland's Sunset Corridor for $5.3 million. The properties are located at 1050 N.W. 229th Ave. and 6850 N.E. Campus Drive in Hillsboro, Ore. Grubb & Ellis' David Hill, senior vice president of investment services, represented both the buyer and the seller, AMCO Hillsboro LLC. G&E's Bradford Fletcher worked with Hill in representing the seller, as did Chad Rheingold, vice president of Wyse Investment Services Company.
PHOENIX – Alliance Residential Company has sold Level at Sixteenth, a 240-unit, mid-rise infill apartment community, to Cornerstone Real Estate Advisors. The sale was brokered by Hendricks & Partners. Alliance will continue to manage the property.
SAN LEANDRO, CALIF. – LBA Realty has purchased a 23,100-square-foot light industrial and warehouse facility in San Leandro. Located at 2371 Polvorosa Drive, the facility is situated on 4.9 acres and is currently leased to regional trucking company USF Reddaway. Greig Lagomarsino, senior vice president of Colliers' Oakland office, represented both the buyer and the seller, 1950 Associates, doing business as Lowenberg Corporation.
CARSON, CALIF. – Colliers International has negotiated a 10-year lease renewal on behalf of Barton Brands of California for a 91,603-square-foot facility in Carson. The renewal is valued at more than $7 million. Barton was represented by Chuck Littell and Reid Wilbraham, associate vice presidents in Colliers' South Bay office. The landlord, AEW Capital Management, was represented by CBRE's senior vice president Bret Quinlan and executive vice president John Schumacher.
CARLSBAD, CALIF. – The North San Diego County region of Cushman & Wakefield has added 10 professionals. Six of the brokers, including Ron King, David Onosko, Bob Willingham, Joe McDermott, Alex Weiss and John Witherall, specialize in industrial. Amy McNamara specializes in office properties. In addition to these brokers, the office has also hired three individuals to serve as support staff.
PHOENIX – Chrysler Group LLC has signed a 16,212-square-foot lease at Phoenix's Paradise Village Office Park. The automaker is opening a new administrative office at the 268,598-square-foot, Class A building. It plans to occupy the space this October. Jerry Noble, Pat Devine and Greg Mayer of CBRE’s Phoenix office represented the building’s owners, Sterling American Property and Lincoln Property Company, in the six-year lease negotiation. Chrysler was represented by Dev Gupta of UGL Equis Corporation in Phoenix. Financial terms of the lease were not disclosed.
LA QUINTA, CALIF. – The 149-unit Clubhouse apartment community in La Quinta has sold to Aspen Square Management for $19,500,000. It contains 38 one-bedroom and 111 two-bedroom units. The seller, Greystone Clubhouse Associates LLC, was represented by Paul Runkle and Brian Anderson of Hendricks & Partners' Inland Empire office, and Steve Huffman of the firm's San Diego office.
NEWPORT BEACH, CALIF. – Beech Street Capital has hired Greg Reed and Kristen Croxton to open the firm's new Newport Beach office. Reed and Croxton previously worked for Deutsche Bank Berkshire Mortgage where they specialized in fixed- and floating-rate debt on multifamily and commercial assets. The opening of a Newport Beach office is part of Beech Street's nationwide expansion plans.