BELLEVUE, WASH. — Cole Real Estate Investments has acquired the 583,179-square-foot City Center Plaza, a Class A office tower in Bellevue, for $310 million. Ninety-six percent leased to Microsoft through 2024, City Center Plaza is situated at the entrance to the Bellevue central business district and adjacent to the Bellevue Transit Center. Eastdil Secured’s Jeffrey Weber, Stephen Van Dusen and Jason Flynn represented the seller, Beacon Capital Partners, in the all-cash transaction; Cole was represented in-house by Kim Kundrak and Boyd Messmann. Constructed in 2008 and home to Microsoft’s Bing division, the office tower is LEED Gold certified.
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APPLE VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors has represented the seller in the $2.275 million sale of the fee-simple ownership in the land leased to Red Robin Restaurant located at 18999 Bear Valley Road in Apple Valley. Through a NNN lease, Red Robin occupies the single-tenant, 5,532-square-foot pad building built in 2009 within the Jess Ranch Marketplace Phase III, a power center featuring Best Buy, Bed Bath & Beyond, Cinemark, 24 Hour Fitness and Jack in the Box. Hanley Investment Group’s Edward Hanley and William Asher represented the seller, Houston, Texas-based WRI Alliance Riley Venture III, in the all-cash transaction, and James Kwon of Coldwell Banker Best Realty represented the Corona, Calif.-based private-investor buyer.
IRVINE, CALIF. — Grubb & Ellis has represented Golden State Foods in its 10-year, 32,000-square-foot office lease extension and expansion at the Von Karman Towers located at 18301 Von Karman Ave. in Irvine. GSF will occupy an additional 6,000 square feet at the Class A office building, which serves as the major foodservice industry supplier’s headquarters. Grubb & Ellis’ Greg May and Chon Kantikovit represented the tenant in the transaction, and Jeff Morgan of CB Richard Ellis represented the property’s landlord, KBS Realty Advisors.
ROCKLIN, CALIF. — Alliance Residential Co. has acquired the 171-unit Montessa at Whitney Ranch, a multifamily community located at 1150 Whitney Ranch Pkwy. in Rocklin. Originally developed as a condominium property but converted to a rental community in 2008, Montessa at Whitney Ranch offers one-, two- and three-bedroom units. To be re-branded under the Broadstone community name, Alliance’s fourth acquisition in California during the past 9 months came about through a short-sale transaction. Alliance will implement a capital-improvement plan at Montessa at Whitney Ranch and will also manage the property.
SAN DIEGO — Cassidy Turley BRE Commercial has closed the $1.1 million sale of a 3,000-square-foot retail building located at 1065 14th Street in the East Village area of San Diego. Cassidy Turley’s Danny Fitzgerald, Michael Burton and Robb Frye represented the seller, Peter Manning, in the transaction, and Tomas Schoff of American Dream Homes represented the buyer and majority tenant, Hive Sushi Lounge.
FLAGSTAFF, ARIZ. — Marcus & Millichap has brokered the $3.836 million sale of a 13,695-square-foot Walgreens located at 1025 S. Milton Road in Flagstaff. The single-tenant, net-leased property is situated on the border of Northern Arizona University. Marcus & Millichap’s Jamie Medress and Mark Ruble represented the seller, a limited-liability company, in the transaction.
SAN JUAN CAPISTRANO, CALIF. — Lee & Associates has completed the $2.52 million sale of a 16,842-square-foot office building at Valle Ranch Business Park in San Juan Capistrano. Completed in 2006 and visible off Interstate 5, the distressed property is situated next to the San Juan Capistrano Unified School District building. Lee & Associates’ Dave Smith and Rob Rader represented both the private-investor buyer, Sheila LLC, and the seller, Pacific Western Bank, in the transaction; Newport Beach, Calif.-based Barnard Ventures acted as asset manager for PWB.
ORANGE, CALIF. — Grubb & Ellis has arranged the $22.2 million sale of a 246,732-square-foot headquarters/distribution building located at 2164 N. Batavia St. in Orange. The building features nearly 36,000 square feet of Class A office space and approximately 210,000 square feet of state-of-the-art warehouse space. Grubb & Ellis’ Jeff Read and Greg Osborne represented PPF Orchard Industrial 2164 Batavia LLC in its sale of the office/warehouse property to Frick Family Properties LLC, which was represented by Cresa Partners’ Brian Bennett. FFP LLC, doing business as Paper Mart, purchased the property for its corporate headquarters and the storage/distribution of packaging-supply products.
SAN DIEGO — Cassidy Turley BRE Commercial has negotiated the $3.8 million sale of an oceanfront multifamily development located at 1984-92 Abbott Street and 5113-19 Saratoga Ave. in the Ocean Beach area of San Diego. The property currently has 16 rental units, and 12 new townhomes are planned. Cassidy Turley’s Tim Winslow, Ray Adams, Jason Kimmel and Kelly Strickland represented both the buyer and the seller — 1984 Abbott LLC and Abbott and Saratoga LLC, respectively — in the all-cash transaction.
SAN DIEGO — The P & J Hennessey Irrevocable Trust has acquired a 4,500-square-foot restaurant building, located at 7811 Herschel Ave. in the La Jolla submarket of San Diego, for $1.375 million. Michael Spilky of Location Matters Restaurant & Retail Brokerage represented both the buyer and the seller, Buonsante Family Trust, in the transaction. For the past 24 years, BFT has operated the Santé Restaurant at the property, which will be completely renovated to house Hennessey’s Tavern’s 11th location and fourth in San Diego County.