SAN DIEGO — Cushman & Wakefield has brokered the $38.3 million purchase of the 110,000-square-foot Bernardo Terrace, a Class A, four-story office building located at 11111 Rancho Bernardo Rd. in the Rancho Bernardo submarket of San Diego. Designed by BPA Architecture Planning Interiors, the 27-acre campus was completed by Granum Partners in 2008. Cushman & Wakefield’s Steve Rosetta, Mike Macie, Alex Perry and Darren Morgan represented the buyer, Palomar Community College District, in the transaction, and Jones Lang LaSalle’s Jay Alexander and Lynn LaChapelle represented the seller, NMSBPCSLDHB.
Western
ONTARIO, CALIF. — CB Richard Ellis has arranged the $10.7 million user sale of a 264,717-square-foot industrial building located at 1251 S. Rockefeller Avenue in Ontario. CBRE’s Walt Chenoweth, Frank Geraci, Juan Gutierrez, Patrick Wood and Will Golden represented the seller, Arrow Electronics, in the transaction. The buyer, Cels Enterprises, will expand from its current 120,000-square-foot building, also in Ontario. The shoe-sales company took advantage of SBA financing that qualified it for extra loan value based on energy-efficiency upgrades at Cels’ previous building.
SEATTLE — McQuaid Commercial Real Estate has closed the $2.3 million sale of the 22-unit Arbor Heights Apartments located at 625 N. 130th Street in Seattle. Michael McQuaid represented the seller, a local limited-liability company; Greg Deer, the buyer, bought Arbor Heights as the up-leg of a 1031 exchange.
NAPA VALLEY, CALIF. — PKF Capital has arranged the sale of Silverado Resort and Spa in Napa Valley to a group led by golfing legend Johnny Miller. Opened a half century ago, the Silverado Resort offers more than 400 rentable condominium units, 36 holes of golf, 16 tennis courts, 41,000 square feet of meeting and event space, and a 16,000-square-foot spa. Former Sega Corp. chairman Isao Okawa bought the 300-acre Silverado in 1989. A Colliers International PKF Capital team led by Bob Eaton negotiated the sale of behalf of the family of the late Okawa.
EL SEGUNDO, CALIF. — LA Realty Partners has negotiated a new, approximately $7.3 million lease for 24,166 square feet of office space in suite 200 at 1500 Rosecrans Avenue in El Segundo. LA Realty Partners represented the tenant, Pancreatic Cancer Action Network, in the 10-year deal, and the landlord, Continental Development Corp., represented itself. The El Segundo office is PCAN’s national headquarters.
OAKLAND, CALIF. — CB Richard Ellis Investors has purchased a 1.6 million-square-foot office portfolio located within Oakland City Center. Ninety-one percent leased at the time of sale, the five-building portfolio in the heart of Oakland’s central business district consists of 1111 Broadway, 555 12th Street, 1300 Clay Street, 505 14th Street and City Square. The purchase, which included City Center Garage, was made on behalf of the CBRE Strategic Partners U.S. Value 5 fund, a commingled private equity real estate fund raised from institutional investors in the United States, Europe and the Middle East.
MISSION VIEJO, CALIF. — Representing both parties, Grubb & Ellis has handled the $22 million sale of the 220,000-square-foot Kaleidoscope Retail Center located at 27741 Crown Valley Pkwy. in Mission Viejo. Westport Capital Partners LLC purchased the three-story lifestyle and entertainment center from C-III Asset Management LLC, the special servicer of the property formerly known as Centerline, in an all-cash transaction. Grubb & Ellis’ Dixie Walker represented both sides in the Kaleidoscope deal. Constructed in 2000, the property is 62 percent leased to tenants such as Regal Cinemas, Buffalo Wild Wings, Islands Restaurant, Riptide Restaurant, The Derby Restaurant and Piano Bar, and Laser Quest.
NORTH LAS VEGAS, NEV. — Marcus & Millichap has negotiated the $9.5 million sale of 157 units at Palmilla, a townhome property located at 5850 Palmilla Street in North Las Vegas. Developed in 2006-2007, the 244,000-square-foot multifamily property sits adjacent to the master-planned community of Aliante. Marcus & Millichap's Michael LaBar and Evan Griffith represented the seller, a receiver for a large financial institution, of the 90 percent-leased property. The sale represents 157 out of Palmilla’s 300 total units.
FRESNO, CALIF. — Colliers International has negotiated the $22.325 million sale of the 418-unit Torrey Ridge apartment community located at 222 South Clovis Ave. in Fresno. Constructed between 1971 and 1979, the Class B+, low-density property underwent major renovations from 2005 to 2007 at a cost of $6.6 million. Torrey Ridge’s amenities include four swimming pools, a fitness center, four tennis courts, three playgrounds and a 14-acre wooded greenbelt. Colliers’ Cindy Cooke, Brad Cooke and Ernest Rice represented the undisclosed seller in the transaction.
ALAMEDA, CALIF. — Grubb & Ellis has negotiated the $10.6 million sale of the 62,000-square-foot Bay View Plaza, a two-story office building located at 1600 Harbor Bay Parkway within the Harbor Bay Business Park in Alameda. Anchored by OtisMed, the property was approximately 93 percent leased at the time of the sale. Grubb & Ellis’ Steve Golubchik, Christopher Johnke, Cale Miller, Edward Suharski and Seth McKinnon represented the seller, Ellis Partners, in the transaction; the buyer, Worthington Investments, represented itself.