NOVATO, CALIF. — Marcus & Millichap has brokered the more than $16.05 million sale of the 88-unit Oak Grove Apartments located at 100-145 Cielo Lane in Novato. Built in 1998, Oak Grove Apartments consists of eight three-story residential buildings, seven enclosed garage buildings and a freestanding fitness center. The unit mix comprises 55 two-bedroom/two-bath apartments and 33 one-bedroom/one-bath units. Marcus & Millichap’s Brad Pennington represented both the seller, a local family partnership, and the buyer, a San Diego-based owner/operator.
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SAN FRANCISCO — Cassidy Turley BT Commercial has represented Euphoria Hospitality Inc. in its $4.9 million acquisition of a 19,543-square-foot hotel in San Francisco from Pacific Equities West. Located at 835 Hyde Street, the nearly 100-year-old, five-story property is commonly known as The Nob Hill Hotel. Eric Gunderson in Cassidy Turley BT Commercial’s Hospitality Group represented the buyer in the transaction.
PORT ORCHARD, WASH. — Marcus & Millichap has managed the $4.8 million purchase of the 96-unit East Hill Apartments located at 1702 Harrison Avenue Southeast in Port Orchard. The brokerage firm’s Larry Corkins represented the buyer, a partnership, in the acquisition of the multifamily property, which was built in 1977.
RANCHO CUCAMONGA, CALIF. — Dedeaux Properties LLC has leased a 135,000-square-foot industrial property, located at 9000 Rochester Ave. in Rancho Cucamonga, to Hollywood Ribbon Industries. Commencing this month, the $2.2 million lease covers a 5-year term. Binswanger/Realty Advisory Group’s Brett Dedeaux, Rustin Mork and Anthony Dedeaux represented both the Los Angeles-based landlord and the lessee in the transaction.
SAN DIEGO — Veralliance Properties has begun a $22.7 million renovation of the 53,326-square-foot Soledad office and R&D facility, located at 6455 and 6465 Nancy Ridge Dr. in the Sorrento Mesa area of San Diego. When the renovation is complete in July, Soledad will be LEED certified. Cibus Global, a San Diego-based biotechnology firm, has already made a pre-lease commitment for 50 percent of the two-building project, formerly known as Westridge Business Park. Veralliance acquired the property in February 2006.
COSTA MESA, CALIF. — DAUM Commercial Real Estate Services has represented AJAN Properties LP in the more than $6.3 million purchase of a 41,655-square-foot industrial building located at 320 Kalmus Drive in Costa Mesa. DAUM’s Mike Barreiro and Gavin Denniston represented the buyer in the transaction, and Lee & Associates represented the seller.
CHINO HILLS, CALIF. — The Shoppes at Chino Hills, a 380,000-square-foot, open-air lifestyle center located on 25 acres at Grand Avenue and Peyton Drive in the western Inland Empire city, has been acquired by Chino Hills Mall LLC. Designed by retail architectural firm Altoon + Porter, the center was completed in May 2008 at a cost of more than $130 million. Managed by PM Realty Group and marketed by CB Richard Ellis, The Shoppes at Chino Hills features more than 60 tenants, including the first H&M in San Bernardino County, Banana Republic, Victoria’s Secret, Trader Joe’s, P.F. Chang’s China Bistro, Chipotle Mexican Grill, California Pizza Kitchen, Barnes & Noble and Bath & Body Works.
SAN FRANCISCO — Grubb & Ellis has brokered the $4.1 million sale of The Clarke Building, a 12,000-square-foot office building located at 1686 Union St. in San Francisco. The freestanding property is approximately 94 percent leased to multiple tenants, including Wine Spectator Magazine, Mudpie and The Pad Studios. Grubb & Ellis’ Jeffrey Moeller and Peter Conte represented the Clarke Family Trust in its sale of the office building to Worldco Company LLC, which represented itself in the transaction.
OAKLAND, CALIF. — Cassidy Turley BT Commercial Oakland has brokered Amerco Real Estate Co.’s $10 million purchase of a 511,583-square-foot industrial property, located at 851 81st Ave. in Oakland, from Fowler Property Acquisitions. Occupying a 16,000-square-foot portion of what is known as the Sunshine Biscuits Business Complex, Amerco will manage and operate the mini-storage and live-work components of the multi-tenant facility, as well as add a truck rental to the site. Cassidy Turley’s Brian Collins represented the buyer in the transaction.
HAYWARD, CALIF. — Colliers International has presided over the purchase of an approximately 33,000-square-foot warehouse located within Hayward Bridge Business Park at 25803 Clawiter Road in Hayward. Colliers’ Kevin Hatcher, Greig Lagomarsino and Mark Maguire represented both the buyer, New Asia Food Inc., and the seller, SPI Holdings, in the transaction, the terms of which were not disclosed. Built in 1973, the concrete, tilt-up building is located adjacent to the buyer’s existing facility and will serve as the trading company’s headquarters/distribution center.