UNION CITY, CALIF. — Colliers International has arranged the purchase of an approximately 100,000-square-foot industrial building, located at 33200 Lewis Street in Union City. The fully leased, multi-tenant warehouse property is situated on approximately 6 acres of land in the East Bay / Interstate-880 corridor. Colliers’ Kevin Hatcher and Mark Maguire represented the buyer, KTR Capital Partners, in the off-market transaction, the value of which was not disclosed, and Townsend Commercial represented the seller.
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LOS ANGELES — Grubb & Ellis has brokered the $3.2 million sale of 15 units within the 40-unit Pan American Lofts, located at 253 S. Broadway in downtown Los Angeles. Originally constructed in 1894, the building was converted to condominiums in 2007. Grubb & Ellis’ Richard Plummer, Michael Ross and Andrew Harper represented the seller, Phoenix Realty Group, in the multifamily transaction; the buyer, Pacifica Enterprises, represented itself.
LONG BEACH AND HAWTHORNE, CALIF. — Strategic Storage Trust has acquired two Los Angeles Country self-storage properties, totaling approximately 1,600 units, for a combined $26 million in an all-cash transaction. Built in 1999, the 87,000-square-foot property at 8150 E. Wardlow Road in Long Beach consists of four buildings with approximately 830 units. Built in 2004, the two-building facility located at 12714 S. La Cienega Blvd. in Hawthorne has approximately 770 units. Bancap Self Storage Group’s Dean Keller represented the publicly registered, non-traded REIT in its purchase of the properties, which will be re-branded under the SmartStop Self Storage trade name.
LITTLETON, COLO. — Cushman & Wakefield of Colorado has closed the $1.42 million sale of Dakota Village, a 17,100-square-foot multi-tenant retail building located at 10027 W. Remington in Littleton. Built in 2003 and 59 percent occupied at the time of sale, the Big 5 Sporting Goods-anchored property was sold by a private California-based investment group to Drake Real Estate Services. Cushman & Wakefield’s Gene Pride and Patrick Devereaux assisted in the transaction.
LOS ANGELES — Colliers International has completed the $1.375 million sale of a cold-storage building, located at 18425 Parthenia Place in the Northridge area of Los Angeles, to Jels Parthenia LLC, owner of Ideal Meat & Provisions. Built in 1963, the property offers 11,400 square feet of cold-storage, 1,700 square feet of office and 2,000 square feet of warehouse space. Collier’s Jeff Albee and Jeff Gould represented the seller in the transaction, and Bruce Simpson of Delphi Business Properties represented the buyer.
COSTA MESA, CALIF. — Marcus & Millichap has brokered the approximately $4.13 million acquisition of a 24-unit apartment property, located at 332 Victoria Street in Costa Mesa. The low-density property offers a mix of one-bedroom/one-bathroom and two-bedroom/one-bathroom units. Marcus & Millichap’s Richard Ringer represented a limited-liability company in its purchase of the 20,421-square-foot asset.
SAN PEDRO, CALIF. — Hendricks & Partners has presided over the approximately $3.23 million sale of the 68-unit San Pedro Apartments, located at 123 West 12th Street, 1217 South Beacon Street and 1222 South Palos Verdes Street in San Pedro. Built in the 1950s, San Pedro Apartments consist of six buildings offering 44 one-bedroom/one-bathroom units and 24 efficiency units. Hendricks & Partners’ Brent Sprenkle represented both the buyer, Beacon Harbor View LLC, and the Los Angeles-based seller, CSS Realty Corp., in the semi-distressed transaction. The property was only 25 percent occupied at the time of the sale. Beacon Harbor View LLC plans on renovating it to maximize cash flow.
CARSON, CALIF. — Watson Land Co. has leased a 258,678-square-foot industrial building with 8.4 acres of excess land located within Watson Industrial Center at 771 Watsoncenter Road in the heart of L.A.’s South Bay submarket. The 27-month lease is valued at approximately $6 million. CB Richard Ellis’ Jeffrey Morgan represented the tenant, NYK Logistics, in the transaction; Watson Land Co. was represented in-house by Lance Ryan and Mike Bodlovich.
SAN DIEGO — Cushman & Wakefield has negotiated Kimball, Tirey & St. John’s 10-year, more than $10 million lease for 32,050 square feet of Class A space in Hazard Center Office Tower, a 15-story, 268,645-square-foot property located at 7676 Hazard Center Dr. in San Diego. The full-service legal firm specializing in commercial and residential real estate will move to its new offices in the Mission Valley submarket in April 2011. Cushman & Wakefield’s Dennis Hearst and David Viani represented the lessee in the deal, and Cassidy Turley BRE Commercial’s Frank Wright and Andy LaDow represented the lessor, 7510 Hazard Center LLC. Hazard Center Office Tower was built in 1990.
LOS ANGELES — Charles Dunn Co. has brokered the $6.8 million sale of the Atrium, an 18-unit apartment complex located at 424 S. Holt Ave. in Los Angeles. The brokerage firm’s Hamid Soroudi represented both parties — a private investor buyer and the undisclosed seller — in the transaction involving the 27,713-square-foot multifamily property.