SAN DIEGO — A 9,595-square-foot office property, located at 7877 Ivanhoe Ave. in San Diego, has traded for $2.1 million. Voit Real Estate Services’ Brian Mulvaney and Jon Boland represented the buyer, Pacific Trust Bank, in the transaction, and Voit’s Pete Beauchamp and Mark Sigler represented the FDIC as receiver for San Diego National Bank.
Western
OCEANSIDE, CALIF. — Construction has begun on R.D. Olson Development’s $25 million Courtyard by Marriott hotel, located at 3501 Seagate Way in Oceanside. The four-story, 82,000-square-foot property will feature 140 guest rooms and suites and include 2,000 square feet of meeting space, a fitness room, and a large outdoor pool and spa. Marriott International will manage the hotel, which represents the company’s newest prototype design, while the Irvine, Calif.-based developer retains ownership. Seattle-based Johnson Braund Design Group is the project architect. The second hotel R.D. Olson will have developed in the market, the Courtyard by Marriott in Oceanside will be completed in fourth quarter 2011.
DENVER — Pinnacle Real Estate Advisors has brokered the $2 million sale of a 20-unit apartment building, located at 1721 Humboldt Street in Denver. Built in 1961 and completely renovated in 2010, the uptown multifamily property consists of eight studio units and 12 one-bedroom/one-bathroom units. Pinnacle Real Estate Advisors’s Jeff Johnson and Matt Ritter represented the seller in the transaction, and Doug Haughey of Coldwell Banker assisted the buyer.
NORTH LAS VEGAS — CORE Construction-Nevada has completed the 88,359-square-foot Ruby Duncan Elementary School, located at 250 W. Rome Street in North Las Vegas, at a cost of nearly $17.9 million. Designed by SH Architecture, the school comprises three single-story buildings — administrative, multipurpose and kindergarten — and a two-story academic building. The structures enclose a secure courtyard for outdoor learning. The Clark County School District contracted with CORE for Duncan Elementary’s construction, which began in mid-July 2009.
MESA, ARIZ. — Colliers International–Greater Phoenix has negotiated the $9.7 million acquisition of the 226-unit Sorrento Apartments, located at 901 South Dobson Road in Mesa. Built in 1983, the 163,308-square-foot Class B multifamily property underwent extensive interior and exterior improvements in 2007, including renovation of more than 90 percent of the units and the clubhouse. Colliers International’s Cindy Cooke, Brad Cooke, Carrie Burton and Nicholas Eggert represented the San Francisco-based buyer, Hamilton Zanze & Co., in the off-market transaction; the Newport Beach, Calif.-based seller, San Ai Dobson LLC, was self-represented. Having recently acquired seven Class B multifamily properties in Tucson, Ariz., Hamilton Zanze retained Fairfield Residential as the property management firm for the 93 percent-occupied Sorrento Apartments.
SAN FRANCISCO — Cassidy Turley BT Commercial’s Scott Mason has represented Tony Leong in his $5.85 million acquisition of a 30,000-square-foot warehouse facility in San Francisco from YRC Inc. The new owner/user operates an electrical company and will be utilizing a portion of the property, which is primarily a cross-dock facility that also consists of nearly 70,000 square feet of yard space.
SALEM, ORE. — Marcus & Millichap has presided over the sale of two industrial buildings totaling 156,000 square feet, located at 4050 and 4060 Fairview Industrial Drive in Salem. Terms of the deal were not disclosed. Marcus & Millichap’s Michael Kapnick and Will Stone represented the buyer and the seller, both limited liability companies, in the transaction.
SAN DIEGO — Cassidy Turley BRE Commercial has brokered the $7.2 million sale of a six-story, 64,581-square-foot downtown office building located at 925 B Street in San Diego. An office condominium developer purchased the former Chicago Title building in 2007 for $13.6 million, and it was sold again in October 2009 at a public auction to the highest bidder for $12 million. Cassidy Turley BRE Commercial’s Tim Winslow, Jason Kimmel and Kelly Strickland represented the seller, Far East National Bank, in the transaction; Jeannine Savory of Prudential California Realty represented the foreclosing-beneficiary buyer, Virginia Herrera Gonzalez.
IRVINE, CALIF. — Voit Real Estate Services has negotiated a $7.7 million lease for a 93,433-square-foot industrial property located at 17622 Von Karman Ave. in Irvine. Voit’s John Griffin represented the landlord, MDD Partners II LP, in the transaction, and Jones Lang LaSalle’s Wade Clark represented the tenant, Latisys-Irvine LLC.
PITTSBURG, CALIF. — Marcus & Millichap has announced the $2.37 million sale of the 15,596-square-foot Leland Regency Plaza, a medical/dental office property located at 300 East Leland Ave. in Pittsburg. Marcus & Millichap's Russ Moroz represented both the buyer and the seller in the transaction.