CULVER CITY, CALIF — Punch Studio has acquired a 41,000-square-foot office building, located at 6025 Slauson Ave. within Playa Corporate Center in Culver City, for $10.8 million. The Klabin Company’s Ron Rader and Doug Marshall represented the buyer in the transaction, and CB Richard Ellis’ Stan Gerlach, Jeff Pion, Bryan Dunne and Michelle Esquivel-Hart represented the undisclosed sellers. Punch Studio, a manufacturer of gift and stationery items, plans to connect the two-story office building to the company’s existing office and warehouse facility next door with the addition of a new wing, which will increase the total property to approximately 140,000 square feet when completed in late 2011.
Western
PORTLAND, ORE. — Grubb & Ellis has represented United Stationers Supply Co. in its 195,510-square-foot industrial lease at Rivergate Corporate Center III, located at 14330 N. Lombard St. in Portland. Terms of the deal were not disclosed. Brad Fletcher of Grubb & Ellis represented the lessee in the transaction, and John Fettig of Capacity Commercial represented the lessor, MEPT Rivergate III LLC.
EUGENE, ORE. — Pegasus Investments has represented a California-based private investor in its acquisition of a 60,000-square-foot retail building occupied by Dick’s Sporting Goods in Eugene. The off-market transaction, which involved a highly complex loan assumption and seller wraparound structure, was valued at approximately $200 per square foot. Pegasus’ David Chasin and Ken Chasin represented the buyer in the transaction, and GVA Kidder Mathews’ Craig Spinks and Josh Veentjer represented the seller, a family trust. Brad Pepin of Stan Johnson Co. also assisted in negotiating the deal. The freestanding, 100 percent net-leased building is located within the 400,000-square-foot Delta Oaks Shopping Center, which is also anchored by Walmart and The Home Depot.
WEST JORDAN, UTAH — BH Properties has completed the $12.75 million sale of a 363,000-square-foot warehouse complex, located at 9669 Prosperity Road in West Jordan. NAI Utah’s Bryce Blanchard represented BHP in the transaction, which included assumption of the existing CMBS financing; NAI’s Zach Anderson represented the buyer, KPFN Properties LLC.
GARDEN GROVE, CALIF. — Marcus & Millichap has negotiated the $14.3 million sale of the 13-building Grove Park Apartments portfolio in Garden Grove. The multifamily mix consists of 72 one-bedroom/one-bath units, 16 two-bedroom/one-bath apartments and 16 three-bedroom/two-bath units. Marcus & Millichap’s John Nguyen represented both the buyer and the seller in the transaction. Of the 104-unit, 74,000-square foot affordable-housing collection, five of the properties are located on Keel Avenue and eight are on Morningside Avenue.
MORENO VALLEY, CALIF. — Grubb & Ellis has represented Bank of America N.A. in the $7.6 million sale of Moreno Beach Plaza Phase II, a 74,208-square-foot retail center located at the northwest corner of Eucalyptus Avenue and Moreno Beach Drive in Moreno Valley. Constructed in 2007, the REO property was purchased by MGP IX REIT LLC, a business unit of Merlone Geier Partners. Grubb & Ellis’ Michelle Schierberl and Roger Kinoshita represented the seller in the transaction.
SCOTTSDALE, ARIZ. — CB Richard Ellis has negotiated the sale of Mercado Del Rancho, a suburban office complex located at 10301 N. 92nd St. in north Scottsdale. The purchase price was not disclosed. Located directly across from the Scottsdale Healthcare Shea campus, Mercado Del Rancho consists of two two-story buildings totaling 71,200 square feet. CBRE’s Barry Gabel and Mindy Korth represented the seller, Washington, D.C.-based 10301 North 92nd Street Holdings LLC, a business unit of CWCapital Asset Management, in the transaction; the buyer was ESI Ventures, dba Black Canyon Place LLC.
ASPEN, COLO. — Aspen Skiing Co. has purchased the Limelight Lodge, located at 355 S. Monarch Street in Aspen, from a group including Denver-based Szymanski Development Partners, the hotel's developer. Terms of the deal were not disclosed. Pete Dordick of HVS advised on the sale.
RIVERSIDE, CALIF. — Mor Furniture for Less has signed a more than $2.9 million lease for 45,875 square feet of retail space at Canyon Crossings, located at 6155 Valley Springs Pkwy. in Riverside. Colliers International’s Vic Gausepohl represented the home furnishings retailer in its 120-month lease deal with Canyon Crossings I LLC, which was represented by Cushman & Wakefield’s Rob Ippolito, Bryan Cunningham and David Bradley. Mor Furniture for Less plans to open its Riverside showroom at the 740,000-square-foot, mixed-use property in May.
SACRAMENTO, CALIF. — Marcus & Millichap has brokered the sale of a 7,515-square-foot Aaron Rents property located at 3138 Northgate Blvd. in Sacramento. The tenant has signed a 10-year NNN lease. Marcus & Millichap’s Alvin Mansour represented the seller in the transaction.