EL SEGUNDO, CALIF. — Madison Partners has closed the $28.5 million sale of a 125,594-square-foot office building located at 501 Continental Blvd. in El Segundo. One-hundred percent leased to Teledyne Technologies for the next 7 years, the two-story, single-tenant facility situated on approximately 6.3 acres was purchased by Continental Property LLC. Madison Partners’ Bob Safai represented the seller, RW Continental LP, in the transaction.
Western
VERNON, CALIF. — Lee & Associates has negotiated GYC Investment LLC’S $3.3 million purchase of a 29,931-square-foot industrial building located at 3015 Leonis Ave. in Vernon. Built in 1952, the property will be upgraded with coolers, high-efficient lighting and refurbished offices. Lee & Associates Commerce’s Peter Bacci represented the buyer in the transaction, and VOIT Commercial’s Brian McLoughlin represented the seller, Irish Green LLC.
FOLSOM, CALIF. — Terranomics Retail Services has brokered the $1.75 million sale of an 8,370-square-foot restaurant building located in the Folsom Corners Shopping Center at the intersection of Willard Drive and Prairie City Road in Folsom. Formerly home to Malabar Restaurant, the recently constructed, stand-alone building situated directly across from the Intel Office Park will be converted into a veterinary clinic by the buyer, Jennifer Sweet. Terranomics Retail Services’ James Teare and Dave Scanlon represented the seller, California Bank and Trust, in the transaction.
LOS ANGELES — NorthMarq Capital has arranged $22 million in permanent financing for The Metro Art Apartments, located at 11771 Montana Ave. in the Brentwood area of Los Angeles. The recently constructed multifamily complex offers 62 luxury units with one-, two- and three-bedroom options and includes a state-of-the-art fitness center, a weight room and private, gated underground parking. NorthMarq’s Paul Bruder and Chris Williams arranged the financing for the undisclosed borrower.
SAN DIEGO — Cruzan Monroe has purchased a 48,100-square-foot office building, located at 7650 Convoy Court in San Diego’s Kearny Mesa submarket, from Pacific Bell Telephone Co. for $5.05 million. CB Richard Ellis’ Paul Komadina, Paul Lafrenz and Christina Roush represented the buyer in the transaction, and the brokerage firm’s Rob Merkin and Bill Dolan represented the seller. Cruzan Monroe plans to immediately begin upgrades to the single-story property, which was built in 1971 and formerly occupied by AT&T.
DENVER AND AURORA, COLO. — The joint venture of PCCP LLC and San Francisco-based Jackson Square Properties has acquired two lender-owned, Class B apartment properties totaling 1,114 units in the Denver area. The portfolio consists of the 688-unit Hickory Ridge Apartments, located at 2134 S. Richfield Way in Aurora, and the 426-unit Lakes at Monaco Pointe Apartments, located at 6165 E. Iliff Ave. in Denver. Built in 1975, Lakes at Monaco Pointe features five three- and five-story buildings with one- and two-bedroom configurations. Built in 1985, Hickory Ridge comprises 34 two-story buildings in one-, two- and three-bedroom configurations.
FONTANA, CALIF. — Lee & Associates has negotiated Allied West Paper Corp.’s 10-year, $20.5 million lease of the Midway Distribution Center, a 611,968-square-foot industrial property located at 11101 Etiwanda Ave. in Fontana. Lee & Associates’ Jeff Smith and Jeff Huberman represented the tenant in the transaction. Beginning a phased occupancy on Dec. 15, Allied West also has plans to add 100,000 square feet of manufacturing space and 15,000 square feet of office space to the 4-year old building, which will be used as the company’s corporate headquarters.
SAN DIEGO — BioMed Realty Trust has purchased a 49,347-square-foot Class A office building, located at 10240 Science Center Drive in San Diego’s Torrey Pines submarket, from Trammell Crow Co. for $17.75 million. CB Richard Ellis’ Louay Alsadek, Evan August, Ryan Egli and Matt Nickels represented both the buyer and the seller in the transaction. Built in 2002 and 100 percent leased to eBioscience, the two-story building is the corporate headquarters for the privately held life-science/biotech company.
BERKELEY, CALIF. — Arroyo & Coates has represented a private partnership in the $7 million sale of Renaissance Villas, a mixed-use property consisting of 34 apartments and 2,200 square feet of retail space located along University Avenue near the intersection of California Street, less than one mile west of the main entrance to the University of California at Berkeley. Originally constructed in 1998, the property comprises one- and two-bedroom apartment units and two retail spaces. Arroyo & Coates’ Nathan Blair represented the seller in the transaction; Equity Residential, the Chicago-based buyer, acted on its own behalf.
IRVINE, CALIF. — DAUM Commercial Real Estate Services has represented BMD Investment Group LLC in its more than $2.75 million disposition of a 25,185-square-foot industrial building located at 15 Chrysler in Irvine. DAUM’s Chris Migliori represented the seller in the transaction, and CB Richard Ellis’ Gregg Haley represented the buyer.