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.
Western
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.
COLTON, CALIF. — Commonwealth Sevenlen LLC has acquired a 26,455-square-foot retail building, located at 151 E. Valley Blvd. in Colton, for $1.99 million. The free-standing, single-tenant investment property is occupied by Stater Bros. through an absolute NNN lease. Colliers International’s Jereme Snyder and Bob Hoyt represented the seller, Vornado Realty Trust, in the transaction, and Hai Luong of Tendwell Realty represented the buyer.
MIRA LOMA, CALIF. — The Corporation of the Presiding Bishop of The Church of Jesus Christ of Latter-day Saints has purchased a 95,527-square-foot industrial building located on five acres at 12160 Philadelphia Ave. in Mira Loma. Terms of the deal were not disclosed. NAI Capital’s David Knowlton represented the buyer in the transaction, and Voit Real Estate Services’ Greg Sargenti represented the seller, Rhodes Development. According to Knowlton, the new owner will utilize the facility for the bulk storage and distribution of food and household products to support worldwide disaster relief.
SAN DIEGO — Pacific Office Properties Trust negotiated a 7-year lease for a total of 101,446 square feet of office space with The Active Network at the 356,524-square-foot Seaview Corporate Center in the Sorrento Mesa area of San Diego. The transaction includes an extension of term of 80,186 square feet and an expansion into an additional 21,260 square feet at the tenant’s corporate headquarters. Led by Brigham Black, the office REIT landlord represented itself in the transaction; The Active Network was represented by David Marino of Irving Hughes.
SANTA ANA, CALIF. — Coreland Cos. has negotiated the $5.75 million sale of a vacant auto dealership located at 1455 Auto Mall Drive in the Santa Ana Auto Mall. Built in 1998, the more than 35,000-square-foot square-foot property was previously the long-time home of Bauer Jaguar. Coreland’s Bryan Bauer represented the Costa Mesa, Calif.-based seller, Jeffrey and Bryan LLC, in the transaction; the buyer, Santa Ana Properties II, represented itself.
TUCSON, ARIZ. — CB Richard Ellis (CBRE) has negotiated the $2.76 million sale of Century Theaters’ Century Park 16, a 74,000-square-foot movie theater located at 1055 W. Grant Road in Tucson. With more than 800 feet of Interstate 10 freeway frontage and expandable to 140,000 square feet, the property is set up for infill redevelopment after the theater closes operations on January 8, 2011. CBRE’s Robert DeLaney and Tim Healy represented the Plano, Texas-based seller, Century Theaters, in the off-market transaction, and the brokerage firm’s Buzz Isaacson and Ike Isaacson represented the local buyer, Michael R. Wattis Inc.
ANAHEIM, CALIF. — Voit Real Estate Services has negotiated the $9.25 million sale of a 78,912-square-foot industrial and office business park property located at 1240 & 1250 North Lakeview Ave. in Anaheim. Voit’s Alan Pekarcik, Dan Vittone and Nick Frasco represented the seller, Foremost Airport Las Vegas Ltd., in the transaction; the buyer, FKC Properties, represented itself.