TORRANCE, CALIF. — Western Psychological Services has purchased a 65,635-square-foot industrial facility, located at 625 Alaska Ave. in Torrance, for nearly $8 million. Aiming for an April 2011 occupancy following extensive tenant improvements, WPS will consolidate its headquarters into the single, free-standing building, which includes more than 30,000 square feet of office space. Klabin/CORFAC’s Aleks Trifunovic, Tibor Lody and Ron Rader represented the buyer, a publisher of psychological and educational assessments, in the transaction, and CB Richard Ellis’ David Stromath and Dean Haney represented the seller, Gateway Pacific Properties.
Western
FREMONT AND RICHMOND, CALIF. — Sares-Regis Group has sold an approximately 721,204-square-foot industrial portfolio, consisting of four Class A buildings in Fremont and Richmond, to Industrial Income Trust. Terms of the deal were not disclosed. Colliers International’s Greig Lagomarsino and Todd Severson and CB Richard Ellis’ Darla Longo and Barbara Emmons closed the sale, reportedly the largest transaction of its kind this year in the San Francisco Bay Area. Constructed between 1999 and 2001 and 89 percent leased at the time of sale, three of the buildings totaling approximately 474,754 square feet are located in the Pinole Point Business Park in Richmond. Built in 1990 and 100 percent leased to Supermicro Computer, the fourth building, which totals 246,450 square feet, is situated along Fremont Boulevard in the Bayside Business Park in Fremont.
RENO, NEV. — Sierra Western Properties LLC has purchased an approximately 66,240-square-foot industrial property located at 305 Western Road in Reno. NAI Alliance’s Paul Perkins, Dave Simonsen, J. Michael Hoeck and Dan Oster represented Standard Motor Products, the seller of the stand-alone building.
SAN DIEGO — KBS Real Estate Investment Trust II has purchased the 118,030-square-foot Torrey Reserve West, a Del Mar Heights office park located 20 miles north of downtown San Diego, for $27.3 million. Ninety-one percent leased, Torrey Reserve West consists of three two-story buildings that house five corporate headquarters locations. Eastdil Secured’s Adam Edwards and Dan Broderick represented the seller in the transaction.
RIVERSIDE, CALIF. — Raintree Partners has completed the $24.6 million acquisition of the 264-unit Boulder Creek Apartments in Riverside. Located near the University of California at Riverside and set against the Box Springs Mountains, the 25-year-old, 96-percent occupied multifamily property was sold by a public REIT. Within the next 18 to 24 months, Laguna Niguel, Calif.-based Raintree Partners will begin both interior and exterior renovations of the property, which offers studio, one- and two-bedroom units.
FULLERTON, CALIF. — The Saywitz Co. has negotiated a 10-year, $4 million lease renewal for the corporate headquarters of Label-Aire Inc., located at 550 Burning Tree Road in Fullerton. The 60,000-square-foot facility was built for Label-Aire more than 20 years ago and houses its international headquarters and main processing operations. Barry Saywitz negotiated the lease renewal on behalf of the tenant; the landlord, RREEF, represented itself in the deal.
SCOTTSDALE, ARIZ. — Glimcher Realty Trust has entered into agreements to purchase the land for all three phases of its Scottsdale Quarter project in Scottsdale from the affiliates of its existing joint-venture partner. The deal would be for approximately $120 million. The purchase of the first and second phases is expected to occur this month, and the Phase III land purchase, along with the termination of the joint venture, is slated to close in October. Scottsdale Quarter consists of approximately 600,000 square feet of retail and office space in the heart of the city.
CALIFORNIA AND NORTH CAROLINA — Waterton Residential has acquired $109.5 million of debt secured by four prime multifamily properties located in California and North Carolina. The recent debt acquisitions include mortgages secured by Skyline Terrace Apartments, a 139-unit property in Burlingame, Calif.; Waterstone Corona Pointe Apartments, a 628-unit property in Corona, Calif.; and Copper Canyon Apartments, a 296-unit property in Riverside, Calif. The other multifamily property is located in Raleigh, N.C.
WHITTIER, CALIF. — Marcus & Millichap has brokered the $3.5 million sale of two commercial office buildings located at 8109 Greenleaf Ave. and 8034-8040 Comstock Ave. in Whittier. The new owner/user intends to establish a community church on site. Marcus & Millichap’s Michael Lawrence represented the private REO seller of the approximately 34,049-square-foot complex, which was built in 1990.
SANTA FE SPRINGS, CALIF. — Colliers International has negotiated Cerritos, Calif.-based GHI Group LLC’s more than $3.45 million acquisition of a 32,006-square-foot industrial building, located at 13021 Arctic Circle in Santa Fe Springs. Constructed in 2004, the property features dock-high and ground-level loading and a 24-foot clear height. Colliers’ Chris Sheehan and Adam Deierling represented the buyer, a manufacturer of computer components, in the transaction; and VOIT Real Estate Services’ Dan Berkenfield represented the private-investor seller, Dodson LTD.