SAN FRANCISCO — Grubb & Ellis has presided over the sale of a five-story, 23,000-square-foot retail building located at 459 Geary St. between the Clift Hotel and Curran Theatre in San Francisco’s Union Square. The sale price was not disclosed. Grubb & Ellis’ Daniel Cressman and Michael Taquino represented both the private-investor buyer and the seller, Walter Fong, who had operated Courtoué, a high-end men’s clothing store, at the property for more than 30 years.
Western
SEATTLE — Marcus & Millichap has brokered the more than $1.9 million sale of the 27-unit Towne Apartments, located at 1717 12th Ave. in Seattle. The multifamily property consists of studio and one-bedroom units. Marcus & Millichap’s Robert Francis, Timothy McKay and Marc Cunningham represented the buyer, a limited liability company, in the transaction, and McKay represented the private-investor seller.
OXNARD, CALIF. — Marcus & Millichap has brokered the $19 million sale of Newport Landing 1 and 2, a 170-unit apartment community located at 5200-5300 South J St. within 1 mile of the Port Hueneme Naval Base in Oxnard. Built in 1965 and 1970, the 170,382-square-foot multifamily complex consists of separate but identical 85-unit buildings situated on more than 6.5 acres of land, together offering 40 one-bedroom/one-bath units, 110 two-bedroom/1.5-bath townhomes and 20 three-bedroom/1.5-bath townhomes. Marcus & Millichap’s Lane Schwartz and Jerry Wise represented both the private-investor buyer and the seller, one of the nation’s largest institutional lenders, in the REO transaction.
BURBANK, CALIF. — Cast & Crew Entertainment Services has signed a new headquarters lease for 51,064 square feet of Class A office space at 2300 Empire Ave. within Empire Center in Burbank. The 10-year lease is valued in excess of $15 million. Studley’s Scott Katcher and Len Nadler represented the provider of payroll services to the entertainment industry in the transaction; CB Richard Ellis’ Patrick Church and Anneko Greco represented the landlord. The first signed tenant at the 7-story, 364,000-square-foot, LEED Gold-certified project, Cast & Crew is expected to occupy the entire fifth floor of the newly built building on March 1, 2011.
NORTHGLENN, COLO. — ARA has brokered the $10.6 million sale of the thoroughly remodeled, 230-unit Highland Way Apartment Homes located just west of Interstate 25 in Northglenn. The more than 35-year-old multifamily property was 97 percent occupied at the time of sale. Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment of Atlanta-headquartered ARA represented the undisclosed seller in the transaction involving Denver-based real estate investor/buyer, Capital Real Estate.
COSTA MESA, CALIF. — In a 1031 exchange involving two Southern California multifamily properties, Marcus & Millichap arranged the sale of an 18-unit apartment building at 1420 Kelton Ave. in Los Angeles, the proceeds of which went toward the acquisition of the 40-unit Villa Cordova, located at 2323 Elden Ave. in Costa Mesa. Marcus & Millichap’s Justin White, John Vorsheck and Rebecca Caldwell, along with John L. Nguyen, found the replacement property, which consists of 26 one-bedroom units and 14 two-bedroom units.
BREA, CALIF. — Voit Real Estate Services has brokered the $4.95 million purchase of a 51,567-square-foot industrial property located at 660 North Puente in Brea. Voit’s Robert Socci and Joseph Miller represented the buyer, Data Technology Printed Circuits, in the transaction; the seller was Kilroy Realty Corp.
LAS VEGAS — Harsch Investment Properties has gotten a 20-year lease commitment valued at $21 million from the Department of Veterans Affairs Consolidated Patient Account Center, located within the Paradise Airport Center at 1085 Palms Airport Drive in Las Vegas. CPAC will bring more than 400 jobs to the area once a $7.5 million redevelopment of the two-story mezzanine office call-center operation is completed for the VA department in summer 2011. Upon completion by Las Vegas-based TWC Construction, the building will house the VA in 51,000 square feet.
RIPON, CALIF. — Grubb & Ellis has negotiated Neenah Paper’s $9 million sale of a 332,400-square-foot industrial facility, located at 924 S. Stockton Ave. in Ripon, to Diamond Pet Food Products. Featuring two active Union Pacific Railroad spurs, the property consists of a 200,000-square-foot manufacturing building, a 100,000-square-foot distribution center and two storage sheds totaling 32,400 square feet. Grubb & Ellis’ Bryce MacDonald represented the seller in the transaction, and John McManus of Cushman & Wakefield represented the buyer.
CAPITOLA, CALIF. — Terranomics Retail Services has negotiated Target Corp.’s purchase of a 98,120-square-foot former Gottschalks’ store, located at 1825 41st Ave. within the Capitola Mall in Capitola. The sale price was not disclosed. Subsequent to being vacated by Gottschalks in mid-2009, the building returned to the lender after a loan default by the previous owner. Terranomics’ Matt Kircher represented the buyer in the transaction; the seller was LNR Partners LLC.