CALABASAS, CALIF. — PCCP LLC and Dallas-based Lincoln Property Co. have acquired a two-story, 51,654-square-foot suburban office building located within Calabasas Corporate Center in Calabasas. Built in 2008 and only about a 20-minute drive from Malibu, the vacant, newly constructed Class A building includes two levels of parking. The joint venture purchased the property in an off-market, short-sale transaction involving the existing construction lender.
Western
SPARKS, NEV. — Morrissey Realty presided over the nearly $6.65 million sale of a trucking facility located at 1050 Coney Island Dr. in Sparks. FedEx Freight acquired the 17,578-square-foot building, which was constructed on 10.12 acres in 1980. The buyer will expand company operations from its adjacent, existing facility. Morrissey Realty’s Pat Morrissey and James Lowey were the sole brokers in the transaction.
GARDEN GROVE, CALIF. — Marcus & Millichap has announced the $1.25 million sale of the 7,718-square foot G.I. Plaza, a 13 percent-vacant shopping strip located at 11512 Magnolia Street in Garden Grove. Marcus & Millichap’s Michael Woolbright represented the Los Angeles-based private-investor seller in the transaction, and the brokerage firm’s Ron Duong represented both the seller and the buyer, an Orange County-based investor.
SAN FRANCISCO — Hudson Pacific Properties has acquired a 144,440-square-foot office property, located at 222 Kearny Street in San Francisco’s North Financial District, from an affiliate of Canyon Capital Realty Advisors for $34.9 million. The two-building property consists of a 10-story office tower built in 1986 and a five-story structure built in 1915.
LAS VEGAS — Stoneridge Capital Partners has acquired the approximately 100,000-square-foot Sunset Pilot Plaza, a Class A office property located at 280 Pilot Road in Las Vegas. Developed in 2008, the three-story office building is situated within the 3.3 million-square-foot Hughes Airport Center business park. CB Richard Ellis' Charles Moore, Michael Newman and Marlene Fujita-Winkel represented the undisclosed seller in the transaction; Newport Beach, Calif.-based Stoneridge did not have broker representation.
CITY OF INDUSTRY, CALIF. — Lee & Associates has negotiated the $5.66 million sale of a 53,918-square-foot industrial property, located at 19907 E. Walnut Dr. South in City of Industry. Built in 2000, the property offers freeway frontage and six dock-high doors with a 24-foot ceiling clearance. Lee & Associates’ Marc DiGennaro represented the buyer, Zoe LW Enterprises LLC, in the transaction, and the brokerage firm’s Jeff Bethel represented the Walnut, Calif.-based real estate investment seller, Catesgarb Holdings.
AURORA, COLO. — NorthMarq Capital has arranged $28.29 million in permanent financing for the 576-unit Ridge Hill Apartments, located at 991 South Crystal Way in Aurora. Constructed in 1985, the community comprises 31 three-story, garden-style apartment buildings. NorthMarq’s Gordon Mickelson and Angela Jordan arranged the financing for the undisclosed borrower.
DENVER METRO — ARA has brokered the sale of a 1,398-unit multifamily portfolio in the Denver metro area. In its first acquisition in the Colorado market and the largest multifamily portfolio transaction in the state since 2008, Jackson Square Partners, a California-based apartment investment group, acquired the three properties for $62 million. Built in 1984, the 688-unit Hickory Ridge apartment community in Aurora sold for $33 million. With 426 units spread across five buildings ranging from three to five stories, The Lakes at Monaco Pointe, constructed in Denver in 1975, traded for $17 million. Built in 1970, The Lodge at Aspen Grove, also located in Denver, sold to JSP for $12 million. ARA’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented an undisclosed lender in the transaction.
TORRANCE, CALIF. — Barnhart Balfour Beatty has begun construction of the $22 million J.H. Hull Middle School, a 61,000-square-foot complex located at 2080 W. 231st St. in Torrance. Slated for completion before September 2011, the five-building development will consist of classrooms, a technology center, administrative offices, a food-service facility and cafeteria, a gymnasium, basketball and volleyball courts, and soccer and baseball fields. Funded by a $265 million bond program passed in November 2008 and designed by Irvine, Calif.-based IBI Group Architects, the. J.H. Hull Middle School is the first new school to be built in the Torrance Unified School District in 40 years.
GOODYEAR, ARIZ. — CB Richard Ellis (CBRE) has negotiated the sale of a 440,168-square-foot distribution building, located at 4295 S. Cotton Lane in Goodyear, to Sub-Zero. The Madison, Wisc.-based manufacturer of luxury refrigerators, freezers and wine storage units will spend more than $68 million on the acquisition, building improvements and the purchase of new equipment at the cross-dock facility at Palm Valley 303. Included in the building sale is an option on an adjacent 30-acre parcel. CBRE’s Joe Porter, Pat Feeney, Dan Calihan and Rusty Kennedy represented the seller, Sunbelt Holdings of Scottsdale, in the transaction, and Cassidy Turley BRE’s John Pompay and Tony Lydon represented Sub-Zero, which will benefit from the Foreign Trade Zone status granted to Palm Valley 303 in fourth quarter 2010. The Goodyear facility will produce two products previously built in Wisconsin.