LOS ANGELES — Madison Partners has completed the $4.3 million sale of a 13,565-square-foot, Class A office building located at 4500 Wilshire Blvd. in Los Angeles. Situated in the Park Mile submarket, the three-story property was vacant at the time of sale. Madison Partners’ Lynwood Fields and Joe King represented the seller, 4500 Wilshire LLC, in the transaction, and Paul Asher of Building Capital Realty represented the buyer, Salomon Investment Partners LLC.
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SAN FRANCISCO — For $90 million, Pebblebrook Hotel Trust has acquired the 416-room Sir Francis Drake Hotel, located at the center of Union Square in downtown San Francisco, from a partnership led by The Chartres Lodging Group LLC. Originally constructed in 1928, the 23-story hotel includes the award-winning Scala's Bistro, the Wine Room at Scala's, the famed Harry Denton's Starlight Room on the 21st floor, Bar Drake in the hotel's lobby and a Starbucks Coffee, as well as 18,000 square feet of meeting space, a 24-hour fitness center and a 24-hour business center. The hotel will continue to be managed by Kimpton Hotels & Restaurants.
CERRITOS, CALIF. — Colliers International has completed the $4.35 million acquisition of a 48,351-square-foot industrial building located at 17719 Valley View in Cerritos. Built in 1980, the facility is situated on 100,619 square feet of land in south Los Angeles County. Colliers represented Cerritos-based 17719 D & D Management LLC in its purchase of the property from Visalia, Calif.-based Oviatt Family Trust, which was represented by Lee & Associates Tom Gilmer, Brad Gilmer and Clif Fincher. The buyer’s distribution operation, Nelson-Dunn Inc., will occupy the space for the warehousing and distribution of hose and hydraulic components.
LAS VEGAS — Kenneth D. Goodrich has purchased a new 19,786-square-foot industrial building and an undeveloped 1-acre land parcel, located at 6275 S. Pioneer Way within the Buffalo/215 Business Park in the southwest submarket of Las Vegas, from Panattoni Development Co. for $1.85 million. Goodrich will lease the facility to Yes! Air Conditioning and Plumbing, a division of American Residential Services LLC, and develop the land parcel into a parking facility for 100 service vehicles; 7,500 square feet of the building will be converted to office space. Colliers’ Pat Marsh represented Panattoni in the transaction, and Grubb & Ellis’ Xavier Wasiak and Kara Walker represented Goodrich, who is the founder and president of Yes! Air Conditioning and Plumbing.
SAN DIEGO — KBS Realty Fund has purchased Horizon Tech Center, a three-building, 158,000-square-foot office campus located in the Scripps Ranch submarket of San Diego, in an REO sales transaction totaling $40.5 million. Fully leased to Lockheed Martin, the Class A, LEED Gold-certified development was constructed by Opus in 2009. Cushman & Wakefield’s Jeffrey Cole, Steve Rowland, Steve Rosetta, Ed Hernandez and Michael Roberts represented the seller in the transaction; Chris Wood of Voit Real Estate Services also consulted with ownership on the sale.
FREMONT, CALIF. — Cassidy Turley BT Commercial Palo Alto has brokered the nearly $3.6 million investment sale and subsequent lease of a 44,352-square-foot freestanding R&D/flex building located at 6200 Paseo Padre Pkwy. in Fremont. The single-story building was first sold by Drawbridge Partners and purchased by investor Christensen Ardenwood LLC, which then subsequently leased the entire building to Solaria Inc., a solar panel manufacturing company that also committed to a 1.5-acre ground lease at an adjacent site from a separate entity controlled by Christensen Ardenwood for a new solar plant. Solaria plans to move into its new headquarters facility in December. Cassidy Turley BT Commercial’s Sam Wright, Brian McCarthy and Scott Foster represented both Drawbridge and Christensen Ardenwood in the sale, as well as the two Christensen Ardenwood ownerships in the leasing of the building and the land.
LAS VEGAS — CB Richard Ellis (CBRE) has negotiated Wells Fargo Bank N.A.’s approximately 60,200-square-foot office lease at 3800 Howard Hughes Pkwy., also known as the Wells Fargo Tower. The 10-year deal represents the largest office lease signed in Las Vegas this year. CBRE’s Darren Lemmon represented Wells Fargo in the transaction.
SAN BERNARDINO, CALIF. — DAUM Commercial Real Estate Services has negotiated a 191,216-square-foot industrial lease at 5404 Industrial Parkway located within the Industrial Parkway Business Center in San Bernardino. FTDI West Inc., a Florida-based clothing distribution and logistics company, signed a $2.6 million, 66-month lease for the entire building, which was completed in 2008. DAUM’s Mark Zorn and Tal Siglar represented the landlord, VID LLC, in the transaction, and DAUM’s Gus Andros, Jones Lang LaSalle’s Scott Leitenburg and Charles Dunn Co.’s John Bowman represented the tenant.
PARKER, COLO. — Marcus & Millichap has brokered the $1.93 million sale of a Del Taco located within the Parker Hilltop Town Square shopping center at 11147 Pikes Peak Drive in Parker. Marcus & Millichap’s Jamie Medress represented the buyer and the seller, both limited-liability companies, in the transaction, in which the brokerage firm’s Michael Hoffman assisted.
CARLSBAD, CALIF. — McCarthy Building Cos. has begun construction for 11 new educational buildings at Carlsbad High School, located at 3557 Lancer Way in Carlsbad. Construction of the one- and two-story education facilities, which will total 99,000 square feet of new classroom, performing arts, vocational education lab and food-service space, is the third and final phase of an $86 million renovation of Carlsbad High School that began in June 2008. Final completion is slated for mid-October 2011. Gafcon is the program manager for the Carlsbad High School renovation project, and Perkins+Will is the architect. Originally built in 1957, the high school currently has an enrollment of nearly 2,900 students.