FONTANA, CALIF. — Lee & Associates has negotiated Allied West Paper Corp.’s 10-year, $20.5 million lease of the Midway Distribution Center, a 611,968-square-foot industrial property located at 11101 Etiwanda Ave. in Fontana. Lee & Associates’ Jeff Smith and Jeff Huberman represented the tenant in the transaction. Beginning a phased occupancy on Dec. 15, Allied West also has plans to add 100,000 square feet of manufacturing space and 15,000 square feet of office space to the 4-year old building, which will be used as the company’s corporate headquarters.
Western
SAN DIEGO — BioMed Realty Trust has purchased a 49,347-square-foot Class A office building, located at 10240 Science Center Drive in San Diego’s Torrey Pines submarket, from Trammell Crow Co. for $17.75 million. CB Richard Ellis’ Louay Alsadek, Evan August, Ryan Egli and Matt Nickels represented both the buyer and the seller in the transaction. Built in 2002 and 100 percent leased to eBioscience, the two-story building is the corporate headquarters for the privately held life-science/biotech company.
BERKELEY, CALIF. — Arroyo & Coates has represented a private partnership in the $7 million sale of Renaissance Villas, a mixed-use property consisting of 34 apartments and 2,200 square feet of retail space located along University Avenue near the intersection of California Street, less than one mile west of the main entrance to the University of California at Berkeley. Originally constructed in 1998, the property comprises one- and two-bedroom apartment units and two retail spaces. Arroyo & Coates’ Nathan Blair represented the seller in the transaction; Equity Residential, the Chicago-based buyer, acted on its own behalf.
IRVINE, CALIF. — DAUM Commercial Real Estate Services has represented BMD Investment Group LLC in its more than $2.75 million disposition of a 25,185-square-foot industrial building located at 15 Chrysler in Irvine. DAUM’s Chris Migliori represented the seller in the transaction, and CB Richard Ellis’ Gregg Haley represented the buyer.
MOORPARK, CALIF. — Construction has begun for the new $12.7 million home of Moorpark College’s Exotic Animal Training and Management Program (EATM). Replacing two portables that have served EATM’s staff, students and 150-plus animal inhabitants, the new facility will include two 50-seat classrooms, a veterinary medicine laboratory, a bookstore, a ticket booth and faculty offices. Overcoming the challenges of working in close proximity to exotic animals and building the structure into the campus’ hillside, Heery International is providing construction management services for the 13,000-square-foot facility, which is slated for completion in April 2011. Based at Moorpark’s Ventura County, Calif., campus, the EATM prepares students for careers working with animals in television, film, zoos, theme parks and more.
PHOENIX — NAI Horizon has negotiated the $4.6 million sale of a 45,199-square-foot industrial building located at 3433 E. Wood Street in Phoenix. NAI Horizon‘s Matt McDougall and Jeff Adams represented the seller, DKS Properties LLC, in the transaction; Commercial Properties Inc.’s Adam Hansen and Fred Buck represented the buyer, Soncell North America.
SAN DIEGO — Cresta Verde Inc. has purchased a 6,886-square-foot, multi-tenant retail building, located at 350 University Ave. in San Diego, from Southrail Equities LLC and CAM 350 Group LLC for $4.15 million. Cassidy Turley BRE Commercial’s Chuck Klein and Kevin Held represented both the seller and the buyer in the transaction, with the brokerage firm’s Rick Reeder representing the seller as well.
LOS ANGELES COUNTY — Berkadia Commercial Mortgage LLC has originated more than $23 million for the acquisition of a three-property multifamily portfolio in eastern L.A. County in Southern California. The Claremont Portfolio consists of three garden-style apartment complexes: the 80-unit Southridge Apartments located at 750 W. San Jose St. in Claremont, Calif.; the 64-unit Spring Hill Town Homes located at 150 W. Drake Street in Pomona, Calif.; and The Village at Claremont, an 84-unit complex located at 10 S. Indian Hill Blvd., also in Claremont. Berkadia’s Mitchell Thurston arranged the acquisition financing through Fannie Mae.
BEAVERTON, ORE. — Grandbridge Real Estate Capital has originated and closed a more than $63.2 million fixed-rate loan secured by Murray Business Center, a 332,000-square-foot suburban office building located in Beaverton. Funding for the transaction was provided by TIAA-CREF. The loan was made at 98 percent of appraised value with an interest rate of 5.61 percent fixed for the entire 21.3-year loan term. The transaction features an initial 39-month interest-only component with negative amortization, which converts to an 18-year amortization. Rob Meister of Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corp., arranged the financing on behalf of a long-time client. The main tenant at Murray Business Center currently occupies 72 percent of the property with an unrelated, non-credit tenant occupying the remaining portion of the property until September 30, 2013, at which time the main tenant takes over the entire building.
ONTARIO, CALIF. — Lee & Associates has negotiated an investment group’s $8.75 million purchase of Ontario Gateway, a two-building, multi-tenant professional office complex totaling 125,497 square feet in Ontario. Both the 73,974-square-foot Ontario Gateway I, located at 2151 E. Convention Way, and the 51,523-square-foot Ontario Gateway II, located at 2143 E. Convention Way, are two stories with freeway orientation. Tenants include SoCal Water, California Department of Consumer Affairs and the state’s Department of Health Services and Manpower. Lee & Associates’ Edward Indvik, Matthew Sullivan, David Mudge and Julia Corona-Thompson represented both the buyer and the seller, Jefferson-Pilot Investments, in the transaction.