LOS ANGELES — Grubb & Ellis has represented Chinatrust Bank USA in the sale of The Flat, a 206-unit REO apartment conversion that the bank took ownership of in September. Located at 750 S. Garland Ave. in Los Angeles, the property was sold to SA Properties Holding LLC in an all-cash transaction. Grubb & Ellis’ Phillip Sample and Chris Cooney represented the buyer.
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PHOENIX — Grubb & Ellis|BRE Commercial LLC has presided over Security Mortgage’s $1.8 million sale of a Class B office building, located at 3724 N. 3rd St. in Phoenix, to C&C Realty Holdings. The Burbank, Calif.-based buyer, operating under the name BestIT, will occupy approximately 50 percent of the 19,259-square-foot building. Grubb & Ellis’ Bob Buckley, Tracy Cartledge and Steve Lindley represented the seller, and Joel Gunning of Arizona Commercial Properties represented the buyer.
MEDFORD, ORE. — Marcus & Millichap has handled the $1.05 million sale of the 6,800-square-foot Medford Medical Office, located at 3162 State St. in Medford. Marcus & Millichap’s Matt Williams and Steven Bunge brokered the transaction on behalf of the seller, a financial institution, and the buyer, a limited liability company.
LAKEWOOD, COLO. — Aardex LLC has announced it will develop 250,000 square feet of medical office space to serve the new St. Anthony Hospital Campus in Lakewood, located just west of Denver. Serving St. Anthony’s new Orthopedic Hospital, the first 100,000-square-foot facility will break ground in January 2010. The second 150,000-square-foot medical office building will break ground in fall 2010 and will serve the Main Hospital, which opens in 2011. Aardex, a full-service design, development and construction firm, will also build an 847-space parking garage to serve the campus. The overall cost of the development will approach $500 million.
PORTLAND, ORE. — McCormick & Schmick’s Seafood Restaurants has committed to 19,250 square feet of office space in Portland’s Machine Works Building, located in the city’s revitalized Pearl District, for its new corporate headquarters. Having signed a 7-year lease, the restaurant company plans to complete build-out and move its staff of more than 100 people into the new offices in January 2010.
LAKE FOREST, CALIF. — Irvine Property Investments LLC has acquired a 13,312-square-foot industrial building, located at 25612 Commercentre Dr. in Lake Forest, for $2.7 million. Kirk Cole of Grubb & Ellis represented the buyer in the transaction, and CB Richard Ellis’ Steve Wagner of represented the seller, Sundown Real Estate Partners.
SUISUN CITY, CALIF. — Basin Street Hospitality, a division of Basin Street Properties, has opened the Hampton Inn & Suites Suisun City Waterfront Hotel. Located at Two Harbor Center Drive in the expanding business corridor between the San Francisco Bay Area and Sacramento and just minutes away from Napa Valley, the 102-room hotel offers high-quality room accommodations as well as an outdoor pool and spa and meeting rooms. Hartmut Ott is general manager of the Hilton property.
DENVER — Opus Northwest has completed the new three-story, 95,000-square-foot Pulte Mortgage national headquarters in Inverness Business Park in Denver. Situated on 6.8 acres, the headquarters is 100 percent leased and accommodates 650 employees. Opus served as the developer and design-builder of the new facility, OZ Architecture provided tenant finish services and Inverness Properties is the property manager.
LA MESA, CALIF. — Grubb & Ellis|BRE Commercial has brokered the $6.7 million acquisition of Stoneridge by the Lake Condominiums in La Mesa. Located at 5707 Baltimore Dr., the more than 30-year-old property features five buildings on 2.24 acres of land. The transaction encompassed 47,705 rentable square feet, including 42 of the 51 total condominium units in the complex. Grubb & Ellis|BRE Commercial’s Diane Miramontes, Darcy Miramontes, Hunter Combs and Kip Malo represented the undisclosed buyer. The fractured condo development was sold by a large international bank, which was also the original lender on the property’s conversion in 2006-2007.
OAKLEY, CALIF. — NAI BT Commercial has handled the $3.025 million sale of a 6,590-square-foot multi-tenant retail property, located at 2190 Main Street (Highway 4) in Oakley. The newly constructed property is tenanted by Starbucks Coffee and Round Table. Michael Maffia of NAI’s Leased Investment Group represented the undisclosed seller.