SAN DIEGO — Cushman & Wakefield has negotiated the sale of the nine-story, 80,320-square-foot Robert F. Driver Building located at 1620 Fifth Ave. in downtown San Diego. Terms of the deal were not disclosed. Constructed in 1985 and 40 percent leased at the time of sale, the building features an adjacent 5-story parking garage and immediate access to Interstate 5. Cushman & Wakefield’s Jeff Cole, Ed Hernandez, Steve Rowland, Michael Roberts and Matthew Carlson, as well as Bradford Perry of Perry Commercial Real Estate, represented Robert F. Driver Office Building LTD in its disposition of the property to 1620 Fifth Avenue LLC. Douglas Wilson Companies has been engaged to lead the reposition, management and leasing efforts at the well-known office building, which is situated on the east side of San Diego’s central business district.
Western
HUNTINGTON BEACH, CALIF. — Colliers International has negotiated the lease of a 167,778-square-foot industrial building, located at 5800 Skylab Rd. in Huntington Beach, to Modular Wind Energy. Reportedly the largest lease transaction completed to date this year in west Orange County, the 5-year deal exceeds $4.9 million. Colliers’ Clyde Stauff represented the landlord, DCS Holdings, in the transaction, and CRESA Partners’ Jeff Shepard and Dillon Dummit represented the tenant, a manufacturer of blades for wind turbines. Situated within Huntington Beach Industrial Park, the building includes 16,000 square feet of executive office space.
MARANA, ARIZ. — The Larry L. Larson Family Trust Partnership LP has purchased a 22,468-square-foot industrial facility, located at 7825 North Hartman in Marana, for nearly $1.35 million. PICOR Commercial Real Estate Services’ Rob Glaser represented the seller, 4-D Properties, in the transaction, and Grubb & Ellis’ Ron Zimmerman represented the buyer.
HONOLULU — Glimcher Realty Trust has entered into an agreement with an affiliate of Blackstone Real Estate Advisors to purchase the Pearlridge Center in Honolulu for $245 million. Built in 1972 and renovated extensively in 1995-1996, Pearlridge is the second largest mall in Hawaii with a total rentable area exceeding 1 million square feet. Located in the community of Aiea within the Honolulu metro area, the property boasts an occupancy rate of 99 percent. The joint venture, which will consist of an 80 percent ownership share by the Blackstone Real Estate Advisors affiliate and 20 percent by the Glimcher affiliate, anticipates closing on the property in fourth quarter 2010. Glimcher will lease and manage the property.
CARPINTERIA, CALIF. — Online software training company, lynda.com, has purchased 57,474 square feet of office and industrial space located at 6410 Cindy Lane in Carpinteria. The company will most likely remodel the 31,553-square-foot office building and update the 25,921-square-foot warehouse building — which together had a listing price of $6 million — for a live-action recording studio for its online training videos. Hayes Commercial Group’s Christos Celmayster represented lynda.com in the transaction; Radius Group’s Bob Tuler, Paul Gamberdella and Gene Deering teamed up with CB Richard Ellis’ Michael Slater and Tom Dwyer to represent the seller, the Salvation Army.
ARVADA, COLO. — Partnering with a private family investment trust, NewMark Merrill Mountain States has purchased the 164,611-square-foot Arvada Marketplace East, located in the northeast quadrant of Interstate 70 and Wadsworth Boulevard in Arvada, from CapMark Bank for $3.35 million. Built in 1987 and 52 percent vacant at the time of sale, the shopping center will be repositioned by NMMS, a move that will include the addition of at least two major anchors. Cushman & Wakefield’s Timothy Richey represented NMMS’s acquisition team in the transaction.
ANAHEIM, CALIF. — Lee & Associates has closed the $5.1 million acquisition of a 52,000-square-foot industrial building located at 4240 E. La Palma in Anaheim. After a major renovation, the facility will be used as the corporate headquarters for InfoSend Inc. starting in first quarter 2011. Lee & Associates-Orange’s Scott Seal represented the buyer, Rezai & Son LLC, in the transaction, and Ben Seybold and Sean Ward of CB Richard Ellis Anaheim represented seller, Anaheim Manufacturing.
HENDERSON, NEV. — Colliers International has completed the $4.8 million sale of the 104,030-square-foot Sunset Pointe Industrial Center, located at 505-585 W. Sunset Rd. in Henderson. Built in 2009, the business park consists of 21 industrial buildings. Colliers’ Scott Heaton, Patrick Barnes and E.J. Paul Sweetland represented the seller, City National Bank, in the transaction; Lee and Associates’ Mel Koich represented the buyer, Laguna Beach, Calif.-based Bakken Wineville Properties LLC.
COMMERCE, CALIF. — Jones Lang LaSalle has represented Maruhana USA Corp. in its 44,897-square-foot industrial lease at a multi-tenant facility located at 4455 Sheila Street in Commerce. Terms of the deal were not disclosed. Jones Lang LaSalle’s Paul Sablock, Barry Hill, Greg Matter and Zac Sakowski, along with Kevin Curtis of Colliers International, represented the Japanese food, wholesale grocery and professional restaurant supply company in the transaction. Jeffrey Stephens of CB Richard Ellis represented the landlord, Verdemont Associates California.
SOUTH SAN FRANCISCO, CALIF. — Terreno Realty Corp. has purchased an 80,524-square-foot warehouse building, located at 238-242 Lawrence Ave. in South San Francisco, from John C. Nickel Properties for $9.6 million. Cassidy Turley’s Matt Squires and Randy Keller represented the buyer in the transaction, and the brokerage firm’s Marshall Hydorn and Jason Cranston represented the seller. The multi-tenant airfreight and distribution/warehousing facility was fully leased at the time of sale.