VERNON, CALIF. — Cushman & Wakefield has brokered the sale of a more than 400,000-square-foot manufacturing complex located at 5215 South Boyle Ave. in Vernon. Cushman & Wakefield’s John McMillan, Jeff Sanita and Tim Wallace represented the Michigan-based seller, TriMas Corporation. The property is AMB Property Corp.’s first purchase in the mostly industrial city located approximately 5 miles southeast of Los Angeles.
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OAKLAND, CALIF. — BRIDGE Housing Corp. has begun redevelopment for the 84-unit St. Joseph's Senior Apartments property located at 2647 International Blvd. in Oakland. Slated for completion in June 2011, the multifamily property will offer affordable apartments for very-low-income seniors, age 62 and older, within the main building of the Oakland historic landmark, “St. Joseph's Home for the Aged,” which closed in 1979. On-site amenities will include a spacious, ground-floor community room opening onto a senior garden and approximately 3,200 square feet of commercial office space.
WHITTIER, CALIF. — Marcus & Millichap has brokered the $9 million acquisition of Doctor's Medical Center, a 40,659-square-foot medical office building located at 8135 South Painter Ave. in Whittier. Featuring newly opened surgery and imaging facilities, Doctor's Medical Center is situated one mile from Presbyterian Intercommunity Hospital, a 453-bed, acute-care campus. Marcus & Millichap’s Evan Kovac and Nic Lyon represented the buyer, a private investor, in the transaction.
AUBURN, CALIF. — Marcus & Millichap has announced the more than $6.35 million sale of a 14,550-square-foot Walgreens located at 12120 New Airport Road in Auburn. Marcus & Millichap’s Alvin Mansour represented the seller of the single-tenant, net-leased property, which is situated directly across from the 130,000-square-foot Auburn Village retail center.
CENTENNIAL, COLO. — IKEA has broken ground for its 38th store in the United States, a 415,000-square-foot location situated north of the Park Meadows area in Centennial. The Swedish home-furnishings retailer’s Denver-area store is scheduled to open in fall 2011. To be built on 13.5 acres along the western side of Interstate 25 with approximately 1,500 parking spaces, IKEA Centennial will be the first company store in the country to incorporate a geothermal component as part of its heating/cooling system.
MIRA LOMA, CALIF. — Grubb & Ellis has represented a private investor in the $5.8 million purchase of Grapevine Business Center located at 3030 and 3090 Grapevine St. in Mira Loma. Constructed in 2008, the center comprises two industrial buildings totaling approximately 85,000 square feet. Grubb & Ellis’ David Wu represented the buyer, David Deng, in the transaction, and Greg Ashwill of Ashwill Associates represented the seller, Panattoni Development Co. Deng’s import and distribution company, Nanjing Electric ProCom, will occupy the 51,034-square-foot Building B; Building A is currently unoccupied.
CARSON, CALIF. — Watson Land Co. has leased out 119,077 square feet of industrial space located within the Dominguez Technology Center at 18620 Harmon Ave. in Carson. The 5-year lease is valued at $5 million. Mohr Partners’ Dina Zavislak represented the Eden Prairie, Minn.-based lessee, C.H. Robinson Worldwide, in the transaction, and Watson Land was represented in-house by Lance Ryan and Mike Bodlovich.
TEMECULA, CALIF. — Faris Lee Investments has completed the $4.8 million sale of a two-tenant, 10,000-square-foot retail property located adjacent to the Temecula Promenade Mall at 40758 Winchester Road in Temecula. Built in 2000, the property is fully occupied by Verizon Wireless and The Vitamin Shoppe. Faris Lee’s Jeff Conover and Richard Walter represented Beverly Hills, Calif.-based Plaza Temecula LLC in its all-cash disposition to 1031-exchange buyer, R&R Real Properties of Los Angeles.
RANCHO PALOS VERDES, CALIF. — Marcus & Millichap has brokered the more than $22.8 million sale of The Madison, a 90-unit luxury apartment building located at 6507 and 6510 Ocean Crest Drive in Rancho Palos Verdes. The 118,874-square foot property features 19 one-bedroom/one-bath units and 71 two-bedroom/two-bath apartments. Marcus & Millichap’s Ron Harris represented both the Phoenix-based buyer, Alliance Residential, and the seller, a Northern California-based investment group, in the transaction.
TACOMA, WASH. — Gramor Development Washington has purchased the 53-unit Pine Villa Townhomes in Tacoma. Completed in 2009, the multifamily complex was originally intended to offer for-sale units, but was foreclosed on by Venture Bank, which was then subsequently closed by the FDIC. Afterwards, First Citizen’s Bank of North Carolina acquired Venture’s assets, including the 69,479-square-foot, 16-building Pine Villa Townhomes, which consists of 2-, 3- and 4-bedroom floor plans.