GARDENA, CALIF. — DCP Properties has acquired a 33,485-square-foot industrial property, located at 400-422 W. Rosecrans Ave. in Gardena, for $2.2 million. The Klabin Company/CORFAC International’s David Grote represented the seller, 400 W. Rosecrans LLC, in the transaction, and Brian Held of Grubb & Ellis represented the undisclosed buyers. Diversified Crating & Packaging will relocate to the two-building facility from nearby Carson.
PHOENIX — Cassidy Turley BRE Commercial has completed the $15.8 million sale of the 230-unit San Riva at The Foothills, a multifamily community located at 2155 E. Liberty Lane in Phoenix. Cassidy Turley’s David Fogler, Steve Nicoluzakis and Dan Dobric represented the seller, San Riva Madison Ownership Co. LLC, in the transaction; the buyers, a joint venture by Scottsdale, Ariz.-based Everest Holdings and Dallas-based Thackeray Partners, represented themselves.
POCATELLO, IDAHO — Grubb & Ellis Healthcare REIT II has acquired a 98.75 percent interest in the 76,000-square-foot, Class A Pocatello East Medical Office Building located at 777 Hospital Way in Pocatello. Built in 2007, the four-story facility is 100 percent leased to Pocatello Health Services LLC and Pocatello Hospital LLC, which are signed through 2018 and 2019, respectively. Shattuck Hammond Partners’ Philip J. Camp and Laca Wong Hammond represented the undisclosed seller in the transaction. Pocatello East Medical Office Building is attached to the 250-bed Portneuf Medical Center, the only acute-care facility within 50 miles. A current renovation and expansion project will add 300,000 square feet to the medical center by mid-2011.
IRVINE, CALIF. — An affiliate of Menlo Equities LLC has purchased the 143,165-square-foot Cartwright Corporate Center, a five-story, Class A office building located at 17770 Cartwright Rd. in Irvine, for $20 million. Cushman & Wakefield’s Jeff Cole, Ed Hernandez and Lars Platt and Janine Padia of JP Realty Services represented the buyer and the seller, Sunset Park Business Trust, in the transaction. Situated in the John Wayne Airport submarket, the building is nearly 70 percent leased.
San Francisco is not immune to the forces of gravity, but sometimes it appears that might be true for the city's apartment market. Across the country, the multifamily sector has weathered the Great Recession better than other asset classes. Availability of capital — both equity and debt — has resulted in relatively modest value declines compared to office, industrial and retail investments. Transaction volume has been relatively robust, largely attributable to the disassembly and re-sale of the former Lembi portfolio. Research indicates that in excess of 50 apartment sales were completed in the first half of 2010, for a total value representing about $120 million. Among the most active buyers were Flynn Investments, Klingbeil Capital Management and Tribeca Cos. Expect market activity to remain level or even increase, as buyer appetite has yet to be satisfied. The rental market also seems to have stabilized. According to Novato, California-based RealFacts, a national leader in apartment industry research, rents in San Francisco are only down modestly since second quarter of 2009, but they are up slightly in the first half of 2010. While occupancy is reported to be at a relatively low 94 percent, we believe this state may be a temporary …
SACRAMENTO — McCarthy Building Cos. and Tony Moayed Construction Services have completed the 151,000-square-foot recreation and wellness center at California State University, Sacramento. Named The WELL (Wellness, Education, Leisure, Lifestyle), the facility features a fitness center, an indoor track, gym courts, racquetball courts and a student-health center that includes primary and urgent-care clinics, a retail pharmacy, a vision-care center, x-ray services, counseling services, and a nutrition center. McCarthy served as the project’s construction manager at risk and general contractor while TMCS was the construction manager and inspector of record; Hornberger + Worstell served as the architect. Part of the Alex G. Spanos Sports Complex, the WELL is on track to achieve LEED Gold certification and will open for the fall 2010 term.
TEMPE, ARIZ. — CB Richard Ellis has negotiated the $15.4 million sale of the 306-unit Mission Springs Apartments located at 1311 W. Baseline Road in Tempe. Built in 1987 and 95 percent occupied at the time of sale, Mission Springs includes a business center, three swimming pools, two spas, and cookout/picnic areas. CBRE’s Tyler Anderson and Sean Cunningham represented the Columbus, Ohio-based seller, Nationwide Mutual Insurance Co., which acquired the property through foreclosure in November 2009. Duluth, Minn.-based Mercury Investment was the buyer. Rocco Mandala of CBRE Capital Markets Debt & Equity Finance arranged the life-company financing for the purchase.
SAN DIEGO — Voit Real Estate Services has directed the $5.4 million sale of a 53,000-square-foot office property located at 6701-6861 Convoy Court in San Diego. Voit’s Harry Stone represented the seller, Kearny II LLC, in the transaction, and Inmook Hwang of American National Realty represented the buyer, Korean United Methodist Church of San Diego.
IRVINE, CALIF. — The Fazeli Family Trust purchased a 25,328-square-foot industrial/showroom building, located at 8645 Research Drive in Irvine, for $4.5 million. Grubb & Ellis’ Dave Kluver represented the buyer in the transaction, and Craig Fitterer of Lee & Associates represented the seller, McMahon Limited Partnership.
OCEANSIDE, CALIF. — Rockefeller Group Development Corp., a subsidiary of New York-based The Rockefeller Group, has completed the development of an 84,000-square-foot outpatient clinic for the U.S. Department of Veterans Affairs. The clinic is located within Seagate Corporate Center at 1300 Rancho Del Oro in Oceanside. The two-story facility features a back-up generator for emergency power and two MRI pads that accommodate the onsite mobile MRI units. San Diego-based Smith Consulting Architects provided architectural services; San Diego-based Raymond Fox & Associates provided medical architectural and interior design services; Reno Contracting of San Diego served as general contractor for the project. Additionally, Capital Partners Development Co. provided project development management; RBF Consulting served as civil and traffic engineers; and Ridge Landscape Architects provided landscape architectural services for the facility.