POWAY, CALIF. — On behalf of the landlord, Cushman & Wakefield has facilitated L.A. Fitness International LLC’s 15-year, approximately $11.47 million lease renewal for 40,567 square feet of retail space at 12648 Poway Rd. in Poway. Doing business as LA Fitness, the tenant plans to renovate the space, which is situated within the recently renovated Poway Crossings, an 114,811-square-foot retail center that includes a Rite Aid location. Cushman & Wakefield’s John Jennings and Kam Walton represented the lessor, Poway Crossings Investors LLC, in the deal; the lessee represented itself.
Western
SHERMAN OAKS, CALIF. — Marcus & Millichap has brokered the more than $2.5 million sale of a bank-owned condominium site located at 13712 Valleyheart Drive in Sherman Oaks. Estimated to be 75 to 80 percent complete, construction was halted by the original developer approximately 10 months ago, leaving an estimated $500,000 of work remaining for the new buyer. Marcus & Millichap’s Ronald Harris and Paul Darrow represented the seller, a financial institution, in the transaction.
SUNNYVALE, CALIF. — Cassidy Turley CPS and CB Richard Ellis teamed up in a more than 257,000-square-foot lease renewal and expansion at the Sunnyvale City Center, a three-building, 472,358-square-foot Class A office campus located at 100, 150 and 190 Mathilda Place in downtown Sunnyvale. Cassidy Turley CPS’s Steve Horton and CB Richard Ellis’ Jeff Houston represented the property owner, JP Morgan, in the transaction, and Jones Lang LaSalle’s Andy Poppink and Bart Lammersen represented the tenant, Broadcom. With its renewed lease for 180,134 square feet at 150 Mathilda Place and its 77,050-square-foot expansion at 100 Mathilda Place, Broadcom will now occupy more than half of the entire campus.
SAN FRANCISCO — Grubb & Ellis has presided over the sale of a five-story, 23,000-square-foot retail building located at 459 Geary St. between the Clift Hotel and Curran Theatre in San Francisco’s Union Square. The sale price was not disclosed. Grubb & Ellis’ Daniel Cressman and Michael Taquino represented both the private-investor buyer and the seller, Walter Fong, who had operated Courtoué, a high-end men’s clothing store, at the property for more than 30 years.
SEATTLE — Marcus & Millichap has brokered the more than $1.9 million sale of the 27-unit Towne Apartments, located at 1717 12th Ave. in Seattle. The multifamily property consists of studio and one-bedroom units. Marcus & Millichap’s Robert Francis, Timothy McKay and Marc Cunningham represented the buyer, a limited liability company, in the transaction, and McKay represented the private-investor seller.
OXNARD, CALIF. — Marcus & Millichap has brokered the $19 million sale of Newport Landing 1 and 2, a 170-unit apartment community located at 5200-5300 South J St. within 1 mile of the Port Hueneme Naval Base in Oxnard. Built in 1965 and 1970, the 170,382-square-foot multifamily complex consists of separate but identical 85-unit buildings situated on more than 6.5 acres of land, together offering 40 one-bedroom/one-bath units, 110 two-bedroom/1.5-bath townhomes and 20 three-bedroom/1.5-bath townhomes. Marcus & Millichap’s Lane Schwartz and Jerry Wise represented both the private-investor buyer and the seller, one of the nation’s largest institutional lenders, in the REO transaction.
BURBANK, CALIF. — Cast & Crew Entertainment Services has signed a new headquarters lease for 51,064 square feet of Class A office space at 2300 Empire Ave. within Empire Center in Burbank. The 10-year lease is valued in excess of $15 million. Studley’s Scott Katcher and Len Nadler represented the provider of payroll services to the entertainment industry in the transaction; CB Richard Ellis’ Patrick Church and Anneko Greco represented the landlord. The first signed tenant at the 7-story, 364,000-square-foot, LEED Gold-certified project, Cast & Crew is expected to occupy the entire fifth floor of the newly built building on March 1, 2011.
NORTHGLENN, COLO. — ARA has brokered the $10.6 million sale of the thoroughly remodeled, 230-unit Highland Way Apartment Homes located just west of Interstate 25 in Northglenn. The more than 35-year-old multifamily property was 97 percent occupied at the time of sale. Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment of Atlanta-headquartered ARA represented the undisclosed seller in the transaction involving Denver-based real estate investor/buyer, Capital Real Estate.
COSTA MESA, CALIF. — In a 1031 exchange involving two Southern California multifamily properties, Marcus & Millichap arranged the sale of an 18-unit apartment building at 1420 Kelton Ave. in Los Angeles, the proceeds of which went toward the acquisition of the 40-unit Villa Cordova, located at 2323 Elden Ave. in Costa Mesa. Marcus & Millichap’s Justin White, John Vorsheck and Rebecca Caldwell, along with John L. Nguyen, found the replacement property, which consists of 26 one-bedroom units and 14 two-bedroom units.
BREA, CALIF. — Voit Real Estate Services has brokered the $4.95 million purchase of a 51,567-square-foot industrial property located at 660 North Puente in Brea. Voit’s Robert Socci and Joseph Miller represented the buyer, Data Technology Printed Circuits, in the transaction; the seller was Kilroy Realty Corp.