SAN BERNARDINO, CALIF. — CB Richard Ellis has completed Hillwood Investment Properties’ 5-year, 415,825-square-foot industrial lease to Royal Appliance Manufacturing Co., which plans to relocate to the new location at 925 9th St. in San Bernardino upon completion of tenant improvements at the beginning of May. CBRE’s Frank Geraci, Walt Chenoweth, Juan Gutierrez and Patrick Wood represented the landlord in the transaction.
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HARBOR CITY, CALIF. — Watt Commercial Properties has broken ground on a $14 million redevelopment effort at the 107,682-square-foot Palo Woods shopping center in Harbor City. Redevelopment plans include converting the existing Kmart building into two separate retail spaces and creating two new 3,000-square-foot retail pads to front Sepulveda Boulevard. Ross Dress for Less and L.A. Fitness have already secured the spaces in the old Kmart building, both under 10-year leases. Watt expects the entire 9-acre project to be complete in third quarter.
SAN DIEGO — Bixby Land Co. has acquired a 50,000-square-foot research and development facility, located at 6325 Lusk Blvd. in the Sorrento Valley submarket of San Diego, for $9.2 million. Constructed in 1991, the single-tenant R&D building is occupied by Quantum Designs. Voit Commercial Brokerage’s Harry Stone represented both Bixby, an Orange County, Calif.-based private REIT, and the seller, LBA Realty, in the transaction.
SAN DIEGO — Douglas E. Barnhart purchased 12,760 square feet of office space, located at 10803 Thornmint Road in San Diego, from Mission Federal Credit Union for $3.5 million. Cassidy Turley BRE Commercial’s Brian Driscoll, Rick Reeder and Brian Starck represented the seller in the transaction.
TUSTIN, CALIF. — Hanley Investment Group Real Estate Advisors has handled the nearly $3 million sale of a 9,597-square-foot retail property located at 13842 Newport Ave. in Tustin. Built in 1986 and 100 percent occupied at the time of sale, Walnut Newport Center is a four-tenant strip center anchored by Blockbuster Video. Hanley Investment Group’s Edward Hanley and Eric Wohl represented the seller, Westwood Financial of Los Angeles, in the all-cash transaction, and Chuck Hathoot of Prudential California Realty represented the Orange County, Calif.-based buyer, Lee Family Trust.
North Las Vegas — In a joint venture with Buchanan Street Partners, CIP Real Estate has leased a Class A industrial building to Cox Communications Las Vegas Inc. The long-term, approximately $5.5 million lease is for the 84,397-square-foot building located within Hughes Cheyenne Center at 985 Trade Drive in North Las Vegas. Voit Real Estate Services’ Kevin Higgins represented the landlord in the transaction, and CB Richard Ellis’ Jeremy Green represented Cox Communications.
SUNNYVALE, CALIF. — Accuray recently signed a 113,616-square-foot lease for two R&D buildings located within LaSalle’s Caribbean Corporate Center at 1310 and 1320 Chesapeake Terrace in Sunnyvale. GVA Kidder Mathews’ Dave Vanoncini and Jim Maggi represented the medical device company in its negotiations with the landlord. The deal was structured to allow Accuray to remain in its current space while a new building is built to the company’s specifications with a second-floor pedestrian bridge connecting the two.
SAN JOSE, CALIF. — Cassidy Turley BT Commercial has brokered the $24 million sale of the more than 13-acre former San Jose Medical Center property located at 725 E. Santa Clara St. in downtown San Jose. Purchasing the property from San Jose Hospital L.P., Santa Clara County will demolish approximately 300,000 square feet of existing medical buildings, while one 30,000-square-foot facility will be left to serve as an urgent-care clinic. Cassidy Turley BT Commercial’s Drew Arvay and Keith Claxton represented the seller in the transaction.
SANTA MONICA, CALIF. — Marcus & Millichap has brokered the $4.15 million sale of a 9,940-square-foot Aaron Brothers located in Santa Monica. The firm’s Lior Regenstreif and Kyle Matthews represented the seller, a private investor, in the transaction involving the net-leased property.
CORONA, CALIF. — Faris Lee Investments has completed the $2.6 million sale of a Wells Fargo Bank building located at 11764 De Palma Rd. in Corona. Built in 2009, the 5,000-square-foot property is situated within The Shops at Sycamore Creek. Faris Lee’s Dennis Vaccaro and Richard Walter represented the seller, Orange County, Calif.-based Shops at Sycamore Creek LLC, in the transaction.