LOS ANGELES — NorthMarq Capital has arranged $22 million in permanent financing for The Metro Art Apartments, located at 11771 Montana Ave. in the Brentwood area of Los Angeles. The recently constructed multifamily complex offers 62 luxury units with one-, two- and three-bedroom options and includes a state-of-the-art fitness center, a weight room and private, gated underground parking. NorthMarq’s Paul Bruder and Chris Williams arranged the financing for the undisclosed borrower.
Western
SAN DIEGO — Cruzan Monroe has purchased a 48,100-square-foot office building, located at 7650 Convoy Court in San Diego’s Kearny Mesa submarket, from Pacific Bell Telephone Co. for $5.05 million. CB Richard Ellis’ Paul Komadina, Paul Lafrenz and Christina Roush represented the buyer in the transaction, and the brokerage firm’s Rob Merkin and Bill Dolan represented the seller. Cruzan Monroe plans to immediately begin upgrades to the single-story property, which was built in 1971 and formerly occupied by AT&T.
DENVER AND AURORA, COLO. — The joint venture of PCCP LLC and San Francisco-based Jackson Square Properties has acquired two lender-owned, Class B apartment properties totaling 1,114 units in the Denver area. The portfolio consists of the 688-unit Hickory Ridge Apartments, located at 2134 S. Richfield Way in Aurora, and the 426-unit Lakes at Monaco Pointe Apartments, located at 6165 E. Iliff Ave. in Denver. Built in 1975, Lakes at Monaco Pointe features five three- and five-story buildings with one- and two-bedroom configurations. Built in 1985, Hickory Ridge comprises 34 two-story buildings in one-, two- and three-bedroom configurations.
FONTANA, CALIF. — Lee & Associates has negotiated Allied West Paper Corp.’s 10-year, $20.5 million lease of the Midway Distribution Center, a 611,968-square-foot industrial property located at 11101 Etiwanda Ave. in Fontana. Lee & Associates’ Jeff Smith and Jeff Huberman represented the tenant in the transaction. Beginning a phased occupancy on Dec. 15, Allied West also has plans to add 100,000 square feet of manufacturing space and 15,000 square feet of office space to the 4-year old building, which will be used as the company’s corporate headquarters.
SAN DIEGO — BioMed Realty Trust has purchased a 49,347-square-foot Class A office building, located at 10240 Science Center Drive in San Diego’s Torrey Pines submarket, from Trammell Crow Co. for $17.75 million. CB Richard Ellis’ Louay Alsadek, Evan August, Ryan Egli and Matt Nickels represented both the buyer and the seller in the transaction. Built in 2002 and 100 percent leased to eBioscience, the two-story building is the corporate headquarters for the privately held life-science/biotech company.
BERKELEY, CALIF. — Arroyo & Coates has represented a private partnership in the $7 million sale of Renaissance Villas, a mixed-use property consisting of 34 apartments and 2,200 square feet of retail space located along University Avenue near the intersection of California Street, less than one mile west of the main entrance to the University of California at Berkeley. Originally constructed in 1998, the property comprises one- and two-bedroom apartment units and two retail spaces. Arroyo & Coates’ Nathan Blair represented the seller in the transaction; Equity Residential, the Chicago-based buyer, acted on its own behalf.
IRVINE, CALIF. — DAUM Commercial Real Estate Services has represented BMD Investment Group LLC in its more than $2.75 million disposition of a 25,185-square-foot industrial building located at 15 Chrysler in Irvine. DAUM’s Chris Migliori represented the seller in the transaction, and CB Richard Ellis’ Gregg Haley represented the buyer.
MOORPARK, CALIF. — Construction has begun for the new $12.7 million home of Moorpark College’s Exotic Animal Training and Management Program (EATM). Replacing two portables that have served EATM’s staff, students and 150-plus animal inhabitants, the new facility will include two 50-seat classrooms, a veterinary medicine laboratory, a bookstore, a ticket booth and faculty offices. Overcoming the challenges of working in close proximity to exotic animals and building the structure into the campus’ hillside, Heery International is providing construction management services for the 13,000-square-foot facility, which is slated for completion in April 2011. Based at Moorpark’s Ventura County, Calif., campus, the EATM prepares students for careers working with animals in television, film, zoos, theme parks and more.
PHOENIX — NAI Horizon has negotiated the $4.6 million sale of a 45,199-square-foot industrial building located at 3433 E. Wood Street in Phoenix. NAI Horizon‘s Matt McDougall and Jeff Adams represented the seller, DKS Properties LLC, in the transaction; Commercial Properties Inc.’s Adam Hansen and Fred Buck represented the buyer, Soncell North America.
SAN DIEGO — Cresta Verde Inc. has purchased a 6,886-square-foot, multi-tenant retail building, located at 350 University Ave. in San Diego, from Southrail Equities LLC and CAM 350 Group LLC for $4.15 million. Cassidy Turley BRE Commercial’s Chuck Klein and Kevin Held represented both the seller and the buyer in the transaction, with the brokerage firm’s Rick Reeder representing the seller as well.