ANAHEIM, CALIF. — Marcus & Millichap has brokered the almost $4.3 million sale of the 29-unit Los Arcos Apartments located at 3340 W. Orange Ave. in Anaheim. The brokerage firm’s Greg Bassirpou and Nicholas Petrosian represented the seller, a limited liability company, in its disposition of the multifamily property to a 1031-exchange buyer.
Western
HAWTHORNE, CALIF. — A partnership of Kearny Real Estate Co. and Morgan Stanley Real Estate Fund V has sold 1.4 million square feet of industrial and manufacturing space, located at 190th and Figueroa Street within the Century Business Center in Hawthorne, to Buchanan Street Partners and Zelman Development Co. for $40 million. The entire space is leased by Vought Aircraft Industries, which recently renewed its space commitment through 2015. The sale involves one five-story, 254,000-square-foot office building and six industrial manufacturing buildings, including a 1 million-square-foot facility used by Vought as the sole manufacturing center for fuselage panels for Boeing's 747 aircraft. Kearny was represented by Fisher Corporate Real Estate’s Jeff Kernochan and Bill Palmer of The Palmer Team; Buchanan Street Partners and Zelman Development were represented in-house.
SUNNYVALE, CALIF. — In a joint venture with Harbert United States Real Estate Fund IV LP, Trumark Commercial has acquired a 130,000-square-foot office building located at 645 Almanor Ave. in the Perry Park area of Sunnyvale. Built in 1972, the two-story property has been vacant for several years; a $6 million to $7 million renovation of the property is scheduled to begin in 3 months with completion slated for year’s end. The all-cash transaction was brokered by Cornish & Carey Commercial’s Christine Sahadi-Slonek and Jeff Ramirez.
OCEANSIDE, CALIF. — Cushman & Wakefield has negotiated the $9.7 million sale of the 88-unit Forest Glen multifamily property located at 612 Los Arbolitos Blvd. in Oceanside. The 89,119-square-foot for-rent condominium development features one-, two- and three-bedroom units ranging from 700 to 1,220 square feet. Cushman & Wakefield’s Alejandro Lombrozo and Rachel Stankowski represented both the buyer, Virtu Investments, and the seller, Pacifica Companies, in the transaction.
SANTA MONICA, CALIF. — Sixteenth Street Medical Center LP will develop a three-story, 50,000-square-foot outpatient surgery facility located at 1223 16th Street in Santa Monica. The development team, led by Randall Miller of The Nautilus Group, will build the facility for UCLA, which signed a long-term lease in February to occupy the entire building. The Michael W. Folonis Architects-designed property will be situated across the street from the Santa Monica-UCLA Medical Center and Orthopedic Hospital and is expected to obtain LEED Gold certification upon completion.
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.
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.