MIRA LOMA, CALIF. — Grubb & Ellis has represented a private investor in the $5.8 million purchase of Grapevine Business Center located at 3030 and 3090 Grapevine St. in Mira Loma. Constructed in 2008, the center comprises two industrial buildings totaling approximately 85,000 square feet. Grubb & Ellis’ David Wu represented the buyer, David Deng, in the transaction, and Greg Ashwill of Ashwill Associates represented the seller, Panattoni Development Co. Deng’s import and distribution company, Nanjing Electric ProCom, will occupy the 51,034-square-foot Building B; Building A is currently unoccupied.
Western
CARSON, CALIF. — Watson Land Co. has leased out 119,077 square feet of industrial space located within the Dominguez Technology Center at 18620 Harmon Ave. in Carson. The 5-year lease is valued at $5 million. Mohr Partners’ Dina Zavislak represented the Eden Prairie, Minn.-based lessee, C.H. Robinson Worldwide, in the transaction, and Watson Land was represented in-house by Lance Ryan and Mike Bodlovich.
TEMECULA, CALIF. — Faris Lee Investments has completed the $4.8 million sale of a two-tenant, 10,000-square-foot retail property located adjacent to the Temecula Promenade Mall at 40758 Winchester Road in Temecula. Built in 2000, the property is fully occupied by Verizon Wireless and The Vitamin Shoppe. Faris Lee’s Jeff Conover and Richard Walter represented Beverly Hills, Calif.-based Plaza Temecula LLC in its all-cash disposition to 1031-exchange buyer, R&R Real Properties of Los Angeles.
RANCHO PALOS VERDES, CALIF. — Marcus & Millichap has brokered the more than $22.8 million sale of The Madison, a 90-unit luxury apartment building located at 6507 and 6510 Ocean Crest Drive in Rancho Palos Verdes. The 118,874-square foot property features 19 one-bedroom/one-bath units and 71 two-bedroom/two-bath apartments. Marcus & Millichap’s Ron Harris represented both the Phoenix-based buyer, Alliance Residential, and the seller, a Northern California-based investment group, in the transaction.
TACOMA, WASH. — Gramor Development Washington has purchased the 53-unit Pine Villa Townhomes in Tacoma. Completed in 2009, the multifamily complex was originally intended to offer for-sale units, but was foreclosed on by Venture Bank, which was then subsequently closed by the FDIC. Afterwards, First Citizen’s Bank of North Carolina acquired Venture’s assets, including the 69,479-square-foot, 16-building Pine Villa Townhomes, which consists of 2-, 3- and 4-bedroom floor plans.
LAKEWOOD, COLO. — Apartment Realty Advisors has brokered the $1.35 million sale of a 34-unit multifamily property located at 1205-1225 Yukon Street in Lakewood. Built in 1961 and 90 percent occupied at the time of the sale, Twin Arms Apartments is situated within 300 yards of a future light-rail station. ARA’s Shane Ozment and Terrance Hunt represented the un-named seller in the transaction.
FONTANA, CALIF. — CB Richard Ellis has negotiated the sale of a 122,693-square-foot warehouse and manufacturing building located at 13414 Slover Ave. in Fontana. Terms of the deal, which included a partial leaseback, were not disclosed. CBRE’s Walt Chenoweth, Frank Geraci, Patrick Wood and Juan Gutierrez represented the seller in its disposition of the property to Ecoplast Corp., a plastics recycling company.
FOUNTAIN HILLS, ARIZ. — Cassidy Turley BRE Commercial has completed the $3.1 million sale of a 42,126-square-foot Class B office building at Red Rock Business Center, located at 17100 E. Shea Blvd. and 9624 N Monterey Road in Fountain Hills. Lincoln, Neb.-based BRM Arizona LLC purchased the 50 percent-leased building from CTF5-Firerock LLC. Cassidy Turley’s Eric Wichterman and Mike Coover represented both the buyer and seller in the transaction.
SAN DIEGO — BAE Systems San Diego Ship Repair Inc. has renewed its lease for an 86,254-square-foot warehouse building located at 655 Gateway Center Way in San Diego. The 5-year renewal agreement is valued at more than $3.5 million. CB Richard Ellis’ Shane Harmon and Rob Hixson represented the landlord, JTF Enterprises, in the lease deal, and CresaPartners’ Glenn Friedrich, Russ Sande and Gene Sachs represented BAE Systems.
WOODLAND PARK, COLO. — Marcus & Millichap has announced the $1.825 million sale of Woodland Park Plaza, a 23,872-square-foot retail property located at 1063-1099 and 1103-1131 East Highway 24 in Woodland Park. The property is anchored by Safeway, which was not included in the deal. Marcus & Millichap’s Jon Hendrickson and Garrette Matlock represented the seller in the short-sale transaction, and the brokerage firm’s Barry Higgins represented the buyer.