HAWTHORNE, CALIF. — Hodgdon-Miank Construction has completed a major renovation of a former Circuit City location for a new 33,952-square-foot Ashley Furniture HomeStore located at 14600 Ocean Gate Ave. in Hawthorne. Hodgdon-Miank Construction was the full-service, design-build contractor, and Irvine, Calif.-based KTGY Group, Architecture and Planning, was the project architect. Hodgdon Group Realty represented Ashley Furniture Industries in the acquisition of the Circuit City building.
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GLENDALE, ARIZ. — The 66-unit Desert Crest, a multifamily property located at 6141 North 59th Ave. in Glendale, has sold for approximately $1.551 million. Built in 1985, Desert Crest consists of 54,720 square feet on about 2.46 acres. Colliers International’s Bill Hahn, Jeff Sherman and Trevor Koskovich represented the buyer, Scottsdale, Ariz.-based DMG Property Holdings LLC, in the transaction; JP Morgan Chase bank, the seller, represented itself.
SAN DIEGO — Wood Partners has purchased Sunroad Centrum Residential, a 5.9-acre fully permitted apartment site located at 8798 Spectrum Center Blvd. in Spectrum Center Business Park in San Diego, for $21.5 million. Cushman & Wakefield’s Ed Rosen, John Chu and Alejandro Lombrozo represented the seller, Sunroad Enterprises, in the transaction, and Doug Matheson of CB Richard Ellis represented the buyer. Having purchased Sunroad’s original plans and building permits in the transaction, Wood Partners plans to begin construction this month on a 379-unit, two-building project, which will include a 750-space parking structure. Offering one- and two-bedroom units, as well as two-bedroom-plus-den floorplans, the complex is slated to open in first quarter 2012.
SAN DIEGO — Cushman & Wakefield has negotiated the sale of the nine-story, 80,320-square-foot Robert F. Driver Building located at 1620 Fifth Ave. in downtown San Diego. Terms of the deal were not disclosed. Constructed in 1985 and 40 percent leased at the time of sale, the building features an adjacent 5-story parking garage and immediate access to Interstate 5. Cushman & Wakefield’s Jeff Cole, Ed Hernandez, Steve Rowland, Michael Roberts and Matthew Carlson, as well as Bradford Perry of Perry Commercial Real Estate, represented Robert F. Driver Office Building LTD in its disposition of the property to 1620 Fifth Avenue LLC. Douglas Wilson Companies has been engaged to lead the reposition, management and leasing efforts at the well-known office building, which is situated on the east side of San Diego’s central business district.
HUNTINGTON BEACH, CALIF. — Colliers International has negotiated the lease of a 167,778-square-foot industrial building, located at 5800 Skylab Rd. in Huntington Beach, to Modular Wind Energy. Reportedly the largest lease transaction completed to date this year in west Orange County, the 5-year deal exceeds $4.9 million. Colliers’ Clyde Stauff represented the landlord, DCS Holdings, in the transaction, and CRESA Partners’ Jeff Shepard and Dillon Dummit represented the tenant, a manufacturer of blades for wind turbines. Situated within Huntington Beach Industrial Park, the building includes 16,000 square feet of executive office space.
MARANA, ARIZ. — The Larry L. Larson Family Trust Partnership LP has purchased a 22,468-square-foot industrial facility, located at 7825 North Hartman in Marana, for nearly $1.35 million. PICOR Commercial Real Estate Services’ Rob Glaser represented the seller, 4-D Properties, in the transaction, and Grubb & Ellis’ Ron Zimmerman represented the buyer.
HONOLULU — Glimcher Realty Trust has entered into an agreement with an affiliate of Blackstone Real Estate Advisors to purchase the Pearlridge Center in Honolulu for $245 million. Built in 1972 and renovated extensively in 1995-1996, Pearlridge is the second largest mall in Hawaii with a total rentable area exceeding 1 million square feet. Located in the community of Aiea within the Honolulu metro area, the property boasts an occupancy rate of 99 percent. The joint venture, which will consist of an 80 percent ownership share by the Blackstone Real Estate Advisors affiliate and 20 percent by the Glimcher affiliate, anticipates closing on the property in fourth quarter 2010. Glimcher will lease and manage the property.
CARPINTERIA, CALIF. — Online software training company, lynda.com, has purchased 57,474 square feet of office and industrial space located at 6410 Cindy Lane in Carpinteria. The company will most likely remodel the 31,553-square-foot office building and update the 25,921-square-foot warehouse building — which together had a listing price of $6 million — for a live-action recording studio for its online training videos. Hayes Commercial Group’s Christos Celmayster represented lynda.com in the transaction; Radius Group’s Bob Tuler, Paul Gamberdella and Gene Deering teamed up with CB Richard Ellis’ Michael Slater and Tom Dwyer to represent the seller, the Salvation Army.
ARVADA, COLO. — Partnering with a private family investment trust, NewMark Merrill Mountain States has purchased the 164,611-square-foot Arvada Marketplace East, located in the northeast quadrant of Interstate 70 and Wadsworth Boulevard in Arvada, from CapMark Bank for $3.35 million. Built in 1987 and 52 percent vacant at the time of sale, the shopping center will be repositioned by NMMS, a move that will include the addition of at least two major anchors. Cushman & Wakefield’s Timothy Richey represented NMMS’s acquisition team in the transaction.
ANAHEIM, CALIF. — Lee & Associates has closed the $5.1 million acquisition of a 52,000-square-foot industrial building located at 4240 E. La Palma in Anaheim. After a major renovation, the facility will be used as the corporate headquarters for InfoSend Inc. starting in first quarter 2011. Lee & Associates-Orange’s Scott Seal represented the buyer, Rezai & Son LLC, in the transaction, and Ben Seybold and Sean Ward of CB Richard Ellis Anaheim represented seller, Anaheim Manufacturing.