TEJON RANCH, CALIF. — Tejon Ranch Co. and Rockefeller Group Development Corp. have broken ground for the construction of a second building at Tejon Industrial Complex, a 1,450-acre master-planned commercial development in Tejon Ranch. Part of the park’s 39-acre The Campus section, the 120,000-square-foot building is designed to serve the needs of manufacturers and smaller warehouse operators. Designed by Irvine, Calif.-based HPA, the facility is scheduled for completion by September 2008. Additionally, the partnership is currently constructing a 606,000-square-foot warehouse building on the site, which is set for completion in January 2008.
Western
SUN CITY AND SUN CITY WEST, ARIZ. — Healthcare Trust of America Inc. has agreed to purchase a 17-building medical office building portfolio in the northwest Phoenix area. Approximately 95 percent of the 641,000-square-foot portfolio is located on or adjacent to one of two major Banner Health hospital campuses. The purchase agreement, which should close within 45 days, provides the self-managed, non-traded REIT the opportunity to acquire two additional medical properties totaling approximately 60,000 square feet on the same campuses.
PETALUMA, CALIF. — Marcus & Millichap has handled the $52 million sale of the 492-unit Lakeville Resort apartment complex, located in Petaluma in the southern part of Sonoma County’s world-renowned wine country. Marcus & Millichap’s Stanford Jones, Phil Saglimbeni and Sal Saglimbeni represented the seller, Equity Residential. The brokerage firm also represented the buyer, Abacus Capital Group.
LOS ANGELES — Madison Partners has arranged the $7.15 million sale of the Kenmore Apartment Portfolio, three 1920s vintage apartment complexes located in the heart of Koreatown in Los Angeles. The three properties, which total 107 apartment units, are located at 407 S. Kenmore Ave., 530 S. Kenmore Ave. and 531 S. Kenmore Ave. Madison Partners’ Darin Beebower represented both the buyer, L.A.-based Vista Apartment Group, and the seller, Prana Ten Properties LLC.
FIFE, WASH. — Animal Supply Co. will expand and renew its current lease of a warehouse and distribution facility in Fife. The expansion of 42,600 square feet brings the company’s total lease up to 120,700 square feet. The financial terms of the 5-year lease with owner TIAA CREF were not disclosed. Cornish & Carey’s Joe Fabian and Scott Carter of Seattle-based Pacific Real Estate Partners represented Animal Supply Co. in the transaction.
FREMONT, CALIF. — Overton Moore Properties (OMP) has secured a 12-year lease with Solyndra Inc. for 506,490 square feet at Page Technology Park in Fremont. Terms were not disclosed, but the total value of the lease is believed to exceed $45 million. OMP was represented by Rob Shannon, Joe Kelley and Ben Knight of CB Richard Ellis and Greig Lagomarsino of Colliers International; Solyndra was represented by GVA Kidder Mathews’ John Olenchalk. Built in 1982, the property was acquired by OMP from Hewlett-Packard in December 2008.
HAYWARD, CALIF. — San Francisco-based Jaeger McHugh & Co. LLC has acquired Barrington Business Center, an approximately 203,515-square-foot multi-tenant industrial complex located in the Interstate 880 corridor in Hayward. Financial terms were not disclosed. Colliers International’s Greig Lagomarsino represented both parties in the three-building transaction, with colleague Joe Yamin assisting on the buyer’s side.
LINCOLN, CALIF. — Mercy Ministries of America has opened the doors of its first West Coast home, an approximately $6 million, 40-resident facility located just north of Sacramento at 1896 McClain Dr. in Lincoln. The Christian residential counseling program serves troubled girls and young women, ages 13 to 28. Offering a lead gift and operational support, The Buzz Oates Charitable Foundation, a Sacramento-area non-profit organization, was integral in making Mercy Ministries’ fourth home in the United States a reality.
SANTA CLARA, CALIF. — Applied Materials Inc. has signed a 150,480-square-foot warehouse lease at a RREEF America REIT II property, located at 1285 Walsh Ave. in Santa Clara. Colliers International’s Dave Sandlin and Steve Prehm represented the landlord and tenant, respectively.
BRISBANE, CALIF. — Williams-Sonoma Stores Inc. has renewed its two-building, 194,334-square-foot warehouse lease with property owner California State Teacher’s Retirement System in Brisbane. NAI BT Commercial’s Randy Keller and Marshall Hydorn represented the landlord in the transaction.