SAN DIEGO — Voit Real Estate Services has directed the $5.4 million sale of a 53,000-square-foot office property located at 6701-6861 Convoy Court in San Diego. Voit’s Harry Stone represented the seller, Kearny II LLC, in the transaction, and Inmook Hwang of American National Realty represented the buyer, Korean United Methodist Church of San Diego.
IRVINE, CALIF. — The Fazeli Family Trust purchased a 25,328-square-foot industrial/showroom building, located at 8645 Research Drive in Irvine, for $4.5 million. Grubb & Ellis’ Dave Kluver represented the buyer in the transaction, and Craig Fitterer of Lee & Associates represented the seller, McMahon Limited Partnership.
OCEANSIDE, CALIF. — Rockefeller Group Development Corp., a subsidiary of New York-based The Rockefeller Group, has completed the development of an 84,000-square-foot outpatient clinic for the U.S. Department of Veterans Affairs. The clinic is located within Seagate Corporate Center at 1300 Rancho Del Oro in Oceanside. The two-story facility features a back-up generator for emergency power and two MRI pads that accommodate the onsite mobile MRI units. San Diego-based Smith Consulting Architects provided architectural services; San Diego-based Raymond Fox & Associates provided medical architectural and interior design services; Reno Contracting of San Diego served as general contractor for the project. Additionally, Capital Partners Development Co. provided project development management; RBF Consulting served as civil and traffic engineers; and Ridge Landscape Architects provided landscape architectural services for the facility.
LA CAÑADA, CALIF. — A partnership of private individuals has acquired Foothill Promenade, a 42,093-square-foot shopping center located at 475 Foothill Blvd. in La Cañada. Redwood City, Calif.-based Dollinger Properties sold the property for $16 million. The 2.75-acre center is occupied by Trader Joe’s, Union Bank, Petco, Aaron Brothers, Starbucks and Han’s Beauty. Built in 1995, the property was 100 percent occupied at the time of acquisition. William Asher of Hanley Investment Group, Jim Barthe of Pasadena, Calif.-based Real Estate Portfolio Specialists, and Paul Strauss and Nathan Strauss of Monrovia, Calif.-based ASB Property Management represented the buyer in the transaction.
BOULDER, COLO. — The Denver office of NorthMarq Capital has arranged a $1.85 million loan for the refinancing of 2500 Arapahoe, a two-story office building in Boulder. The 17,639-square-foot, Class B office building is currently leased to five tenants, including JPMorgan Chase. The building is located within the Safeway-anchored Arapahoe Village Shopping Center. Greg Benjamin and Jim DiRienzo secured the financing for the undisclosed borrower.
GILBERT, ARIZ. — Kirkland, Wash.-based Sonoma Landing Apartments LLC has purchased Sonoma Landing, a multifamily property located at 4776 E. Guadalupe Road in Gilbert. Built in 2001, the property offers 84 one-bedroom, 112 two-bedroom and 24 three-bedroom units. Additionally, the gated community offers garages, two pools, a spa and a movie theater. Aspen, Colo.-based CTA Venture NO. 9 LLC sold the property for $20 million. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix brokered the transaction.
UNION CITY, CALIF. — Caravan Trading Co. has exercised its option to acquire 33333 Western Ave. in Union City. Situated on 6.2 acres, the approximately 70,000-square-foot manufacturing building was purchased for $6.2 million. The buyer, Caravan Trading, will now occupy the former waste management building. Todd Severson of Colliers International represented the buyer; Robert Ferraro and Michael Ferraro of CB Richard Ellis represented the undisclosed seller in the transaction.
FRESNO, CALIF. — Cohen Financial has arranged a $17.9 million loan for the acquisition of Torrey Ridge apartment complex, which is located at 222 S. Clovis Ave. in Fresno. The multifamily property features 418 units. Mark Strauss and Kevin Greenberg of Cohen Financial secured the 7-year, fixed-rate loan at 80 percent loan-to-value with a 30-year amortization schedule. Wells Fargo Multifamily Capital funded the loan through its Fannie Mae program for Real Estate Opportunity Capital Fund.
SAN FRANCISCO — The first phase of a 2-year renovation project commences in August at Moscone Center, San Francisco's largest convention facility. The $55 million project includes cosmetic improvements to the main exhibit halls, A, B and C, and minor HVAC work in the North meeting rooms. The second phase, which will begin in December, include cosmetic upgrades to selected restrooms and the renovation of meeting rooms in Moscone North. Built in 1981 and most recently expanded in 2003, the 20-acre convention complex consists of three main buildings — Moscone North, South and West — totaling more than 2 million square feet and offering 740,000 square feet of meeting and exhibition space. The renovation project is being funded by the City of San Francisco, providing $35 million, and the San Francisco Tourism District Management Corp., which is providing $20 million. Jones Lang LaSalle's Project and Development Services group has been selected to manage the project.
NORTH HOLLYWOOD, CALIF. — Los Angeles-based 6101 Clybourn LP has acquired Provence Way Apartments in North Hollywood for $7.6 million. Located at 6101-6125 Clybourn Ave., the 88-unit property offers 27 one-bedroom/one-bath units and 67 two-bedroom/one-bath units. Additionally, the property features a playground, barbecue grills and landscaped courtyards. Darin Beebower of Madison Partners represented the buyer and the seller, Valley Associates, in the transaction. Brian Eisendrath of CB Richard Ellis Capital Markets secured 10-year, fixed-rate financing through Freddie Mac for the buyer.