Western

WEST AMERICA COMMERCE CENTER BUILDING ONE COMPLETED

by admin January 21, 2009

STOREY COUNTY, NEV. — Development Arts LLC has completed the construction of Building One of the 103-acre West America Commerce Center, which is located at 700 Milan Dr. in the Tahoe-Reno Industrial Center in Storey County. The 632,130-square-foot, cross-docked property features white TPO roofing, 30-foot clear ceiling heights, T5 lighting, 2 percent skylights, white-painted interior walls, 50-foot by 52-foot column spacing, 60-foot speed bays, 125 dock doors, parking for 314 cars and 207 trailers, and an ESFR fire-suppression system. The building can accommodate one to eight tenants. Additionally, the building is a LEED-registered project, with LEED-CS Silver Certification currently pending review.

January 21, 2009

COHEN FINANCIAL SECURES $10.33 MILLION IN FINANCING FOR TWO MF PROPERTIES

by admin January 21, 2009

ALOHA AND REDMOND, ORE. — Cohen Financial has secured loans totaling $10.33 million for two multifamily properties in Oregon. The properties are Masters Apartments, a 144-unit property located at 4505 SW Masters Loop in Aloha, and Glacier Vista Apartments, a 48-unit community located at 2750 SW Indian Ave. in Redmond. Both properties are currently 100 percent leased. Peter Norrie of Cohen Financial secured the fixed-rate, 70 percent loan-to-value, 10-year loans with 30-year amortization schedules for the undisclosed borrower. The lender was GSE.

January 21, 2009

Office Western

MULTI-MILLION DOLLAR RENOVATION COMPLETED ON TORREY PINES LAB BUILDING

by admin January 21, 2009

LA JOLLA, CALIF. — Touchstone Investments and Angelo Gordon & Company have completed the renovation of a 93,000-square-foot lab/office building, which is located at 11099 N. Torrey Pines Rd. in La Jolla. The renovations to the common area include new seating and collaboration spaces in the main commons area, and upgrades to the main lobby entry, restrooms and elevators. Additionally, the renovations include two high-profile tenant identification monuments located on North Torrey Pines Road and in front of the main lobby entrance of the building.

January 21, 2009

Multifamily Western

SILVER OAKS APARTMENTS SELLS FOR $4.5 MILLION

by admin January 21, 2009

EL CAJON, CALIF. — Merrick Matricardi, Eric Comer and Jim Neil of CB Richard Ellis represented Michael Contreras and Vivian Contreras in the purchase of Silver Oaks, a 57-unit apartment complex located at 945 Estes St. in El Cajon, for $4.5 million. The 57-unit property features one- and two-bedroom units ranging in size from 728 to 858 square feet, a swimming pool and spa, a rental office and on-site laundry facilities. The seller, Provident Savings Bank, was self-represented in the transaction.

January 21, 2009

Retail Western

KTR FAMILY LLC ACQUIRES $2.5 MILLION RETAIL BUILDING

by admin January 21, 2009

LA JOLLA, CALIF. — KTR Family Trust LLC has acquired a retail building, which is located at 7836-7838 Herschel Ave. in La Jolla, for $2.5 million. The 6,000-square-foot single-story building is currently occupied by Toys Etc. The buyer plans to renovate the property, however the current tenant will remain. The seller was The Martha Lynn Smith Revocable Trust. Mike Slattery of Grubb & EllisBRE Commercial represented the buyer in the transaction.

January 21, 2009

Industrial Western

133,125-SQUARE-FOOT INDUSTRIAL BUILDING SELLS FOR $15 MILLION

by admin January 20, 2009

POWAY, CALIF. — DEI LLC has acquired a 133,125-square-foot industrial building and 2.9 acres of land at 1400 Stowe Dr. in Poway. Hunter Douglas Inc. sold the property for $15 million. Barry Hendler, Matty Sundberg and Todd Murphy of Grubb & Ellis|BRE Commercial represented the buyer; Russ Sande and John Brady of CresaPartners represented the seller in the transaction. Additionally, the entire building has been leased to Cycle Express LLC, dba National Powersport Auctions. In the $6.6 million lease transaction, Hendler and Sundberg represented the landlord; Hendler, Murphy, Glenn Arnold and Bryce Aberg of Grubb & Ellis|BRE Commercial represented the lessee.

January 20, 2009

Industrial Western

VOIT COMMERCIAL COMPLETES SEVEN SALE TRANSACTION TOTALING $11.1 MILLION

by admin January 20, 2009

ORANGE COUNTY, CALIF. — Voit Commercial Brokerage has completed seven industrial sale transactions totaling $11.1 million in Orange County. Details of the transactions are as follows: • 1007 Bristol LLC acquired a 16,559-square-foot industrial property, located at 1007 Bristol Dr. in Costa Mesa, Calif., from Marni Meyers for $2.8 million. • Gergen Homes Inc. sold 19052 Goldenwest St., a 6,430-square-foot property in Huntington Beach, Calif., to Tung Family Trust for $1.7 million. • 1500 Lewis LLC purchased an 8,918-square-foot property, located at 1500 S. Lewis St. in Anaheim, Calif., from Joan Hill for $1.6 million. • LP Properties sold a 7,938-square-foot facility, located at 2160 E. Winston Rd. in Anaheim, Calif., to Jason Cho for $1.5 million. • Hedley San Clemente I LLC sold a 6,297-square-foot property, located at 216 Avenida Fabricante, Suite 106 in San Clemente, Calif., to J&D RE Investments 106 LLC, for $1.4 million. • Stacy and Jane Morgan purchased a 6,923-square-foot property, located at 1030 Ortega Way, Unit A in Placentia, Calif., for $1.1 million from Gam Duong. • Monty Blaeholder sold a 6,400-square-foot property, located at 10655 to 10661 Stanford in Garden Grove, Calif., for $1 million to Steven Howieson. Brokers participating in the transactions …

January 20, 2009

Industrial Western

TWO INDUSTRIAL BUILDINGS SELL FOR $10.5 MILLION

by admin January 20, 2009

RIVERSIDE, CALIF. — Grubb & Ellis’ Riverside office has completed the sale of two industrial buildings in Riverside totaling 100,260 square feet. In the first transaction, Iglesia de Cristo Elim Riverside Inc. has acquired a 58,516-square-foot building, which is located at 115 La Cadena Dr., from SJ Burkhardt Inc. for $6.5 million. The buyer will use the property to house a church. Ryan Velasquez, Milo Lipson and Eric Hutchins of Grubb & Ellis’ Riverside office represented the seller; Jose Lemus represented the buyer in the transaction. In the second transaction, DOE & Ingalls Management LLC acquired a 41,644-square-foot industrial building at 1060 Citrus Ave. in Hunter Park Business Center. Oakmont Industrial Group sold the property for $4 million. Velasquez and Lipson represented the seller in the transaction.

January 20, 2009

Office Western

CITY OF LOS ANGELES HOUSING AUTHORITY ACQUIRES OFFICE BUILDING

by admin January 20, 2009

VAN NUYS, CALIF. — The Housing Authority for the city of Los Angeles has acquired a two-story, 22,156-square-foot office building for $3.5 million. Located at 6946 Van Nuys Blvd. in Van Nuys, the property is currently occupied by the buyer. Cathy Scullin of NAI Capital Commercial represented the buyer; George Stavaris and Darren Cline of Grubb & Ellis’ North Los Angeles office represented the seller, Van Nuys-based KEPT LLC, in the transaction.

January 20, 2009

Retail Western

J.S. ROSENFIELD & CO. ACQUIRES RETAIL CENTER FOR $65 MILLION

by admin January 19, 2009

LARKSPUR, CALIF. — J.S. Rosenfield & CO. has acquired Larkspur Landing Shopping Center, a 173,000-square-foot retail center in Larkspur, for $65 million. Built in 1978, the 16-acre project is situated on the western edge of the San Francisco Bay and is adjacent to the Larkspur Ferry terminal. The property consists of five one- and two-story multi-tenant buildings that encircle a large public cobblestone courtyard. Additionally, the property has several pad buildings, including a 50,000-square-foot Bed, Bath and Beyond, and parking for approximately 1,000 cars. The center is currently 70 percent occupied. The buyer plans to reposition the center as country mart, an intimate non-anchored, open-air public environment with services, shops, boutiques and food purveyors. San Francisco-based Baldauf Catton Von Eckartsberg Architects is providing architectural services. Renovation plans include the removal of the existing hardscape in the center of the project and replacing it with landscaped picnic and outdoor eating areas, and a children’s playground. Additionally, the country mart will feature several public gardens where restaurant tenants can grow and harvest their own fruits and vegetables.

January 19, 2009

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