LOS ANGELES — Dallas-based 7-Eleven Inc. is planning an aggressive growth plan for Southern California. The company plans to open more than 100 stores across the region in the next 3 years. The expansion will span seven counties: Los Angeles, Orange, Riverside, San Bernardino, San Diego, Ventura and Santa Barbara. The expansion investment for 2009 is approximately $50 million and expected to be more than $60 million for 2010. The company has hired CB Richard Ellis to serve as its exclusive brokerage firm in Southern California.
PORTLAND, ORE. — ProLogis has leased Building 4, a 246,000-square-foot industrial facility, to CNH Parts Service, the product support business of agricultural and construction equipment maker CNH Global. The space is located at ProLogis Park PDX, which is located near the intersection of Interstate 84 and Northeast 148th Avenue in Portland. This lease brings the 500,000-square-foot facility to full occupancy. CNH plans to use the space to distribute replacement parts and serve more than 130 New Holland, Case IH and Case Construction equipment dealerships in the Pacific Northwest. Additional terms of the transaction were not disclosed.
BURBANK, CALIF. — Preferred Media has signed a 10-year lease for 46,934 square feet of industrial/warehouse space at 2777 N. Ontario St. in Burbank. The company will consolidate several facilities into the new space. Steve Scott of Lee & Associates-LA North/Ventura represented the tenant; Gregory Geraci and David Harding of CB Richard Ellis represented the landlord, Second Street Ventures, in the transaction.
LOS ANGELES — The Grubb & Ellis Los Angeles offices have completed two transactions in the area. In the first transaction, MNM Group sold an 8,000-square-foot office complex, which is located at 1721-1725 Victory Blvd., for $1.8 million to The Witkin Family Trust. Darren Cline, George Stavaris and Colette Ramirez of Grubb & Ellis’ North Los Angeles office represented both parties. In the second transaction, Dana Brody of Grubb & Ellis’ West Los Angeles office represented the undisclosed seller in the $1.3 million disposition of 1234 North Virgil Avenue, a nine-unit multifamily property. Matt Artukovich of Lee & Associates represented the undisclosed buyer.
PHOENIX — Premier Lighting, a Southwest-based distributor of electrical fixtures and lighting supplies, has signed a 6-year lease for 17,064 square feet at Lincoln Sky Harbor, a multi-tenant, industrial project located at 2050, 2060 and 2070 S. 16th St. in Phoenix. The financial terms of the transaction were not released. Pat Feeney, Dan Calihan and Rusty Kennedy of CB Richard Ellis’ Phoenix office represented the landlord, Dallas-based Lincoln Property Co. The tenant was represented by Marc Hertzberg of Grubb & Ellis|BRE Commercial in Phoenix.
HONOLULU — Bristol Group has leased 36,223 square feet of office space at Alii Place in Honolulu to U.S. General Services Administration (GSA). GSA will occupy space on the 12th and 22nd floors of the 24-story, 340,000-square-foot building. Matthew Bittick of PM Realty Group represented the landlord in the lease transaction, which has a term of 10 years.
SACRAMENTO, CALIF. — The Lofts Apartments, c/o The Reliant Group, has acquired The Lofts, a 188-unit apartment community located at 3351 Duckhorn Dr. in Sacramento. Built in 2005, the property sold for $18.5 million. The 13-building community features a mix of one-bedroom flats/lofts and two-bedroom flats/lofts. Amenities include a 24-hour fitness center, a clubhouse, a community event center, a playground, picnic and barbeque areas, a resort-style heated pool, a hydrotherapy spa, a coffee bar, a DVD library, 64 direct-access garages and 90 detached garages. The seller was The Lofts LP, c/o Pacific West Companies, and Reno, Nev.-based Hearthstone Housing Foundation. Mark Feldman of Hendricks & Partners’ San Francisco office represented both parties in the transaction.
CORVALLIS, ORE. — Regency Centers has leased space to Trader Joe’s, a specialty grocer, at Corvallis Market Center, which is located at NW 9th Street and NW Garfield Avenue in Corvallis. Construction for the 12,000-square-foot store is scheduled to begin in August with completion expected in late 2009. With the addition of Trader Joe’s, the 84,548-square-foot shopping center is 100 percent leased by national merchants.
SANTA CLARITA, CALIF. — Advanced Bionics, a U.S.-based manufacturer of cochlear implants, has signed a 10-year lease for Summit Oaks, a five-story office building located within Valencia in Santa Clarita. The 146,385-square-foot property is owned by the developer, which is a joint venture between Parker Properties and DEXUS Property Group. The tenant is consolidating two locations into the new space, which is located at 28515 Westinghouse Place. Craig Peters, Doug Sonderegger and Bennett Robinson, also of CB Richard Ellis, represented the tenant; Doug Marlow and David Solomon of CB Richard Ellis represented the owners in the transaction. The value of the lease was not disclosed.
GLENDALE, ARIZ. — Phoenix-based Irwin Union Bank has completed the $1.7 million disposition of Glen Park, an 88-unit multifamily property located at 6301 N. 64th Dr. in Glendale. The Class C property consists of 10 two-story buildings offering one-, two- and three-bedroom units, which average 795 square feet. Community amenities include covered parking, an on-site laundry facility, a pool, courtyards and landscaping. Ric Holway of Hendricks & Partners’ Phoenix office represented the seller. The buyer was not disclosed.