IRVINE, CALIF. — Lifted Research Group Inc., a men’s urban clothing company, has signed a 5-year lease for a 90,975-square-foot industrial property in Irvine. The property is located within the Irvine Spectrum at 9600 Toledo Way. The transaction was valued at $3.9 million. Michael Hartel and Kevin Turner of Voit Commercial Brokerage represented the lessor, CWV Commercial Properties, in the transaction; Ryan Harman of Lee & Associates represented the lessee.
LOS ANGELES — Los Angeles Unified School District (LAUSD) and WWCOT Architects have completed the Edward R. Roybal Learning Center in downtown Los Angeles. The $132.74 million, 25-acre campus includes 100,000 square feet of new construction, including a 500-seat classroom building, library, auditorium, music and drama classrooms and food services; and renovation of approximately 72,808 square feet of classrooms and 299,584 square feet of gym and parking space in the existing buildings, which were converted into six 500-seat academies. Additionally, the project included the demolition of two unfinished structures; implementation of an earthquake fault setback; integration of a complex between-slab methane ventilation system; the addition of outdoor courtyards and an adjacent 10-acre community park. The school can serve up to 2,800 students in grades 9-12.
LA VERNE, CALIF. — Combined Properties has completed the development of The Commons at La Verne in La Verne. Located at the intersection of Foothill Boulevard and Wheeler Avenue, the $29 million redevelopment project included a 20,000-square-foot expansion to the center. Anchor tenants of the revitalized 125,000-square-foot center include a state-of-the-art Vons Grocery Store and Fuel Station, Ross Dress For Less and Famous Footwear. The center is 94 percent leased. The grand opening is slated for later this month.
HAYWARD, CALIF. — A division of Mill Valley, Calif.-based Thompson|Dorfman Partners LLC has acquired Dorchester House, a 68-unit multifamily community located in Hayward, for $7.1 million. The community comprises four buildings offering one- and two-bedroom units and a central pool and courtyard. The buyer plans to rehabilitate the property. Nathan Blair, David Silver and Casey Davis of Arroyo & Coates represented the seller, Pleasanton, Calif.-based Seaview Financial, in the transaction; the buyer was represented in-house.
DENVER — The Denver regional office of NorthMarq Capital has arranged $6.54 million in permanent financing for Cheyenne Creek Apartments, which is located south of Denver. Built in 1995, the 87-unit complex features two four-story buildings with elevator access to all floors. The units feature 9-foot ceilings, patios/balconies, full-size washer/dyers, cable-ready TV and wood burning fireplaces. The community offers a clubhouse with fitness and business centers, an indoor pool and a hot tub. The borrower is Seattle-based Weidner Investment Services Inc. Greg Benjamin and Steve Mumford of NorthMarq Capital arranged the financing.
LAS VEGAS — Las Vegas Sands has entered into an agreement with Starwood Hotels & Resorts Worldwide Inc. to develop The St. Regis Residences at the Venetian Palazzo in Las Vegas. Currently under construction between Las Vegas Sands’ Palazzo and Venetian resorts on the Las Vegas strip, the property will feature 398 luxury residences, ranging in size from 1,700 to more than 10,000 square feet for a duplex villa with private pool. Additionally, the property will offer the Signature St. Regis Butler service, custom tailored experiences and luxury accommodations. Completion is slated for March 2010.
PALM DESERT, CALIF. — Passco Companies Development has closed escrow on Washington Square, a 50,000-square-foot retail development center in Palm Desert. Located at Washington Street and Market Place, the 6-acre development is currently anchored by a 17,000-square-foot Rite Aid. With all other site work throughout the project complete, Passco is able to build out to ground lease five additional pad sites. The purchase price for the land, site improvements and Rite Aid structure was $12.5 million. Bank of the West provided an A&D loan totaling approximately $11.5 million for the acquisition. Paul Bitoni of Marcus & Millichap Investment Brokerage represented both parties in the transaction. The seller was not disclosed.
MORENO VALLEY RANCH, CALIF. — Lone Tree, Colo.-based SecurCare has purchased Self Storage Depot in Moreno Valley Ranch for $7.55 million. The 117,000-square-foot property is divided into 850 units. The seller was Corona, Calif.-based Moving & Self Storage Depot LLC. Stephen Grossman of Lee & Associates-Newport Beach Inc. represented the seller; the buyer was represented in-house.
SANTA ANA, CALIF. — Pacific Foods Distribution has purchased a 28,510-square-foot industrial property, which is located at 3431 W. Carriage Dr. in Santa Ana, for $4.9 million. Situated on a 1.9-acre site, the two-story facility features 6,000 square feet of high-image executive office space, five dock-high positions and access to the 55 and 405 freeways. Andy Friedman of Industrial Properties represented the buyer; Chris Migliori of DAUM Commercial Real Estate Services represented the seller, Mehrdad Safari, in the transaction.
SPARKS, NEV. — A San Juan Capistrano, Calif.-based private investor has purchased Sparks Plaza, an approximately 17,400-square-foot office flex building in Sparks. The fully leased, three-tenant property is located at 780 Vista Blvd. The transaction was valued at $3.92 million with a 6.8 percent CAP rate. Aiman Noursoultanova of CB Richard Ellis represented the seller, J.B. Company LLC, in the transaction.