SAN DIEGO — Johnson & Jennings General Construction has completed the tenant improvement (T.I.) construction for Carl Zeiss Vision Americas Pacific regional headquarters in San Diego. Improvements for the 33,000-square-foot facility included build-out of two floors of offices, an exterior balcony for company functions, a conference center, and a reception area. Johnson & Jennings was retained by Carl Ziess Vision, a provider of lenses, coatings, Rx Lab services and equipment, for the $2.2 million project. Gensler San Diego provided architectural services for the project.
PACIFIC GROVE, CALIF. — The Korda Group has acquired Country Club Gate Center, a two-story jewel-box office building in Pacific Grove. The 21,047-square-foot facility sold for $3.75 million or $178 per square foot. Bob Safai and Ron Jacobson of Madison Partners represented the buyer and the seller, Fowler Properties, in the transaction.
SEATTLE, WASH. — Blake Rodgers, Daniel Swanson and Dino Christophilis of Marcus & Millichap’s Seattle office represented the undisclosed buyer in the acquisition of Crown Hill Retail in Seattle. Located at 8345 15th Ave. N.E., the 3,529-square-foot retail property sold for $2 million. The seller was not disclosed.
RANCHO BERNARDO, CALIF. — Newmark Realty Capital has arranged $3.1 million in financing for Bernardo Medical Office Building, which is located on Bernardo Center Drive in Rancho Bernardo. The 33,970-square-foot facility is occupied by medical and dental tenants. James Dick of Newmark’s Irvine, Calif., office secured the 15-year-loan for the borrower, Gilbert Martin Trust, through a San Diego-based credit union.
MONROE, WASH. — Ryan Kidwell of Marcus & Millichap’s Seattle office represented the undisclosed seller in the disposition of Sandra Lynn Apartments in Monroe. The eight-unit apartment community sold for $560,000. Located at 316 S. Kelsey St., the garden-style property was built in 1965. Kidwell also represented the undisclosed buyer.
DESERT HOT SPRINGS, CALIF. — McCarthy Building Companies has begun construction on the new $39.5 million Painted Hills Middle School in Desert Hot Springs. Located at 9250 Sonora Dr., the 138,000-square-foot project will feature classroom wings, central administration offices, a library/media center, a central courtyard, an outdoor amphitheater, a covered lunch shelter and a multi-purpose room with attached food service and locker rooms. Riverside, Calif.-based Ruhnau Clarke Associates provided architectural services for the project, which is slated for completion in 2011. Palm Springs Unified School District is developing the new school.
NAPA, CALIF. — Sunstone Hotel Investors Inc. has completed the disposition of the 274-room Marriott hotel in Napa. The property sold for $36 million. Sunstone estimates that the hotel would require approximately $6 million in near-term renovations to comply with Marriott brand standards. The gross proceeds of $36 million, plus the $6 million of renovations that Sunstone will not have to spend, equates to a 10.5x 2009 EBITDA multiple. The buyer was not disclosed.
WESTLAKE VILLAGE, CALIF. — Westlake Medical Center LLC has completed $1 million in renovations for Westlake Medical Center, which is located at 32144 Agoura Rd. in Westlake Village. The two-story, steel-frame building offers 30,000 square feet of medical/dental space. Tony Principe, Darin Arrasmith and Aaron Guerrero of Westcord Commercial Real Estate Services is marketing the property.
SAN RAFAEL, CALIF. — Cohen Financial has secured a $21.8 million loan for two mixed-use properties in San Rafael. The properties consist of San Rafael Town Center, a property located on 4th Street and featuring office/retail space and 113 apartments; and Montgomery Tech Center, an industrial and retail property located on Dubois Street. Paul Schroeder of Cohen Financial’s San Francisco office arranged the transaction. The borrower was not disclosed.
COMPTON, CALIF. — Forming Specialties Inc. has acquired a 40,041-square-foot industrial building, which is located at 1309 N. Walnut Parkway in Compton. Situated on 79,274 square feet of land, the property sold for $3.36 million. Forming Specialties is a sheet metal forming company, which has occupied the property for 20 years, and will continue to use the facility as owner/tenant. The seller was Edison LLC. Warren Noack, Kimberly Noack and Craig Summers of NAI Capital office represented both parties in the transaction.