FOUNTAIN VALLEY, CALIF. — Mitsubishi Materials U.S.A. is breaking ground on a 52,840-square-foot headquarters facility, which will be located in Southpark Business Center in Fountain Valley. The company, which is currently headquartered in Irvine, Calif., has signed a 10-year lease with Southpark Business Center to occupy the building. Dave Desper and Chip Wright of CB Richard Ellis represented Mitsubishi Materials U.S.A. in the lease transaction.
REDLANDS, CALIF. — Kenco Logistic Services LLC has signed a 60-month lease for 517,346 square feet of space within Watson Commerce Center Redlands in Redlands. The lease is valued at more than $11 million. Kenco will use the LEED-certified facility as a cross-dock operation for all order fulfillment, shipping, receiving and inventory management of Ralston Foods’ Post brand cereal business. The facility is located at 26875 Pioneer Ave. Kenco is a third-party logistics solutions company. Ron Washle and Mark Kegans of Grubb & Ellis represented Kenco Logistic Services; Tom Taylor, Steve Bellitti and Josh Hayes of Commercial International represented the landlord, Watson Land Company, in the transaction.
LAS VEGAS — NorthMarq Capital has arranged first mortgage financing of $8.7 million for the Indian Ridge Apartments, a 184-unit apartment complex located in Las Vegas. Financing was based on a 15-year term and a 15-year amortization schedule. The lender was 40/86 Mortgage Capital.
CASTAIC, CALIF. — Castaic Universal Investors LLC has completed the development of Castaic Lake Plaza, a two-building complex located at 31905 and 31929 Castaic Rd. in Castaic. The project consists of a 15,000-square-foot Class A medical/professional office building and a 7,500-square-foot retail building, which is divisible to 750 square feet. Initial tenant occupancy for both buildings is slated for summer. The Equipoise Group and PacifiCal Development developed the project. Calabasas, Calif.-based Leslie Lippich Architect & Associates provided architectural services; Burbank, Calif.-based McCormick Construction served as general contractor for the project.
LITTLETON, COLO. — Sugarberry Holdings LLC has purchased 293 and 343 West Powers Place and 5600 and 5665 South Bannock Street in Littleton. The properties, which total 98 units, sold for $4.18 million. Greg Price of Marcus & Millichap’s Denver office represented the seller, Chase Bank, in the transaction.
LA MIRADA, CALIF. — Voit Commercial Brokerage has completed three transactions totaling $14.7 million in La Mirada. In the first transaction, Faro Services signed a 5-year lease for a 210,300-square-foot industrial building. The property is located at 15910 Valley View Ave. Cameron Driscoll and Luke McDaniel of Voit’s Anaheim, Calif., office represented the lessee in the $5.9 million transaction. The landlord, Warehouse Investment Partners, was self-represented. In the second transaction, DAUM Commercial Real Estate Services represented George Yao in the $5.5 million acquisition of a 59,000-square-foot building located at 15905 Canary. Peter Castleton of Voit’s Anaheim office represented the seller, RGB Partners. In the final transaction, Champion Exposition Services Inc. signed a 5-year lease for a 76,244-square-foot industrial building, which is located at 14701 Industry Circle. The transaction was valued at $3.3 million. Driscoll and McDaniel represented the lessee; Steve Sprenger and Shawn Kelter of Grubb & Ellis represented the landlord, Berns & Sanderson LP, in the transaction.
LAS VEGAS — Clark County’s political subdivision has signed a 10-year lease for 103,308 square feet of office space at Greystone Office Park in Las Vegas. The property is located at 1850 and 1900 E. Flamingo. The lease is valued at $27.1 million with an average monthly rental rate of $2.18 per square foot. Coldwell Banker Commercial represented the lessee. The lessor was not disclosed.
SANTA ANA, CALIF. — Tung Thanh Dinh et. al. has purchased Harbor Square, a 23,536-square-foot retail property located at 100-120 S. Harbor Blvd. in Santa Ana. The property includes a 20,764-square-foot L-shaped shopping center and a 2,772-square-foot restaurant with a drive-thru lane. Lin Estate Inc. sold the asset for approximately $7.42 million. Tom Nguyen of NAI Capital’s Newport Beach, Calif., office represented both parties in the transaction.
MONTEREY PARK, CALIF. — Korda Group has acquired a single-story, 55,564-square-foot office building, which is located at 1-25 Cupania Circle in Monterey Park. Fowler Property Acquisitions sold the property, which was built in 1971, for $8.05 million. The buyer will assume a 70 percent existing LTV. Ron Jacobson and Bob Safai of Madison Partners represented the seller in the transaction.
MIDVALE, UTAH — R&O Construction Co. is currently building a new Salt Lake County Public Works Administration building, which will be located at 617 West 6960 S. in Midvale. The 22,805-square-foot building is seeking LEED Gold certification. Green elements of the building include concrete walls, recycled concrete countertops, the use of reclaimed trestle wood, bamboo floors and ceilings, and energy efficient solar panels. Completion is slated for December 2009.