DANVILLE, CALIF. — Berkley Land Company has purchased an office property for $5.7 million. The 14,854-square-foot property is located at 600 San Roman Valley Blvd. in Danville. Tyler Brown of Lee & Associates represented the seller, Danville Investors LP, in the transaction.
GLENDALE, ARIZ. — N/A Sage Stone -81 LP, an affiliate of Santa Barbara, Calif.-based Nevins Adams Lewbel Schell, has purchased Sage Stone at Arrowhead, a multifamily community located at 6233 W. Behrend Dr. in Glendale. The 308-unit property features two resort-style swimming pools with spas, a clubroom with a kitchen and fireplace, a fitness center and a business center. The individual units feature 9-foot ceilings, crown molding, full-size washers and dryers, recessed lighting, oversized walk-in closets and private patios or balconies. At the time of acquisition, the property was 94 percent occupied. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller, a Midwest-based financial group, in the transaction.
EMERYVILLE, CALIF. — Hollis Street LLC has acquired a 55,000-square-foot office building, which is located at 5650 Hollis Street in Emeryville. The property, which is 100 percent leased to Bayer Pharmaceuticals, sold for $17 million or $309 per square foot. Barry Cohn of NAI BT Commercial Oakland represented the buyer in the transaction. The seller was Emeryville Quarters LLC.
CALEXICO, CALIF. — Phase 3 Properties has completed the development of a 124,800-square-foot industrial warehouse building, which is located at the corner of Pan American Street and Rood Road within the 78-acre Maggio Industrial Center in Calexico. The building features dock-high and grade-level doors with approximately 26- to 28-foot clear ceiling heights and secure truck parking. When complete, the three-phase project will encompass 298,260 square feet of industrial space. C.W. Driver served as general contractor; Smith Consulting Architects provided architectural services for the project.
SAN DIEGO — Locally-based Johnson & Jennings General Contracting has been selected to provide tenant improvement (T.I.) construction for Konica Minolta’s new offices, which are located at 5959 Cornerstone Court W. in the Sorrento Mesa area of San Diego. TA Associates Realty retained Johnson & Jennings for the 25,479-square-foot project, which is slated for completion this spring. Hurkes Harris Design Associates is providing architectural services for the project.
RENO, NEV. — 7-Eleven has broken ground for the development of a convenient store and fuel station at Damonte Ranch Town Center in South Reno. Current tenants of the 539,000-square-foot community shopping center include RC Willey, The Home Depot, Colonial Bank, Office Depot, Bully’s, Lamppost Pizza, Carvel Ice, McDonald’s, Starbucks Coffee and Mattress World. The center, which is owned by Lewis Retail Centers, is located at the corner of Damonte Ranch and Steamboat parkways.
SUNNYVALE, CALIF. — Laguna Niguel, Calif.-based Raintree Partners has acquired its first multifamily property. The firm purchased Trellis Square Apartment Homes, a 204-unit luxury apartment complex in Sunnyvale, for $38.25 million. Located at 963 E. El Camino Real, the property offers one- and two-bedroom units, a fitness center, a spa and a swimming pool. William Huberty and Matthew Holmes of CB Richard Ellis’ San Francisco office represented the seller, an affiliate of Northwestern Mutual, in the transaction. Financing was provided by Fannie Mae through Troy Tegeler and Bethany Bailey of CBRE Capital Markets.
SAN DIEGO — Philadelphia-based GVA Smith Mack has negotiated the lease renewal of 12205 World Trade Drive in San Diego. Johnson Matthey Inc. has resigned its lease for 35,094 square feet of office space. Jeff Mack of GVA Smith Mack represented the tenant in the transaction. The value of the lease was not disclosed.
DENVER — Denver-based ProLogis has closed on a $137.5 million, 5-year secured financing loan for ProLogis California Fund. The loan has a loan-to-value of approximately 50 percent with 21 industrial properties located in the Los Angeles Basin and Inland Empire. An undisclosed major life insurance company provided the financing.
RIVERSIDE, CALIF. — Sun Development and Management Corp. is developing a 132-room Hampton Inn & Suites by Hilton at Turner Riverwalk, a 1 million-square-foot, master-planned business park in Riverside. Located adjacent to the Medical Park at Riverwalk and the Shops at Turner Riverwalk, the hotel is slated for completion in first quarter 2010. Riverside Lodging Association purchased the 2.28-acre land parcel for the development of the hotel. When complete, Turner Riverwalk will feature 400,000 square feet of office space, 100,000 square feet of medical office space, 375,000 square feet of R&D and industrial space and 125,000 square feet of retail space.
