NEWPORT BEACH, CALIF. — Sierra Madre, Calif.-based Richter ET, AL has purchased Newport Terrace, a 49-unit multifamily community in Newport Beach. Located at 1401-1409 Superior Ave., the property sold for $11.3 million or $230,612 per unit. Constructed in 1963-1974 and renovated in 2003, the community consists of seven two- and three-story buildings offering 22 one-bedroom/one-bath units, 25 two-bedroom townhome units and two three-bedroom/two-bath units. Common-area amenities include a pool, a spa, community barbeques, garages, a fitness center and a business center/leasing office. Steven Brombal of Hendricks & Partners’ Newport Beach office represented the seller, Laguna Hills, Calif.-based Newport Terrace LP, in the transaction.
CARLSBAD, CALIF. — Mercedes-Benz Research & Development has acquired a 34,799-square-foot research and development (R&D) facility in Carlsbad. Located at 2250 Rutherford Rd., the property sold for $6.9 million. The buyer plans to relocate its Irvine, Calif.-based Advanced Design Studio to the new location this month. Currently, Mercedes-Benz Research & Development has three other design studios in Japan, Italy and Germany. David Crabb, Herb Hafter, Jeff Babikian and Roger Carlson of CB Richard Ellis represented the buyer; UL Equis represented the seller, Chrysler LLC, in the transaction.
TEMPE, ARIZ. — A 12-story office tower in Tempe has traded hands for $92.5 million. The 299,540-square-foot, Class A tower is located within Hayden Ferry Lakeside, a 43-acre mixed-use development of office, retail and residential space. SunCor Development Co. has sold the building to HF Lakeside II LLC, a subsidiary of Sumitomo Corporation of America. “SunCor has done a superb job attracting blue-chip companies to this mixed-use development,” said Robert Obringer, vice president of HF Lakeside II LLC. “This waterfront property and the overall vision for Hayden Ferry Lakeside are extremely impressive and the quality architecture, construction and central location are what drove us to be a buyer,” he said. The property is currently 83 percent leased to tenants such as KPMG, MetLife, and Fidelity National Title Insurance. “Hayden Ferry Lakeside is well on its way to achieving the ultimate vision created by SunCor,” said Randy Levin, vice president of commercial/urban development and design for SunCor. “Vibrant commercial and residential aspects of the development are flourishing. Clearly, the central live-work-play theme of Hayden Ferry Lakeside is striking a chord in this market,” Levin said. The sale transaction was negotiated by executive director Chris Toci and director Ted Harrison of Cushman …
LOS ANGELES — Fox Interactive Media has signed a 12-month lease for 421,000 square feet of office space at Horizon at Playa Vista in Los Angeles. The company will occupy virtually the entire first phase of the 15-acre office campus. The first phase consists of two five-story buildings surrounded by pedestrian pathways and open courtyard spaces. Designed by Johnson Fain, the property features many modern aspects including a progressive, contemporary design and state-of-the-art workplace technology. Located at the intersection of Bluff Creek Drive and Campus Center Drive, the property is seeking Gold LEED certification. Fox Interactive plans to consolidate its Los Angeles facilities, which currently house a variety of companies including My Space, Fox Sports Interactive and Rotten Tomatoes. The company plans to take occupancy by June 2009. Cushman & Wakefield arranged the lease on behalf of the owners, Lincoln Property Company and ASB Real Estate Investments; Studley Inc. represented Fox Interactive Media.
DENVER — Gart Properties LLC has partnered with ING Clarion Partners LLC to purchase Denver Pavilions, a 347,000-square-foot shopping center located along 16th Street Mall in downtown Denver. Denver Pavilions Real Estate Owner LLC sold the property for $94.5 million. Current tenants include Niketown, Barnes & Noble, Virgin Megastore, Maggiano’s Little Italy, Corner Bakery Café, United Artists theaters and Jazz at Jack’s. The buyers are planning to invest an additional $25 million on renovations and new tenant incentives.
SAN DIEGO — Trammell Crow Company’s (TCC) private equity group has acquired a 49,347-square-foot office building, which is located within the Torrey Pines submarket of San Diego. Constructed in 2001 and located off Genesee Avenue, the two-story property features 24,674-square-foot floorplates, 9-foot ceilings with acoustical system and ample parking. TCC’s private equity group, along with the firm’s Southern California Business Unit, plan to renovate and update the asset and reposition it as either Class A office space or lab/biotech space for single or multi-tenant uses. Jerry Keeney and Matt Nickels Jr. of CB Richard Ellis’ (CBRE) San Diego office will market and lease the property, while Dick Shope and Jennifer McClendon, also of CBRE, are managing the property.
HENDERSON, NEV. — Southwest Gas Corp. has selected Jaynes Corp. to develop its $10.8 million operations facility in Henderson. The new facility, Southwest Operations Center, will feature a 58,000-square-foot concrete tilt-up office/warehouse building, a 14,000-square-foot fabrication shop and a 16-building training facility complex, as well as streets and utilities to support the operations center. The training center will feature 16 mock-up buildings and an open excavation area, which will be used to train employees. The complex is situated on a 16-acre site located south of St. Rose Parkway and east of Henderson Airport. Completion is slated for June 2009.
RANCHO CUCAMONGA, CALIF. — The first Starwood aloft Hotel by W in the United States had opened within the $60 million mixed-use development HavenPark in Rancho Cucamonga. The aloft is the newest brand from Starwood Hotels & Resorts Worldwide Inc. The 136-room aloft Ontario-Rancho Cucamonga is one of the 18 aloft hotels slated to open this year. Guestrooms feature loft-like 9-foot ceilings and oversized windows, high-tech office and entertainment centers, wireless Internet access, plug & play technology, and large, flat-screen HDTV-ready televisions. Chicago-based The John Buck Company partnered with Interstate Hotels to develop the aloft.
SAN DIEGO — PCCP Janez Genesse LLC, a joint venture between San Diego-based Janez Group and El Segundo, Calif.-based PCCP LLC, has purchased Genesee Executive Plaza, a 159,000-square-foot office property located at 9333 and 9339 Genesee Ave. in the La Jolla Golden Triangle area of San Diego. Arden Realty sold the property for $56 million or $350 per square foot. The complex consists of two three-story, 80,000-square-foot office buildings. The property is currently 90 percent leased to a variety of tenants, including FedEx, IGO Medical Group and First Pacific Bank. The buyers plan to implement a capital renovation and improvement plan. Eastdil Secured represented the seller in the transaction; Janez was self-represented.
LOS ANGELES — Beverly Hills, Calif.-based StarPoint Properties has completed the disposition of an 83-unit apartment building in Los Angeles for $17.3 million. NF Hawaiian Gardens LP purchased the property, which is located in the heart of Koreatown at 737 S. Kingley Dr. The property recently underwent a $1 million renovation program, which included upgrading the exterior and common areas, as well as the lobby area, leasing office, pool and gym.