FREMONT, MILPITAS AND SAN JOSE, CALIF. — Boston-based International Real Estate Corp. has acquired an 800,000-square-foot industrial portfolio, which spans Fremont, Milpitas and San Jose. Milpitas Industrial Properties Inc. sold the portfolio for $68 million or approximately $85 per square foot. The center is currently 94 percent occupied by tenants, including Kraft Foods, Flextronics Inc. and Loomis Fargo & Co. Joe Moriarty, Bob Gilley and Steve Hermann of CB Richard Ellis brokered the transaction.
SANTEE, CALIF. — Minneapolis-based Ryan Companies has received approval from the city of Santee for the development of Liberty Charter High School. Located within RiverView at Santee, the 47,707-square-foot school is slated for completion for the 2009 school year. Designed by Pacific Cornerstone Architects Inc., the $13.6 million facility will feature natural stone and tile finishes, a food court, a media center and a gymnasium. Additionally, the project is designed to meet LEED certification standards and will feature Photovoltaic panels and wind turbines to generate electricity and SolaTubes for daylighting. The school is situated on a 2.98-acre riverfront lot at the intersection of Riverview Parkway and Magnolia Avenue.
CITRUS HEIGHTS, CALIF. — Illinois-based First Acorn LLC has purchased the ground lease of a 129,346-square-foot Sam’s Club in Citrus Heights for $15.6 million. The property is situated on approximately 12.42 acres of land at 7147 Greenback Lane. Sam’s Club anchors Regency Plaza, which also includes Big Lots!, Western Warehouse and SAS Shoemakers. John Bailey, William Bailey and Jordan Apostolov of Marcus & Millichap represented the buyer; Mark Mason, also of Marcus & Millichap, represented the seller, Trestle Regency LLC, in the transaction.
APPLE VALLEY, CALIF. — Kevin Boeve of Marcus & Millichap represented the undisclosed seller in the disposition of Building H within Jess Ranch Marketplace in Apple Valley. Located at 19201-H Bear Valley Rd., the multi-tenant 7,641-square-foot property is tenanted by GameStop, Ono Hawaiian BBQ, Port of Subs, Nubi Frozen Yogurt and Baja Taco. The property sold for $3.8 million with a cap rate of 8.01 percent. Kenneth Chasin and David Chasin of Pegasus Investments represented the undisclosed buyer in the transaction.
LOS ANGELES — CB Richard Ellis Group Inc. has been selected as a primary advisor to the Federal Deposit Insurance Corp. (FDIC) for the portfolios of owned real estate (ORE) nationwide. The CBRE-led team will be responsible for the management and marketing of residential and commercial ORE throughout all 50 states, Puerto Rico and the U.S. Virgin Islands. The portfolios comprises assets that are held by the FDIC in its capacity as receiver for failed financial institutions. Theodore Carter, executive managing director in CBRE’s Washington, D.C., will lead the ongoing client services, while Ken Pearson, as alliance director, will lead a nationwide team of asset managers, property managers and marketing personnel.
MONROVIA, CALIF. —Urban Housing Group has started construction of The Courtyards at Old Town, a commercial/residential community in Monrovia’s Old Town district. The company is transforming a 3-acre former office/industrial property in to 163 luxury condominiums and 6,000 square feet of commercial office and retail space. Designed by KTGY Group Inc., the project will feature four stories of residential space built over 2,000 square feet of retail space and 4,000 square feet of commercial/flex space along the 700 block of Myrtle Avenue. Additionally, the project will offer a four-story parking garage. The one- and two-bedroom units range in size from 746 to 1,249 square feet. Completion is slated for mid-2010.
SAN DIEGO — Affirmed Housing Group is developing Studio 15, a 275-unit affordable residential project located at 1475 Imperial Ave. in San Diego. Available to individuals making 40 to 60 percent of the average median income, the development will feature studio apartments with efficiency kitchens, twin beds, dressers, desks and 26-inch plasma televisions. Additionally, the common areas include a WiFi-equipped café, a lounge and commercial kitchen and a television/theater room with a 52-inch plasma television and theater system, as well as a laundry room equipped with a state-of-the-art laundry alert system. Completion is scheduled for March 2009. Carrier Johnson Architects provided architectural services, while Allgire General Contractors served as general contractor. Financing was provided by Citibank, Boston Capital and City of San Diego Redevelopment Agency.
LAKE HAVASU CITY, ARIZ. — Havasu Hotel Partners LLC has completed the $2 million renovation and expansion of HEAT Hotel, which is located 1420 McCulloch Blvd. in North Lake Havasu City. The renovation project included approximately 20,000 square feet, 25 guest rooms and a full apartment suite. Formerly known as the Agave Inn, HEAT Hotel now features a new 4,000-square-foot bar and lounge deck with upgraded public space. San Diego-based Graham Downes Architecture provided architectural services for the project. San Diego-based Gold Coast Renovations served as general contractor. EatDrinkSleep LLC operates the hotel.
LOS ANGELES — America Realty represented Young Y. Park in the acquisition of a 12,940-square-foot office property in Los Angeles. The property consists of two adjacent freestanding buildings located at 2064 Marengo St. and 1063 Chicago St. Novak Trust sold the property for $2.7 million. The buyer plans to establish a home health services company at the site. Jack Schlaifer and Jay Martinez of Lee & Associates – LA North/Ventura represented the seller in the transaction.
SEATTLE — Daniel Swanson, Nori Hawkins and Blake Rodgers of Marcus & Millichap’s Seattle office represented the undisclosed seller in the disposition of Capitol Ridge Apartments in Seattle. The 10-unit multifamily property sold to an undisclosed seller for $1.47 million. The property is located at 1810 Boylston Ave.