HUNTINGTON BEACH, CALIF. — Advance Scientific Enterprises, dba Bensons’ Import, has acquired a 20,440-square-foot light industrial building, which is located at 7442 Vincent Circle in Huntington Beach. U4T LLC sold the property for $2.7 million. Bensons’ Import sells quality bamboo, bamboo poles and bamboo fencing, as well as other products. JR Williamson of NAI Capital’s Newport Beach represented the buyer; Mike Bouma of Voit Commercial Brokerage represented the seller in the transaction.
Western
OAKLAND, CALIF. — Marcus & Millichap has completed the disposition of a 24-unit multifamily building in Oakland. Located at 1502 Alice St., the 13,200-square-foot property sold for $1.79 million. The property, which was built in 1910, features 21 studio units and three one-bedroom/one-bath units. Ben Weil of Marcus & Millichap’s San Francisco office represented the buyer; David Wolfe of Marcus & Millichap’s Oakland office represented the seller. Additional information about the buyer and seller was not disclosed.
EAST LOS ANGELES — Los Angeles County Metropolitan Transportation Authority has selected Woodland Hills, Calif.-based Klorman Construction as design/build general contractor for an $8.65 million Park N Ride parking structure in East Los Angeles. The three-level, 261-car, post-tension structure will be located at 255 South Atlantic Blvd. Construction is expected to begin in May with completion slated for March 2010.
BURLINGAME, CALIF. — Pacific Investments and Holding Co. LLC have acquired Royal Grove Apartments, a 18-unit apartment community located at 1477 Grove Ave. in Burlingame. Clarita and Elvira Realca sold the property for $4.48 million or $249,000 per unit. The property features one-bedroom units averaging 830 square feet. Drew O’Donnell with NAI BT Commercial’s Multifamily Group represented the buyer in the transaction.
LAKE FOREST, CALIF. — George Holdings Lake Forest LLC has acquired The Shops at Lake Forest, a 122,540-square-foot retail center located at 23818-24422 Rockfield Blvd. in Lake Forest. The center is 95 percent occupied and anchored by Ross Dress for Less, CVS/pharmacy and Petco. Terry Parker of Lake Forest-based Parker Commercial Brokerage Company Inc. represented the buyer; Dan Parker of Parker & Associates Inc. represented the seller, DRB Shops LLC, in the transaction. The acquisition price was not disclosed.
SAN JACINTO, CALIF. — Barnhart Inc. and The San Jacinto Unified School District have completed the $32 million addition and modernization of San Jacinto High School in San Jacinto. The 77,168-square-foot addition includes a two-story, 33-classroom building with computer and art labs, a gymnasium with a ticket area and Hall of Fame entry, an outdoor art court with ceramic kilns, soundproof band practice rooms and special education classrooms. HMC Architects designed the project, which was the second phase of the school’s redevelopment plan.
AURORA, COLO. — Barry Higgins and Eric Kimose of Marcus & Millichap’s Denver office represented the undisclosed seller in the disposition of Chambers Center Anchor, a vacant, 41,384-square-foot single-tenant property in Aurora. Located at 15220 East 6th St., the property sold for $1.82 million. The buyer was an undisclosed Englewood, Colo.-based partnership.
SAN DIEGO — Coronado Isle Townhomes LLC has purchased Bankers Hill Apartments, a 10-unit apartment building located at 2234-2244 Brant St. in San Diego’s Bankers Hill district. The property is 90 percent complete with approximately $700,000 worth of improvement needed before occupancy. The 13,286-square-foot building offers two one-bedroom units and eight two-bedroom units averaging 1,327 square feet. Merrick Matricardi, Eric Comer and Jim Neil of CB Richard Ellis represented the buyer; the seller, East West Bank, was self-represented.
COSTA MESA, CALIF. — Boston-based Berkshire Property Advisors LLC has acquired Glo, a 201-unit multifamily apartment community located in downtown Los Angeles, for $47.5 million or $236,318 per unit. The property was acquired from a joint venture between Vancouver, Wash.-based Holland Partners and other equity partners. Located at 1050 Wilshire Blvd., the 353-unit property consists of two five-story buildings connected by a sky bridge. Glo offers studio, one-, two- and three-bedroom units with an average unit size of 1,010 square feet. Each apartment features stainless steel appliances, granite kitchen countertops, central air and heating, and a full-size washer/dryer. The community also features two landscaped plazas, a pool area with Jacuzzi and private cabanas, a clubhouse, a two-story fitness center and a soundproof screening area. Additionally, Glo features 8,453 square feet of ground-level retail space, which is currently anchored by a Starbucks Coffee. The West Coast office of Chicago-based Moran & Company brokered the transaction.
PHOENIX — Pacifica Real Estate Group has purchased Southbank II, a 120,778-square-foot office building in Phoenix for $20.14 million. Located at 3255 E. Elwood, the property is fully occupied by two long-term net leases, including The University of Phoenix. The seller was A&B Properties. Bob Buckley, Steve Lindley and Tracy Cartledge of Grubb & Ellis|BRE Commercial represented both parties in the transaction.