VENICE, CALIF. — Sperry Van Ness has brokered the sale of The Venice Rose, a 24-unit apartment building, between two undisclosed parties for $3.8 million in cash. The property, located at 15 Rose Ave. in Venice, was constructed in 1908. The Venice Rose encompasses 13 single units, nine one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units. Kevin N. Sabin and Lev Galitzin of Sperry Van Ness’ Los Angeles office represented the seller.
CHANDLER, ARIZ. — Marty Meagher and Gardiner Champlin of NorthMarq Capital’s San Diego office have secured a $13.72 million loan for the 272-unit Waterside at Ocotillo apartment complex. The property is located at 4800 S. Alma School Rd. in Chandler. The 10-year loan carries a 30-year amortization schedule. AmeriSphere Multifamily Finance provided financing through Fannie Mae.
SAN DIEGO — Construction is complete for Liberty Station Building 902, which is located at the former Naval Training Center at 2305 Historic Decatur Rd. in San Diego. The three-story, 109,102-square-foot building is the seventh and final building in Liberty Station’s office district. The $10.3 million project was designed by KMA Architecture & Engineering to obtain LEED Gold certification. The building features arched windows, stucco walls and clay-tiled roofs. BYCOR served as general contractor for the project.
ANAHEIM, CALIF. — Birtcher Development & Investments has formed a joint venture with Cornerstone Real Estate Advisors LLC to acquire a 21.6-acre land parcel for the development of Northgate Gonzalez Market Support Center. Located at 1201 North Magnolia Ave. in Anaheim, the 375,000-square-foot warehouse and distribution center will be fully occupied by Northgate Gonzalez Market. The project, which features Spanish-influenced architecture, is striving for LEED certification. Construction is slated to begin in fourth quarter 2009 with completion expected in 2010.
CATHEDRAL CITY, CALIF. — An undisclosed buyer has acquired Mary Pickford Cineplex for $12.1 million or $234.52 per square foot. The 66,732-square-foot retail property is located at 36-850 Civic Center Dr. in Cathedral City. Martin Cohan and Joshua Levy of Marcus & Millichap represented the undisclosed seller in the transaction.
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.