PALM SPRINGS, CALIF. — Boureston Development Co. is developing Sunrise Medical Offices, a medical office building in Palm Springs. Located at the corner of Sunrise Way and Tahquitz Canyon Way, the property will feature 20,000 square feet of medical office space and a Rite Aid Pharmacy, which will be located in a separate, adjacent building. Construction is expected to begin this summer, with completion slated for early 2009. Maggie Montez, Brian Ward and Troy Kudlac of CB Richard Ellis’ Indian Wells, Calif., office are handling the leasing of the project.
OAKLAND, CALIF. — SKS Investments has received approval for the development of 1100 Broadway, a 20-story office tower located in Oakland. The project, which is slated to be the highest LEED-rated high-rise office building in the East Bay area, will preserve the adjacent national historic landmark, Key Systems Headquarters. Designed by KMD Architects, the 320,000-square-foot tower will offer modern, angular lines that complement its downtown setting and the Key Station faade, which is currently being restored. The first eight floors, which integrate the new building and the historic building, will provide large full-floors of 20,000 square feet.
NEWARK, CALIF. — San Francisco-based D.R. Stephens & Co. has purchased a 65,000-square-foot industrial facility, which is located at 8455 Cabot Ct. in Newark. Golden, Colo.-based Edwards Enterprises sold the property for an undisclosed price. The property is fully occupied by San Jose, Calif.-based Sanmina-SCI Corp. Andy Zighelboim and Mike Rosendin of Colliers Investment Services Group in San Jose brokered the transaction.
BOULDER CITY, CALIF. — Bountiful Properties & Investments Inc. has completed the disposition of Casa De Alicia and M&M II apartment communities to M&M Boulder City Apartments LLC for $7.8 million. Located in Boulder City, the Case De Alicia offers 50 units and M&M II offers 56 units. The one-, two- and three-bedroom units range in size from 617 to 994 square feet. Green Park Financial provided financing for the transaction. Locally based Preferred Property Management has been retained to manage the properties. Michael Shaffner and Michael LaBar of Marcus & Millichap represented both parties in the transaction.
SAN DIEGO — Guilford H. Whitney Trust has acquired Sorrento Plaza Retail Center, a 39,204-square-foot shopping center located at 9245 Scranton Rd. in San Diego, for $7.1 million. Located within Sorrento Plaza South office complex, the property is occupied by Croutons, Subway, Rubio’s Baja Grill and Skewers. The real estate trust department of Wells Fargo Bank, N.A., facilitated the transaction. Jeff Abramson, Tim Winslow and Mark Randall of Grubb & Ellis|BRE Commercial represented the buyer; CB Richard Ellis represented the seller, Sorrento Parcels LLC, in the transaction.
CARSON, CALIF. — Sheri Messerlian of NAI Capital’s South Bay office represented both parties in the sale and acquisition of a 34,629-square-foot industrial building. Located at 21136 S. Figueroa St. in Carson, the property sold for $5.7 million. The building will be occupied by the buyer, 21136 S. Figueroa LLC, as an owner/user. The seller was not disclosed.
DENVER — Denver-based BZ Investments has acquired Cherry Creek Square, a 35,384-square-foot retail space located at 3000 E. Third Ave. within Cherry Creek North in Denver. Next Realty sold the property for $18 million or more than $500 per square foot. Current tenants include Cherry Creek Dance, Lulu Lemon and Oilily. Dan Grooters, Riki Hashimoto and Steve Suechting of Grubb & Ellis represented the seller in the transaction.
LOS ANGELES — Maury Gentile and Brian Denton of Grubb & Ellis represented Los Angeles County Employees Association Local 721 in the disposition of a 44,000-square-foot office building in Los Angeles. A private investor purchased the property, which is located at 500 S. Virgil Ave., for $11.6 million. The Partners Realty represented the buyer in the transaction.
PHOENIX — Phoenix-based Marta Pesco Ð Pan American Elementary has purchased a 34,970-square-foot office building, which is located at 2020 W. Indian School Rd. in Phoenix. Glendale, Arizona-based AGD and DDM Investments LLC sold the property for $3 million. Ken Clark of Realty Executives represented the buyer; Marcela Houser of Coldwell Banker Commercial NRT represented the seller in the transaction.
COLTON, CALIF. — SMC Grease Specialist Inc. has acquired an 8.34-acre industrial land parcel, which is located at the southwest corner of Agua Mansa and Rancho roads in Colton. A private seller sold the property for $2.8 million. The buyer plans to develop industrial buildings on the property. John Boyer of NAI Capital’s Ontario, Calif., office, along with Joe Stewart of NAI Capital’s Riverside, Calif., office, represented both parties in the transaction.