LOS ANGELES AND SAN DIEGO — As part of a $25 million capital improvement plan, Equity Office, an affiliate of The Blackstone Group, has completed renovations totaling $6.5 million on three office buildings located in Los Angeles and San Diego. 6701 Center Dr. and 5670 Wilshire Blvd. in Los Angles both received $2 million in renovations, including elevator cab modernization and path of travel upgrades. For $2.5 million, 701 B St. in San Diego underwent lobby renovations and elevator cab modernization.
PALMDALE, CALIF. — Palmdale 2006 Co. recently sold an 11,646-square-foot retail building, located at 40008 10th St. W. in Palmdale, to a private buyer for $6.26 million. Faris Lee’s Jeff Conover represented the seller, and Steve Crockett and George Thomas of Lee & Associates-North San Diego County in Carlsbad, Calif., represented the buyer.
LOS ANGELES —West End Properties has purchased a 20,000-square-foot apartment complex, located at 4262 Lindblade Dr. in Los Angeles, from a private seller for more than $3.8 million. Michael Hibbert of Charles Dunn’s Los Angeles office brokered the transaction.
WESTLAKE VILLAGE, CALIF. — Gary Heathcote of the local architecture firm Heathcote & Associates has purchased a two-story, 15,000-square-foot office building, located at 3396 Willow Lane in Westlake Village, from an undisclosed exchange entity for $3 million. Jack Dwyer of NAI Capital’s Westlake Village office represented Heathcote in his acquisition of the property, which will serve as the new headquarters of Heathcote & Associates. Larry Ray of Capital Line Financial and Kelvin Davis of First Community Bank helped arrange financing for the purchase. Tony Principe of Westcord Commercial Group in Westlake Village represented the seller.
SAN DIEGO — Chris Ross and Paul Braun of Colliers International’s San Diego office represented Cardinal Enterprises in its purchase of a 6,502-square-foot office suite in the Cabrillo Medical Center from Fenway Properties V for $2.68 million. The buyer will turn the space, located at 7695 Cardinal Ct. in San Diego, into a dermatology and cosmetic surgery office, which will open in January 2009. Matthew Carlson of Cushman & Wakefield’s San Diego office represented the seller.
MONTCLAIR, CALIF. — Hendricks & Partners (H&P) has brokered the sale of Cambridge Park, a 165-unit apartment community located at 9200 Monte Vista Ave. in Montclair, for $29.25 million. Situated on 8.24 acres, the townhouse-style community comprises 22 two-story buildings in a mix of two- and three-bedroom units. Residences average 1,096 square feet, and some include direct access, two-car garages. Joe Leon of the H&P’s Newport Beach office and Paul Runkle the firm’s Inland Empire office represented the seller, San Mateo, Calif.-based Montclair 8-B C/O Acacia Capita Corp. The property was acquired by Beverly Hills, Calif.-based K-W Properties, Inc. C/O Kennedy Wilson.
FONTANA, CALIF. — Colton, Calif.-based Hodgdon Miank Construction (HMC) has completed Heritage Crossing, a $6.8 million retail development located at 7460-7490 Cherry Ave. in Fontana. The 4.86-acre property contains three buildings: a 18,400-square-foot, multi-tenant retail building; a 3,000-square-foot, freestanding fast-food restaurant that is occupied by Miguel’s Jr. Mexican Food; and a Jump Start Express Car Wash, which consists of a masonry car wash tunnel and a covered detailing area. HMC served as general contractor for the owners, Heritage Crossing LLC and Miguel’s, which owns its building. Irvine, Calif.-based Andy Perez & Associates served as project architect, and the Riverside, Calif., office of RBI Retail Brokers is handling the marketing and leasing of the project.
NORTH LAS VEGAS, NEV. — Las Vegas-based LM Construction Co. has completed a two-story, approximately 14,000-square-foot showroom for American Stone at 3741 Civic Center Dr. in North Las Vegas. The $2.5 million project features tilt-up concrete walls, with inlaid stone panels, as well as a hand-laid stone showroom floor. It was designed by Lynn Center & Associates.
POMONA, CALIF. — Marcus & Millichap Capital Corp. has secured an $8.8 million fixed-rate loan for the refinancing of a 242,000-square-foot office building located at 2001 W. Mission Blvd. in Pomona. Terms of the financing include a 3-year term with interest-only payments and a loan-to-value ratio of 50 percent. Adam Petriella of Marcus & Millichap’s West Los Angeles office originated the financing. Both parties were undisclosed.
LOS ANGELES — Chicago-based Harp Group and its equity partners Fidelity Investments Real Estate Group and Blue Vista Capital Partners have acquired the fee simple interest in the Sheraton Gateway Hotel at Los Angeles International Airport for $97 million. Located on West Century Boulevard, the property offers 802 guestrooms, approximately 48,000 square feet of meeting space, and four food and beverage outlets, as well as a fitness center and pool. Jones Lang LaSalle Hotels represented the seller, Kor Hotel Group, in the transaction. Jones Lang LaSalle Hotels also secured $65 million in acquisition financing for the buyers.