BURBANK, CALIF. — Kennedy Wilson sponsored funds, KW Property Fund II and KW Property Fund III, have acquired a three-building office portfolio in Burbank for $94.1 million. The portfolio includes 303 North Glenoaks Avenue, a 10-story, 176,813-square-foot property; the six-story, 86,703-square-foot 333 North Glenoaks Avenue building; and 300 East Magnolia, also known as Burbank Executive Plaza, a six-story, 63,899-square-foot property. Major tenants of the portfolio properties include Turner Broadcasting, Front Porch Communities, Universal Music and Video, and BDC Travel. The seller was not disclosed.
Western
CORVALLIS, ORE. — Los Angeles-based RPM Investments Inc. has acquired North Pointe Apartments, a 160-unit multifamily community located at 2675 Lancaster St. in Corvallis. Seattle, Wash.-based North Pointe Apartments NW LLC sold the property for $12.37 million. Built in 1996, the property consists of two-bedroom/one-bath units measuring 846 square feet. The community features a pool and spa, a children’s playground, a sport court, laundry facilities, garages and a business center. Phil Oester of Hendricks & Partners’ Phoenix office represented the seller in the transaction.
SAN DIEGO — Venture Development has completed the renovation of Sorrento Glen Business Park located in the Sorrento Valley area of San Diego. Designed by Pacific Cornerstone Architects, the $2 million redevelopment project included the exterior renovation of approximately 14 office and light lab condominiums within two single-story buildings totaling an estimated 44,900 square feet. Lusardi Construction served as general contractor for the project.
SAN DIEGO — The Amerland Group, a San Diego-based affordable housing company, has acquired Bay Vista Methodist Heights Apartments in San Diego. The buyer plans to invest more than $8 million to improve and renovate the property. Renovation plans include new appliances, cabinets, countertops, sinks, faucets and windows. Additionally, the company will be implementing an extensive range of social services, such as youth mentoring and tutoring, gang prevention and intervention, food distribution and infant daycare. Built in 1969 by Rev. Grandison Phelps of the St. Paul Methodist Church, the property is the longest-standing public housing apartment building in San Diego and was financed by the U.S. Department of Housing and Urban Development. The seller and acquisition price were not disclosed.
PHOENIX — Phoenix-based 3B Holdings LLC has purchased a 12,100-square-foot industrial building, which is located at 2352 N. Delaware Ct. in Phoenix, for $1.63 million. The company plans to relocate to the property. Matt McDougall of NAI Horizon represented the buyer; James Harper of Grubb & Ellis|BRE Commercial represented the seller, 10th Place Properties, in the transaction.