TORRANCE, CALIF. — Kyle Matthews of Marcus & Millichap’s Encino, Calif., office represented the undisclosed seller in the disposition of a Rite Aid location in Torrance. The 26,400-square-foot, net-leased property sold for $4.12 million. Additionally, Matthews represented the undisclosed buyer in the transaction.
Western
ONTARIO, CALIF. — The City of Ontario has unveiled its new Citizens Business Bank Arena, an entertainment and sports destination in Ontario. Located at 4000 Ontario Center Pkwy., the 225,000-square-foot venue offers 9,500 fixed seats and portable risers to accommodate approximately 11,089 spectators for concerts, 9,736 for hockey and 10,832 for basketball. The center, which is owned/built by the city of Ontario and operated by AEG, is home to Ontario Reign, the area’s ECHL hockey team. Additionally, the arena is the centerpiece of Piemonte at Ontario Center, an urban, mixed-use development.
RANCHO CUCAMONGA, CALIF. — Rancho Cucamonga-based Workforce Homebuilders LLC, in partnership with National Community Renaissance and Hope through Housing, has broken ground for the construction of Villaggio at Route 66, a master-planned 166-unit mixed-income apartment community in Rancho Cucamonga. The Tuscan-inspired project will consist of 100 two-bedroom units and 66 three-bedroom units ranging in size from 887 to 1,088 square feet and offering Energy Star appliances, wiring for high-speed Internet access, an outdoor patio/balcony and garage. Approximately 80 percent of the units are set aside for individuals earning 35 to 60 percent of the area’s median income. KTGY Group Inc. Architecture and Planning are providing architectural services for the project.
SAN DIEGO — Johnson & Jennings General Contracting has completed the construction of a 43,000-square-foot corporate office building for National Pen Co. LLC. Located at 12121 Scripps Summit Dr. in San Diego, Johnson & Jennings was responsible for a build out comprising 1.5 floors for corporate offices, a marketing department, training rooms and meeting facilities. Marianne Berg of Carrier Johnson + Culture provided architectural and design services for the $2.4 million project. Transwestern is the building owner and property manager.
CHINO, CALIF. — American Landscape has acquired an 18,698-square-foot multi-tenant industrial facility, which is located at 15090 La Palma in Chino. The transaction was valued at approximately $2.3 million. The buyer plans to use the facility for a landscaping contracting services business. Jeff Bethel of Lee & Associates represented the buyer; Nicholas Chang and Richard Lee of NAI Capital’s Ontario, Calif., office represented the sellers, Robert and Patricia Ingersoll, in the transaction.
LOS ANGELES — Frankfurt, Germany-based DekaBank Deutsche Girozentrale recently closed a $175 million loan for Hines US Office Value Added Fund II LP for the acquisition of Citigroup Center, a 48-story office tower in downtown Los Angeles. Located at 444 Flower St., the 891,056-square-foot property was sold by Broadway Partners. The building was built in 1981 and designed by A.C. Martin & Associates. At the time of acquisition, the property was 93 percent leased.
CARLSBAD, CALIF. — Ledcor Construction Inc. has completed tenant improvement (T.I.) construction for the new 45,000-square-foot medical office facility at Scripps Health, which is located within the Carlsbad Medical Center in Carlsbad. The new facility features a radiology section, nurses call stations, extensive radiused walls and custom millwork. Ledcor was retained directly by Scripps Health for the $3.75 million project. Perkins & Will provided architectural services.
EL MONTE, CALIF. — Los Angeles-based Sonnenblick-Del Rio Development LLC has completed the disposition of its recently completed Flair Plaza Shopping Center, which is located at 9150 Flair Dr. in El Monte. Korean-based Yoojin LLC purchased the 26,000-square-foot property for $13 million or $500 per square foot. The property is currently tenanted by Starbucks Coffee, Del Taco, Jack in the Box, California Sushi, Quiznos Sub, FedEx, Kinkos, Verizon Wireless and LA Federal Credit Union. Escondido, Calif.-based 11 Western Builders served as general contractor for the project. Chris Sands of Marcus & Millichap represented the seller; John Coquelet of Caliber Properties represented the buyer in the transaction.
PHOENIX — MMS Phoenix LLC has acquired a 40,000-square-foot industrial property, which is located at 2229 E. Magnolia in Phoenix. CAL/AZ Portfolio No. 1 LLC sold the property for $1.99 million. Built in 1977, the property was 100 percent occupied at the time of acquisition. Pete Klees of Grubb & Ellis|BRE Commercial represented the seller; Rick Foss, also of Grubb & Ellis|BRE, represented the buyer in the transaction.
SALT LAKE CITY — Jeff Davis of Salt Lake City-based Realty Pro represented the undisclosed buyer in the acquisition of Casa Grande Apartments in Salt Lake City. The 21-unit multifamily property sold for $1.11 million. Nathan Nelson of Marcus & Millichap represented the undisclosed seller in the transaction. The property is located at 1485 S. Roberta St.