CARLSBAD, CALIF. — A joint venture between Carltas Company and Finest City Realty Advisors Inc. is nearing completion for the construction of ECR Corporate Center, a medical office property located at 6250 and 6260 El Camino Rd. in Carlsbad. The project consists of a two-story, 63,000-square-foot building, which will house Tri-City Wellness Center, and a two-story, 27,000-square-foot medical office building. Tri-City Wellness Center is a health club and rehab facility that offers lap, exercise and therapy pools; spas; a walking and running track; exercise studios; locker rooms; and physical therapy rooms. Smith Consulting Architects provided architectural services for the estimated $20 million project, while Lusardi Construction is serving as general contractor.
HAWTHORNE, CALIF. — MS Kearny Northrop Avenue LLC, a partnership led by Kearny Real Estate Capital and Morgan Stanley Real Estate Fund V, has completed the construction of a 21-building industrial complex, totaling more than 203,000 square feet, located within Kearny’s Century Business Center in Hawthorne. The $45 million project comprises 21 buildings, which range in size from 5,700 to 20,700 square feet, featuring 24-foot clear ceiling heights, ground-level loading, individual fenced yards and office build-outs up to 2,000 square feet. Additionally, all the buildings are located within a 24-hour security, gated complex. Jeff Kernochan of Fischer Corporate Real Estate Services has been retained to market the property.
ALISO VIEJO, CALIF. — TechSpace, a full-service facilities and infrastructure provider delivering flexible office space and IT services, has signed a long-term lease with RREEF for its operations at 65 and 75 Enterprise in Aliso Viejo. The transaction was valued at $25 million. TechSpace will occupy the facility through 2017. The company is planning significant improvements to the property including upgrades to the café and common areas. Additionally, the company will reconfigure office space suites to meet the needs of its clients.
PALM DESERT, CALIF. — Paul Bitonti of Marcus & Millichap’s Newport Beach, Calif., office has negotiated the disposition and acquisition of Washington Square in Palm Desert. Located at the corner of Washington and Market streets, the 49,972-square-foot shopping center sold for $12.5 million or $250 per square foot. Built in 2007, the property is directly across from the Stater Brothers shopping center and near the Del Webb Sun City housing community. The seller was a local shopping center developer and the buyer was an undisclosed TIC sponsor. Bitonti represented both parties in the transaction.
MOUNTAIN VILLAGE, COLO. — Cobalt Partners Ltd. is developing a luxury residential complex in Mountain Village, a 2,100-acre world-class, European-style resort and residential community located on Telluride Mountain. The project consists of two buildings built over an underground parking garage. The buildings will feature 21 luxury residential villa/townhome units. Community amenities include hot tubs, a fitness center, a club/game room, a wine storage/tasting room, two elevators, heated walkways, heated balconies, ski lockers with heated glove and boot facilities and an outdoor, wood-burning fireplace. Realty Capital Partners formed RCP Elkstone Telluride Ltd. to provide equity for the development.
RIVERSIDE, CALIF. — Kayne Anderson, a Los Angeles-based investment company, has acquired GrandMarc at University Village for $45 million. Located in Riverside, the 212-unit apartment complex consists of eight four-story buildings and one single-story leasing/clubhouse building. The 760-bed property features one-bedroom/one-bath, two-bedroom/two-bath, three-bedroom/three-bath and four-bedroom/four-bath units with an average size of 1,310 square feet. The property also features a resort-style pool and spa, a fitness center and outdoor track, an entertainment room, a computer lab, a study center, a multimedia room, a tanning booth, gas grills and a paved half-court basketball area. Dave Forrest, Bill Tourtellotte, Randall Calvert and Tom Haak provided in-house representation for the seller, GMH Capital Partners.
FREMONT, CALIF. —An affiliate of Dallas-based Crow Holdings has purchased Fremont Shopping Center, which is located at 40559 – 40677 Fremont Blvd. in Fremont. Situated on 8.59 acres in Fremont’s Irvington district, the 24-tenant property offers 118,365 square feet of retail space. Current tenants include Cloverleaf Bowl, Allied Auto Parts, Bank of America and Taco Bell. Don Tepman and Andrew Reed of Trade Commercial Group represented the undisclosed seller in the transaction.
LAKE ELSINORE, CALIF. — Huntington Beach, Calif.-based Civic Partners has partnered with Jacobs Investment Co. to acquire Lake Elsinore Valley Center in Lake Elsinore for $11.5 million. Located on a 6.8-acre site along East Lakeshore Drive, the property offers 68,858 square feet of retail space. Currently, the center is anchored by the County of Riverside and Big Lots. Jennifer Stroffe of Stroffe Properties represented the buyer in the transaction; the seller, Tonto Corp., was self-represented.
SYLMAR, CALIF. — Newport Beach, Calif.-based Voit Development Co. has completed the disposition of an industrial building at North Valley Commerce Center in Sylmar. Tutor-Saliba Builders purchased the 33,717-square-foot property for an undisclosed price. David Harding, Greg Geraci, Matt Dierckman and Billy Walk of CB Richard Ellis represented Voit Development Co. in the transaction; the buyer had in-house representation.
RENO, NEV. — Los Angeles-based A-American Storage Management has purchased Green Acres Self Storage, an 86,000-square-foot self-storage facility in Reno. Located at 95 Green Acres Dr., the property was 85 percent occupied at the time of acquisition. Total consideration was $6.3 million. The seller was not disclosed. Greg Wells of Grubb & Ellis|BRE Commercial, along with John Pinjuv of Grubb & Ellis|NCG in Reno, represented the buyer in the transaction.