LOS ANGELES — Los Angeles-based Lowe Enterprises Investors has purchased a 266,396-square-foot industrial distribution facility in central Los Angeles. Located at 2652 Long Beach Ave., the building features clear ceiling heights ranging from 18 to 30 feet, 66 dock-high loading doors, a guarded rail truck entrance and a secure, oversized truck yard. The property was acquired on behalf of an investment client for $31.5 million from an undisclosed institutional owner. Lowe Enterprises plans to invest more than $5 million in renovations and improvements for the facility.
Western
SAN JOSE, CALIF. — Wrightwood Capital has provided an $18.32 million loan for the acquisition of Trimble Junction, a two-building office complex in San Jose. D.R. Stephens & Co. acquired the more than 176,000-square-foot property, which includes a more than 96,000-square-foot facility located at 355 E. Trimble and a more than 80,000-square-foot facility at 455 E. Trimble. The 80,000-square-foot building is 100 percent occupied by Underwriters Laboratories. Brad Zampa of C&C Capital brokered the transaction.
SAN DIEGO — On Broadway SC Partners LP has acquired On Broadway, a retail/multifamily building located at 1023 Fourth Ave. and 1014 Fifth Ave. in San Diego’s Gaslamp Quarter. CIM/Broadway LP sold the property for $20.87 million. The property features 33 loft-style apartments, a 275-car parking structure and 50,000 square feet of retail space. Current anchor tenants include Yard House restaurant, RA Sushi and T-Mobile. Bill Shrader and Corinna Gattasso of Cushman & Wakefield Urban Property Group, along with Curtis Palmer, Herb Chase III and Peter Sherman of Transwestern, brokered the transaction.
TORRANCE, CALIF. — Joseph Linkogle and Adam Friedlander of Marcus & Millichap’s Long Beach, Calif., office has negotiated the disposition and acquisition of a three-tenant, ground-level retail center in Torrance. Located at 20505-20555 Hawthorne Blvd., the property sold for $6.5 million. Current tenants include Pacific Audi Auto Dealership, Bamboo Gardens Restaurant and Del Amo Car Wash. The buyer and seller were not disclosed.
SAN DIEGO — San Diego-based Veralliance Properties is renovating Campus Pointe, a 450,000-square-foot office/life-science project located at 10300 Campus Point Dr. in San Diego. Designed by San Diego-based Tucker Sadler, the two-story Class A project will feature an ultramodern design with floor-to-ceiling glass, a two-story atrium, a two-story spiral staircase, a multi-purpose conference center, a fitness center with showers and lockers, and a bistro with an outdoor seating area. Eli Lilly & Co. has signed a 10-year lease for approximately 150,000 square feet of space at the new project. The company plans to relocate to the campus upon completion in March 2009. Brent Jacobs, Greg Bisconti and Brian Cooper of Cushman & Wakefield’s Life Science Group represented Eli Lilly & Co; Mark Wayne and Steve Wolf, also of Cushman & Wakefield, represented Veralliance Properties.
SAN DIEGO — Sudberry Properties Inc. has broken ground for the construction of a 150,000-square-foot professional building in San Diego. The six-story, build-to-suit facility is located at the intersection of Interstate 15 and Scripps Poway Parkway within Miramar Ranch North. The $60 million building is part of Sudberry’s The Watermark, a planned 32-acre office campus. The new complex will include the corporate headquarters building for MedImpact Healthcare Systems Inc., which is slated to open in April 2010. Scripps Highland M/I Development LP owns the property. Bank of America and KeyBank are providing construction financing. Hanna Gabriel Wells is serving as project architect.
ARCADIA, CALIF. — Oakland, Calif.-based Arcadia Burge LLC has purchased a 12,610-square-foot Walgreens property, which is located at 245-253 E. Foothill Blvd. in Arcadia. San Pedro, Calif.-based Rich Arcadia LLC sold the property for $7.69 million. The property was completed in 2003. Dennis Vaccaro of Irvine, Calif.-based Faris Lee Investments represented the seller; the buyer was represented in-house.
OCEANSIDE, CALIF. — AMB Property Corporation® and Lee & Associates have brokered the sale of 6.48 acres of land located within the 120-acre AMB Pacific Coast Business Park in Oceanside. Pacific Marine Credit Union (PMCU) acquired the property for an undisclosed price. PMCU plans to develop a two-story, 60,000-square-foot office building on the site, which will serve as the company’s new corporate headquarters. The property will include a ground-level retail credit union branch and ATM locations, as well as general and administrative offices. Larry Strickland and Rusty Williams of Lee & Associates represented the seller, AMB, in the transaction; Kirk Allison and Vic Gausepohl of Colliers International represented the buyer.
LOS FELIZ, CALIF. — Los Angeles-based Monem Corp. has acquired an apartment complex located at 1847 Winona Ave. in Los Feliz. The 26-unit property sold for $3.43 million. Built in 1964, the property consists of one-bedroom/one-bath units with large dining rooms, private balconies and central air conditioning. At the time of acquisition, the property was 93 percent occupied. Brent Sprenkle of Sperry Van Ness represented both parties in the transaction. The seller was not disclosed.
COLORADO SPRINGS, COLO. — A Washington-based apartment investor has acquired Parkside Apartments in Colorado Springs for $16 million or $59,701 per unit. Located at 2505 E. Pikes Peak Ave., the 211,336-square-foot apartment community consists of 19 two-story buildings offering 268 units. The community features a heated swimming pool, a spa, a weight and exercise room, a sport court, laundry facilities, a clubhouse and a children’s playground. Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap represented both the buyer and the seller, a Colorado-based private investor, in the transaction.