SAN DIEGO — PCCP Janez Genesse LLC, a joint venture between San Diego-based Janez Group and El Segundo, Calif.-based PCCP LLC, has purchased Genesee Executive Plaza, a 159,000-square-foot office property located at 9333 and 9339 Genesee Ave. in the La Jolla Golden Triangle area of San Diego. Arden Realty sold the property for $56 million or $350 per square foot. The complex consists of two three-story, 80,000-square-foot office buildings. The property is currently 90 percent leased to a variety of tenants, including FedEx, IGO Medical Group and First Pacific Bank. The buyers plan to implement a capital renovation and improvement plan. Eastdil Secured represented the seller in the transaction; Janez was self-represented.
LOS ANGELES — Beverly Hills, Calif.-based StarPoint Properties has completed the disposition of an 83-unit apartment building in Los Angeles for $17.3 million. NF Hawaiian Gardens LP purchased the property, which is located in the heart of Koreatown at 737 S. Kingley Dr. The property recently underwent a $1 million renovation program, which included upgrading the exterior and common areas, as well as the lobby area, leasing office, pool and gym.
BOULDER CITY, NEV. — M&M Boulder City Apartments LLC, a group of metropolitan Detroit real estate investors, has acquired two apartment projects totaling 106 units in Boulder City for $7.8 million. The projects include Casa De Alicia, a 50-unit, 39,009-square-foot Class-B apartment complex; and M&M II, a 56-unit, 35,024-square-foot property. The properties offer one-, two- and three-bedroom units ranging in size from 617 to 944 square feet. The investment group included principals of Broder & Sachse Real Estate Services Inc. and members of M Group Inc.; both companies are based in Birmingham, Mich.
NORTH LAS VEGAS, NEV. — San Francisco-based Heritage Associates has acquired Pyramid Apartments, a 304-unit apartment complex located at 7055 E. Lake Meade Blvd. in North Las Vegas. Los Angeles-based National Commercial Ventures sold the property for $30.25 million. The property offers one- and two-bedroom apartments featuring electric gourmet kitchens, hardwood floors, washers/dryers, walk-in closets, intrusion alarms and mirrored closet doors. Additionally, the community offers a racquetball court, high-speed Internet access, a clubhouse and a fitness center. Christopher Bentley of The Bentley group represented both parties in the transaction.
LOS ANGELES — Kennedy Wilson, through its sponsored funds, KW Property Fund II and KW Property Fund III, has purchased 6100 Wilshire, a 16-story office property in Beverly Hills. Located on the southwest corner of Wilshire and Fairfax, the 213,961-square-foot property is 85 percent occupied by a variety of tenants including CBS, Ovation, World Link, Fulfillment Fund, Idea Asylum and City National Bank. Built in 1986, the building offers full height, floor-to-ceiling glass bay windows and usable balconies providing city and mountain views. The seller and acquisition price were not disclosed.
HAYWARD, CALIF. — Berkley, Calif.-based Watson Setzer Real Estate Partners LLC has acquired Breakwater Industrial Center, a 58,400-square-foot industrial park in Hayward, for $8.25 million. Located at the intersection of Breakwater Court and Clawiter Road, the property consists of improved warehouse and office space. Built in 1974 by the seller, Weyerhaeuser Company, the facility was used as the company’s regional distribution and customer service center. Greig Lagomarsino and Brady Thomas of Colliers International represented both parties in the transaction.
TWENTYNINE PALMS, CALIF. — San Antonio-based K Partners Hospitality Group has broken ground for the construction of an 80-suite Fairfield Inn & Suites in Twentynine Palms. Located within a 10-acre mixed-use development near a U.S. Marine Corps Ground Air Combat Center, the hotel will feature rooms with double queen- or king-size beds; an in-room entertainment package; luxury bedding and pillows; a refrigerator; a microwave oven; separate living, working and sleeping areas; high-speed Internet access; and an ergonomic desk and chair. The hotel also features an outdoor pool and spa, a fitness facility, a boardroom and complimentary breakfast.
TUCSON, ARIZ. — Grubb & Ellis Healthcare REIT has purchased Academy Medical Center, a four-story medical office building in Tucson. Located at 310 N. Wilmot Rd., the 41,000-square-foot building is 94.5 percent leased to numerous tenants including Healthsouth Surgery, Laboratory Corporation of America and Academy Dental Care. This is the third site acquired by Grubb & Ellis Healthcare REIT in the Tucson area. Braxton Glass of E.B.S. & Associates represented the seller, an unaffiliated third party, in the transaction. Funding for the acquisition was primarily provided by Wachovia Financial Services Inc.
POMONA, CALIF. — Seventh Street Development has sold three industrial buildings within its newly built Mission-71 Business Park in Pomona for a total consideration of $9.3 million. Benik LLC, a shoe importer, acquired a 23,000-square-foot building; Wira Corp., an Indonesian food distribution company, purchased a 22,000-square-foot building; and Zion International Enterprise Inc. acquired a 16,000-square-foot facility. All three buildings feature 24-foot clear heights, 2,293 square feet of ground-floor and mezzanine office space, and dock-high and ground-level truck doors. Tony Phu of Colliers International represented Benik LLC; Sonny Tan of Pacific Coast Real Estate represented Wira Corp. and Zion International Enterprise Inc. Barbara Emmons, Lynn Know, John Privett and Lyn Eisenhower of CB Richard Ellis represented Seventh Street Development in all the building sales. Additionally, Seventh Street Development received planning commission approval to develop a three-building, 213,000-square-foot second phase at Mission-71 Business Park.
AURORA, COLO. — Holland Residential has purchased Tollgate Apartments, a 165-unit multifamily community in Aurora, for $12.95 million or $78,485 per unit. Located at 100 Idalia Court, the 149,740-square-foot apartment community, which was built in 1985, consists of nine three-story garden-style buildings. Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap’s Denver office represented the buyer and the seller, Baron Properties, in the transaction.