VACAVILLE AND STOCKTON, CALIF. — The Buzz Oates Group of Companies (BOGC) has acquired the former Serta facility, a 220,800-square-foot industrial property located at 2050 Cessna Dr. in Vacaville. National Bedding Company sold the property for an undisclosed price. Additionally, BOGC has purchased the former IRIS manufacturing plant in Stockton from IRIS USA for an undisclosed price. The plant includes a 150,000-square-foot facility and 15 acres of additional land for development. Steve Moreno provided in-house representation for BOGC in the Serta acquisition, while Bob Taylor provided in-house representation for BOGC in the IRIS transaction.
Western
EL SEGUNDO, CALIF. — KARL STORZ Endoscopy-America Inc. has acquired Grand Avenue Executive Center, an office complex located at 2151 E. Grand Ave. in El Segundo, for approximately $40 million. Designed by Nadel + Associates and built in 2001, the four-story, 121,000-square-foot center is leased to a variety of tenants including LA Lakers Corp., Boeing, Oracle, Mattel and Teledyne. Mike Catalano of Studley represented the buyer; Steven Solomon of Jones Lang LaSalle represented the seller, Transwestern Investment Co., in the transaction.
EL SEGUNDO, CALIF. — KARL STORZ Endoscopy-America Inc. has acquired Grand Avenue Executive Center, an office complex located at 2151 E. Grand Ave. in El Segundo, for approximately $40 million. Designed by Nadel + Associates and built in 2001, the four-story, 121,000-square-foot center is leased to a variety of tenants including LA Lakers Corp., Boeing, Oracle, Mattel and Teledyne. Mike Catalano of Studley represented the buyer; Steven Solomon of Jones Lang LaSalle represented the seller, Transwestern Investment Co., in the transaction.
TORRANCE, CALIF.— RCMI has acquired Palermo Apartments, a 130-unit apartment community located at 4315 W. 182nd St. in Torrance. Fairfield Residential sold the property for $25.1 million or $193,077 per unit. The 91,116-square-foot community consists of one three-story building offering a mix of studio, one-, two- and three-bedroom units. Community amenities include a swimming pool, a spa, a barbecue area, 24-hour on-site laundry facilities and subterranean parking. Gregory Harris and Ronald Harris of Marcus & Millichap represented both parties in the transaction.
WALNUT CREEK, CALIF. — Alamo Essex LLC, a joint venture between Alamo, Calif.-based Alamo Group and Essex Property Trust, has acquired 1500 Newell Avenue in Walnut Creek. Located at the corner of South Main Street and Newell Avenue, the eight-story property offers 51,343 square feet of office space. Sean Cooley, Mike Zylstra, Forrest Gherlone and Joyce Gutzeit of Cornish & Carey Commercial represented both the buyer and the seller, Hong Kong-based Shaw Foundation Properties Corp., in the transaction. The financial terms of the transaction were not disclosed.
HAWAIIAN GARDENS, CALIF. — Park City Main Street Mall LLC, a Los Angeles-based family trust, has purchased a 58,944-square-foot retail property in Hawaiian Gardens. Los Angeles-based NF Hawaiian Gardens LP sold the property for $14 million. Located at 12254 Carson, the property is leased on a long-term basis to Food 4 Less. Dixie Walker and Peter Spragg of Grubb & Ellis’ Newport Beach, Calif., office represented the seller; Sperry Van Ness represented the buyer.
VERNON, CALIF. — Newport Beach, Calif.-based Master Development Corp. (MDC) has acquired a 113,500-square-foot industrial building, which is located at 4380 Ayers Ave. in Vernon, from 4380 Ayers Ltd. for $10.4 million. MDC purchased the property through its joint venture with GE Asset Management. The company plans to renovate the property with interior and exterior upgrades. Jeffrey Sanita, John McMillian and Tim Wallace of Cushman & Wakefield represented the buyer.
PHOENIX — Aslan Realty Partners III, a partnership led by California-based Transwestern, has purchased Anchor Centre, a two-building office complex located at 2201 and 2231 E. Camelback Rd. in Phoenix. 2201 Camelback Associates LLC, a partnership led by Denver-based Alliance Commercial Partners, sold the property for $96 million. Built in the early 1980s, the 333,265-square-foot property was 89 percent leased to a variety of tenants, including Starwood Hotels, Northwestern Mutual, JP Morgan Chase Bank and Ruth’s Chris Steakhouse, at the time of acquisition. Chris Toci, Ted Harrison, Larry Downey and Jerry Jacobs of Cushman & Wakefield brokered the transaction.
SAN FRANCISCO — San Francisco-based Chartres Lodging Group, formerly known as Oxford Lodging Advisory and Investment Group, has completed its acquisition of the 4,867-room Adam’s Mark hotel portfolio from St. Louis-based HBE Corp. The buyer plans to renovate, rebrand and reposition the five properties included in the portfolio. Chartres has an $87 million renovation planned for the 1,840-room Adam’s Mark Dallas, which will be rebranded as Sheraton Dallas Hotel; a $70 million repositioning plan for the 1,225-room Adam’s Mark Denver, which will rebrand the property as Sheraton Denver Hotel; a $63 million renovation for the 910-room Adam’s Mark St. Louis, which will reposition the hotel as the Hyatt Regency St. Louis Riverfront; an $18 million renovation plan for the 406-room Adam’s Mark Indianapolis; and a multi-million renovation for the 486-room Adam’s Mark Buffalo-Niagara in Buffalo, N.Y.
HAYWARD, CALIF. — Craig Hagglund of Lee & Associates East Bay Inc. represented the undisclosed buyer in the $9.8 million acquisition of an approximately 101,000-square-foot warehouse facility, which is located at 3528 Arden Rd. in Hayward. Currently leased to Alexander’s Moving & Storage, the property features 28-foot clear ceiling heights, high-density sprinklers and ample truck parking. Tom Gilmer of Lee & Associates represented the undisclosed seller in the transaction.