NEWPORT BEACH, CALIF. — The PRES Companies has sold eight office condominiums in its newly completed projects, Dove Office Condos and Quail Office Condos in Newport Beach, for a total consideration of $3.87 million. The recently completed projects feature for-sale office condominiums with individual units ranging in size from 300 to 20,000 square feet. Recent buyers include law firm Garrett & Heaton, accounting firm Montagna & Associates and Urban Trends, a consumer design and development company. Both projects are located in close proximity to the 405 and 455 Freeways as well as the 73 Toll Road.
RIALTO, CALIF. — National Exchange Advisors LLC and Millennium Development Partners LLC have broken ground for the construction of The Shoppes at Creekside, a neighborhood shopping center in Rialto. Located at the corner of Riverside Avenue and the 210 Freeway, the 76,000-square-foot property will feature a variety of tenants, including Fresh & Easy Neighborhood Markets, Walgreens, Alta Vista Credit Union, Chevron and Corky’s Kitchen & Bakery. Pierce/Cooley Architects Inc. provided architectural services for the project; Murrieta, Calif.-based Darcon Builders is serving as general contractor. Completion is slated for February 2009.
OCEANSIDE, CALIF. — John Nguyen and Jonathan Mitchell of Marcus & Millichap’s Newport Beach, Calif., office, represented both parties in the disposition and acquisition of Country Club Apartments, an apartment community located at 201 Country Club Lane in Oceanside. The 91-unit property sold for $10.2 million or $112,088 per unit. The 76,638-square-foot community consists of one two-story building offering a mix of one-, two- and three-bedroom units. The property also features a courtyard, a laundry room and tuck-under parking. The buyer and seller were not disclosed.
CHINO, CALIF. — Meadow Square, a 250-unit apartment complex, has opened in Chino. Located at 7750 Desert Holly Street within master-planned The Preserve at Chino, the complex features 106 affordable housing units with rents ranging from $563 to $1,998. The property also offers one-, two- and three-bedroom floorplans ranging in size from 728 to 1,109 square feet. Each unit includes a full-size washer and dryer, complete kitchen appliance packages, double stainless steel sinks, oversized closets and hardwood-style flooring in the kitchens and entries. Western National Property Management, the property management arm of Western National Group, will manage the property.
CHANDLER, ARIZ. — Montana-based Highland Properties 2308 LLC has purchased an office/retail property, which is located at 8 S. San Marcos Pl. in historic downtown Chandler, for $4.03 million. Constructed in 1954, the 12,776-square-foot property is fully occupied with San Tan Brewery as the major tenant. Brian Ackerman and Karsten Peterson of Cushman & Wakefield of Arizona Inc. represented the seller, Chandler-based Desert Viking Properties LLC, in the transaction; Steve Julius, Eric Wolfe and Jesse Goldsmith of Marcus & Millichap’s Phoenix office represented the buyer.
PHOENIX — Tin Cup Properties LLC has acquired a 25,129-square-foot general industrial complex, which is located at 5213 W. Lamar Rd. in Phoenix, for $1.65 million. At the time of acquisition, the property, which was built in 1982, was 100 percent leased. Paul Boyle and Rick Danis of Grubb & Ellis|BRE Commercial represented the buyer and the seller, 5213 West Lamar Road Industrial Complex LLC, in the transaction.
SAN FRANCISCO — New York-based Broadway Partners has unveiled plans to redevelop 188 Spear Street in San Francisco. The company plans to add four floors atop the existing nine-floor office building. The 105,000-square-foot addition will feature 9-foot finished ceilings, door-to-ceiling windows and views of the Ferry Building and San Francisco Bay. The redevelopment project also includes the renovation of the lobby and major upgrades to convert the existing structure into a larger, highly effective, Class A office building. The new portion is designed by Brereton Architects. Upon completion, the building will feature 13 floors and approximately 253,000 square feet of space. The property was formerly known as 120 Howard.
LAS VEGAS — SR Construction has completed the construction of the LV-5 Test Cell project for Varian Medical Systems in Las Vegas. Located at 6811 Spencer St., the 85,754-square-foot project consists of four concrete test cell vaults, a production area and administrative offices. Hoover Associates provided architectural services for the $12 million project.
LONE TREE, COLO. — Spring Valley—Campo Road LLC has acquired 9078 Westview Road in Lone Tree. The 13,825-square-foot retail center sold for $6.9 million or $499 per square foot. Current tenants include Casual Male, Kitchen Gallery, AT&T Wireless and Doctors Vision Works. Transmark Company brokered the transaction. The seller was not disclosed.
LOS ANGELES — Stephen Grossman of Lee & Associates-Newport Beach Inc. has brokered the sale of 210 Self Storage, a 720-unit, 60,000-square-foot rentable self-storage facility in Los Angeles. Extra Space Storage Inc. purchased the property from Morelli Brothers Enterprises LLC for $7.5 million. The building was originally an industrial warehouse and was converted to a self-storage facility by the seller.