LOS ANGELES COUNTY, CALIF. — Cincinnati-based The Kroger Co. has signed a 30-year lease to occupy Birtcher Distribution Center at Paramount, a planned 551,897-square-foot facility located in Los Angeles County, for $207 million. Upon completion, Ralphs and Food 4 Less, two Kroger Co. supermarkets, will utilize the state-of-the-art, dry-good facility to service stores in Southern California. Construction is slated to begin in early 2008. A partnership between Birtcher Development & Investments and Cornerstone Real Estate Advisors owns the property. David Norrie and Art Rasmussen of CB Richard Ellis represented The Kroger Co. in the transaction; Bob Crenshaw and Steve Sprenger of Grubb & Ellis represented Birtcher Development & Investments.
Western
VENTURA, CALIF. — Venstar LP, an affiliate of Pacific Properties Group Inc., has acquired a 60,000-square-foot office building, which is located at 5250 Ralston St. in Ventura. The company is in the conceptual stages of planning an office and multi-tenant industrial development on the 8-acre site, with completion slated for late 2009. George Eales of DAUM Commercial Real Estate Services, a member of ONCOR International, represented both the buyer and the seller, BRV Inc., a subsidiary of E.W. Scripps, in the transaction. The acquisition price was not disclosed.
SANTA ANA, CALIF. — The Bloom Family Trust has purchased RIF III Dyer, a 187,000-square-foot warehouse/distribution center located at 601 W. Dyer Rd. in Santa Ana, from Rexford Industrial LLC for a total consideration of $22.3 million. Built in 1973, the property features an upgraded fire sprinkler system, a 180-foot truck court and 15,000 square feet of renovated offices. The facility is currently 26 percent occupied by Longmark. Kevin Turner, Michael Hartel and Casey Immel of Voit Commercial Brokerage represented both parties in the transaction.
HAWTHORNE, CALIF. — Orange County, Calif.-based West 120th – Hawthorne LLC has acquired Hawthorne Exchange, a 60,472-square-foot regional shopping center located at 2831-2909 W. 120th St. in Hawthorne, for $25.25 million. Built in 2006, the property is 97 percent leased to a variety of tenants, including 24 Hour Fitness Magic Johnson Sport, Starbucks Coffee, Sprint/Nextel, The UPS Store, Quiznos, Juice It Up, Countrywide Home Loans and Wescom. Richard Walter and Dennis Vaccaro of Irvine, Calif.-based Faris Lee Investments represented the seller, Orange County-based Ironwood Hawthorne LLC, in the transaction. Douglas Nye of Manco Development represented the buyer, which completed the transaction as part of a 1031 exchange.
THOUSAND OAKS, CALIF. — San Mateo, Calif.-based APIP Pavilion LLC has purchased Pavilion Apartments, a 142-unit apartment community located at 550 N. Laurie Ln. in Thousand Oaks, from Corona Del Mar, Calif.-based Pavilion Associates for approximately $42.57 million. Built in 1967, the property consists of 26 two-story buildings situated on an 8.88-acre land site. The property also features a two-story clubhouse with a large fitness center and two pools and a spa, as well as oversized units in a variety of one-, two- and three-bedroom floorplans. Dean Zander of Hendricks & Partners’ Los Angeles office represented both parties in the transaction.
LOS ANGELES — G.A. Gertmenian & Sons, an importer and wholesaler of accent and area rugs, has broken ground for the construction of a 150,000-square-foot corporate headquarters and warehouse at 300 W. Avenue 33 in the Lincoln Heights area of Los Angeles. Whittier, Calif.-based Oltmans Construction Co. has been selected to oversee the design and build project for the development. The project will feature a concrete tilt-up structure and 25,000 square feet of mezzanine office space. HPA of Irvine, Calif., provided architectural services for the project, which is slated for completion in fall 2008.
PERRIS, CALIF. — First Industrial Realty Trust is developing Rider Distribution Center, a 355,067-square-foot warehouse/distribution facility located at 175 E. Rider St. in Perris. Slated for completion in second quarter 2008, the property will be divisible to 100,000 square feet and feature 91 dock-high loading doors, three grade-level doors and a large truck lot. Jeff Givens and Stan Nowak of Coldwell Banker Commercial Almar Real Estate Group are the exclusive leasing agents for the new property.
PHOENIX — Torrance, Calif.-based SC Enterprises has purchased The Art Institute of Phoenix, a four-story building located at 2233 W. Dunlap Ave. in Phoenix, for $22.15 million. Built in 1998, the 92,103-square-foot building is 100 percent occupied by The Art Institute of Phoenix, a subsidiary of Pittsburgh-based Educational Management Corp. Barry Gabel, Mindy Korth and Mark Dancer of CB Richard Ellis’ Phoenix office represented the seller, Lakewood, Colo.-based 2233 Dunlap Associates, in the transaction.
IRVINE, CALIF. — White Road LLC has acquired a 62,587-square-foot manufacturing facility, which is located at 16912 Von Karman Ave. in Irvine, for $10.6 million. The freestanding building features five ground-level entrances, two dock-high doors with 18-foot clearance, 3,000 amp electrical service and a corporate headquarter office component. Prime Tech Cabinets Inc., an interior design and manufacturing company, will occupy the building. Greg Sargenti of Voit Commercial Brokerage’s Anaheim, Calif., office represented the buyer; Ken Ward of CRESA represented the seller, bkm Von Karman Associates, in the transaction.
CASA GRANDE, ARIZ. — Scottsdale, Ariz.-based The Wolff Co. has partnered with Gilbert, Ariz.-based Langley Properties to acquire the Legends, a 6,884-acre land parcel located in Casa Grande, from D.R. Horton Inc. for $70 million. Bounded by Miller Road, Highway 84, Montgomery Road and Russell Road, the property is zoned for 23,050 residential units and 450 acres of commercial buildings, as well as various public uses. The partnership plans to sell parcels to multiple homebuilders for development. Approximately 3,700 lots in phase one are already platted and engineered. The commercial land will be developed or sold.