CHINO HILLS, CALIF. — Phoenix-based Opus West has broken ground for the construction of The Commons at Chino Hills, a 500,000-square-foot power center located at the intersection of Chino Hills Parkway and Romona Avenue in Chino Hills. The $150 million project will feature a 170,000-square-foot Lowe’s Home Improvement Center, as well as a mix of regional and national retailers and restaurants. Completion of the project is slated for late summer 2008. Pasadena, Calif.-based KKE Architects provided architectural services for the project.
Western
BRISBANE, CALIF. — Boston-based TA Associates Realty has purchased a 99,150-square-foot office building, which is located at 1000 Marina Blvd. in Brisbane, from 1000 Marina LLC for an undisclosed price. Built in 1983, the six-story building was 50 percent occupied at the time of acquisition. Edward Suharski, Simon Clarke and David Kuchinsky of Grubb & Ellis’ San Francisco office negotiated the transaction.
POST FALLS, IDAHO — Phillips Edison Development Co. has acquired a 50-acre land site, which is located at the northeast corner of State Highway 41 and Prairie Avenue in Post Falls, from Vision First LLC. The company plans to develop a 465,000-square-foot community shopping center on the site. The center will feature a grocery component and other large-box anchors, as well as restaurants and in-line specialty stores. Additionally, the center will anchor Vision First’s Prairie Crossing, a 184-acre planned mixed-use development. The acquisition price was not disclosed.
WEST HOLLYWOOD, CALIF. — Jonathan Ahron and David Aschkenasy of Charles Dunn Company, a partner of GVA Worldwide, represented both parties in the sale of a three-building, 9,270-square-foot retail portfolio, which is located at 624-630 N. La Cienega Blvd. in West Hollywood. A private investor purchased the portfolio from Nolaci Investments for $13.9 million. The building is occupied by Train West Hollywood, Los Angeles’ largest private gym.
SAN DIEGO — Torrey Highlands Plaza LLC has purchased Torrey Highlands Plaza, a 14,042-square-foot retail center located at 13350 Camino Del Sur in San Diego, from TH Retail Associates for $8.4 million. The two-building center is 100 percent leased to tenants including Subway, Supercuts, It’s a Grind Coffee, RE/MAX and Bank of America. Reg Kobzi, Joel Wilson, Carrie Bobb and Matt Shope of CB Richard Ellis represented the seller; Packard Realty represented the buyer in the transaction.
NORTHRIDGE, CALIF. — Sussex Northridge LLC has acquired Willow Court, a 47-unit apartment community located at 8523 Etiwanda Ave. in Northridge, from Willow Court LLC for a consideration in excess of $6 million. The 8,234-square-foot property consists of 16 one-bedroom/one-bath units and 31 two-bedroom/two-bath units. Craig Stevens and Michael Smith of Lee & Associates – LA North/Ventura’s Sherman Oaks, Calif., office negotiated the transaction.
SANTA MONICA, CALIF. — Douglas Emmett Inc. has acquired Cornerstone Plaza, an eight-story, 174,000-square-foot office building located at 1990 S. Bundy Dr. in the Olympic Corridor area of Santa Monica. The Class A property was purchased for $84 million or approximately $484 per square foot. The building features a curvilinear step-up architectural design, which provides exterior terraces on each floor; a two-story lobby with granite and glass finishes; and a courtyard with a water fountain feature.
IRVINE, CALIF. — Don Wilson Builders has purchased Goodyear Business Park, a seven-building, 145,000-square-foot industrial park located within Irvine Spectrum in Irvine, for $33.7 million. The park consists of 39 condominium units ranging in size from 2,807 to 25,712 square feet. Mike Hartel of Voit Commercial Brokerage’s Irvine office represented the buyer; Jeff Carr and Gregg Haley of CB Richard Ellis represented the seller, Panattoni Development, in the transaction.
SAN DIEGO — Neurocrine Biosciences Inc. has entered into a sale and leaseback agreement with Veralliance Properties for its real estate assets in San Diego. The total consideration to be received by Neurocrine for the properties is $108 million. Concurrently with the closing of the sale, Neurocrine will leaseback its corporate headquarters under a 10-year lease term.
SAN DIEGO — 3444 KV Partners LLC, a partnership that includes many of the existing building tenants, has acquired Coast Medical Center, a four-story, 38,000-square-foot medical office building located at 3444 Kearny Villa Rd. in San Diego. Built in 1985, the wood frame and stucco building was originally constructed as an office building, but it was later converted into a medical facility. Mark Mattis of Houston-based PM Realty Group represented the seller, HCP Medical Office Building II, a subsidiary of HCP Inc., in the transaction.