LAS VEGAS — Vegas Ortho LLC has purchased San Martin Medical Campus in Las Vegas for approximately $2.62 million. Located at 8420 W. Warm Springs Rd., the property offers 10,510 square feet of medical office space. Rhonda Panciro of Colliers International represented the buyer; Barton Hyde of Grubb & Ellis represented the seller, DWSMC Holdings LLC, in the transaction.
STOCKTON AND PATTERSON, CALIF. — CB Richard Ellis’ (CBRE) industrial properties consulting team, which consists of Blake Rasmussen, Doug Norton, Kevin Dal Porto, Ryan McShane, Conor Famulener, Tyson Vallenari and Michael Walker, has brokered two industrial transactions in California. In the first transaction, First Industrial Acquisitions Inc. has acquired a 72.16-acre parcel of industrial land located at Arch and NewCastle roads in Stockton. Archtown Properties sold the parcel for an undisclosed price. Rasmussen and Dal Porto represented the buyer. In a separate transaction, HPL Contract purchased an approximately 31,067-square-foot industrial building located within Keystone Pacific Business Park in Patterson. McShane represented the buyer; Rasmussen and Dal Porto represented the seller, Keystone Flex I Associates LLC, in the transaction. The transaction amount was not disclosed.
MISSION VALLEY, CALIF. — Behringer Harvard Opportunity REIT I Inc. has acquired Crossroads Office Park in Mission Valley from an undisclosed seller. The seven-story office building is located two miles northeast of San Diego International Airport and five miles north of downtown San Diego. The transaction amount was undisclosed. The property is situated on a 5-acre site and provides more than 139,000 square feet of space to a diverse list of tenants. Tenants benefit from a high parking ratio of 3.8 surface spaces per 1,000 square feet of rentable office space. The building has also earned an Energy Star rating from the Environmental Protection Agency. “We acquired this well-located, value-added asset at a significant discount to replacement cost. We believe this Energy Star-rated property provides us with an attractive opportunity to create value by stabilizing its occupancy and moving rents to market levels,” said Robert Behringer, founder and CEO with Behringer Harvard. Area attractions near the property include Mission Bay Park, Sea World, Qualcomm Stadium and Fashion Valley.
COLORADO SPRINGS, COLO. — Corporate Office Properties Trust has acquired a three-story, Class A office building, which is located at 3535 Northrop Grumman Point in Colorado Springs, for $23.2 million. Situated within the Colorado Springs Airport Business Park, known as Cresterra, the property offers 124,305 square feet of office space. The building is 100 percent, long-term leased to Grumman Corp., and serves as the company’s Colorado Springs headquarters.
LAS VEGAS — AIMCO has completed the disposition of Canyon Pointe Apartment Homes, a 670-unit multifamily complex located at 5421 E. Harmon Ave in Las Vegas. The 400,196-square-foot property consists of 38 garden-style buildings offering 80 furnished efficiency units; 20 furnished studios; 40 one-bedroom/one-bath units (416 square feet); 224 one-bedroom/one-bath units (504 square feet); 20 one-bedroom/one-bath units (610 square feet); 83 two-bedroom/one-bath units; 78 two-bedroom/two-bath units (786 square feet); 77 two-bedroom/two-bath units (816 square feet) and 48 three-bedroom/two-bath units. Situated on 26.7 acres, the community also features five resort-style swimming pools, a heated spa, a state-of-the-art fitness center, a recently renovated leasing office, covered parking, a playground area and five recently renovated laundry facilities. Joseph Kupiec of Grubb & Ellis|Las Vegas teamed up with Diane Miramontes and Darcy Miramontes of Grubb & Ellis|BRE Commercial San Diego to represent the seller. The buyer and acquisition price were not disclosed.
NEWPORT BEACH, CALIF. — Sierra Madre, Calif.-based Richter ET, AL has purchased Newport Terrace, a 49-unit multifamily community in Newport Beach. Located at 1401-1409 Superior Ave., the property sold for $11.3 million or $230,612 per unit. Constructed in 1963-1974 and renovated in 2003, the community consists of seven two- and three-story buildings offering 22 one-bedroom/one-bath units, 25 two-bedroom townhome units and two three-bedroom/two-bath units. Common-area amenities include a pool, a spa, community barbeques, garages, a fitness center and a business center/leasing office. Steven Brombal of Hendricks & Partners’ Newport Beach office represented the seller, Laguna Hills, Calif.-based Newport Terrace LP, in the transaction.
CARLSBAD, CALIF. — Mercedes-Benz Research & Development has acquired a 34,799-square-foot research and development (R&D) facility in Carlsbad. Located at 2250 Rutherford Rd., the property sold for $6.9 million. The buyer plans to relocate its Irvine, Calif.-based Advanced Design Studio to the new location this month. Currently, Mercedes-Benz Research & Development has three other design studios in Japan, Italy and Germany. David Crabb, Herb Hafter, Jeff Babikian and Roger Carlson of CB Richard Ellis represented the buyer; UL Equis represented the seller, Chrysler LLC, in the transaction.
TEMPE, ARIZ. — A 12-story office tower in Tempe has traded hands for $92.5 million. The 299,540-square-foot, Class A tower is located within Hayden Ferry Lakeside, a 43-acre mixed-use development of office, retail and residential space. SunCor Development Co. has sold the building to HF Lakeside II LLC, a subsidiary of Sumitomo Corporation of America. “SunCor has done a superb job attracting blue-chip companies to this mixed-use development,” said Robert Obringer, vice president of HF Lakeside II LLC. “This waterfront property and the overall vision for Hayden Ferry Lakeside are extremely impressive and the quality architecture, construction and central location are what drove us to be a buyer,” he said. The property is currently 83 percent leased to tenants such as KPMG, MetLife, and Fidelity National Title Insurance. “Hayden Ferry Lakeside is well on its way to achieving the ultimate vision created by SunCor,” said Randy Levin, vice president of commercial/urban development and design for SunCor. “Vibrant commercial and residential aspects of the development are flourishing. Clearly, the central live-work-play theme of Hayden Ferry Lakeside is striking a chord in this market,” Levin said. The sale transaction was negotiated by executive director Chris Toci and director Ted Harrison of Cushman …
LOS ANGELES — Fox Interactive Media has signed a 12-month lease for 421,000 square feet of office space at Horizon at Playa Vista in Los Angeles. The company will occupy virtually the entire first phase of the 15-acre office campus. The first phase consists of two five-story buildings surrounded by pedestrian pathways and open courtyard spaces. Designed by Johnson Fain, the property features many modern aspects including a progressive, contemporary design and state-of-the-art workplace technology. Located at the intersection of Bluff Creek Drive and Campus Center Drive, the property is seeking Gold LEED certification. Fox Interactive plans to consolidate its Los Angeles facilities, which currently house a variety of companies including My Space, Fox Sports Interactive and Rotten Tomatoes. The company plans to take occupancy by June 2009. Cushman & Wakefield arranged the lease on behalf of the owners, Lincoln Property Company and ASB Real Estate Investments; Studley Inc. represented Fox Interactive Media.
DENVER — Gart Properties LLC has partnered with ING Clarion Partners LLC to purchase Denver Pavilions, a 347,000-square-foot shopping center located along 16th Street Mall in downtown Denver. Denver Pavilions Real Estate Owner LLC sold the property for $94.5 million. Current tenants include Niketown, Barnes & Noble, Virgin Megastore, Maggiano’s Little Italy, Corner Bakery Café, United Artists theaters and Jazz at Jack’s. The buyers are planning to invest an additional $25 million on renovations and new tenant incentives.