LOS ANGELES — Maury Gentile and Brian Denton of Grubb & Ellis represented Los Angeles County Employees Association Local 721 in the disposition of a 44,000-square-foot office building in Los Angeles. A private investor purchased the property, which is located at 500 S. Virgil Ave., for $11.6 million. The Partners Realty represented the buyer in the transaction.
Western
PHOENIX — Phoenix-based Marta Pesco Ð Pan American Elementary has purchased a 34,970-square-foot office building, which is located at 2020 W. Indian School Rd. in Phoenix. Glendale, Arizona-based AGD and DDM Investments LLC sold the property for $3 million. Ken Clark of Realty Executives represented the buyer; Marcela Houser of Coldwell Banker Commercial NRT represented the seller in the transaction.
COLTON, CALIF. — SMC Grease Specialist Inc. has acquired an 8.34-acre industrial land parcel, which is located at the southwest corner of Agua Mansa and Rancho roads in Colton. A private seller sold the property for $2.8 million. The buyer plans to develop industrial buildings on the property. John Boyer of NAI Capital’s Ontario, Calif., office, along with Joe Stewart of NAI Capital’s Riverside, Calif., office, represented both parties in the transaction.
KENT, WASH. — GE Real Estate has provided a $30 million loan to Beverly Hills, Calif.-based Kennedy Wilson Inc. for the acquisition and repositioning of James Street Crossing Apartments. Located in Kent, the 300-unit complex includes 21 garden-style apartments buildings, a leasing office, a clubhouse and a fitness center. At the time of acquisition, the property was 93 percent occupied. The borrower plans to invest $3.81 million for interior and exterior renovations and increase the number of outdoor parking spaces.
WOODINVILLE, WASH. — TRF Pacific and Washington Capital, two Seattle-based companies, have partnered to acquired Woodgate Center, a 46,943-square-foot office building in Woodinville. Seattle-based Schuster Group sold the property for $14 million. At the time of acquisition, the building was 100 percent leased. Paul Sleeth of Seattle-based Colliers Retail Investment Team represented both parties in the transaction.
LAS VEGAS — CORE Construction~Nevada has broken ground for the construction of Campos Office Building and parking structure, which is located at 215 E. Bonanza Rd. in Las Vegas. Being built for the Nevada State Public Works Board, the property will offer a five-story, 84,814-square-foot office portion and a 103,247-square-foot parking structure. Completion of the $26.8 million project is slated for September 2009. SH Architecture provided architectural services for the project.
SAN BERNARDINO, CALIF. — George Smith Partners Inc. has arranged a $22.5 million bridge loan for the acquisition of Mountainside Village Apartments, which is located at 1660 Kendall Dr. in San Bernardino. Mountainside Village Apartments LP and Griffin Investments LLC purchased the community from RSV Mountainside Partners LLC for $26.5 million or $134,518 per unit. The borrower plans to complete extensive renovations and implement an aggressive management program to bring the rents up to current market levels. Steve Bram and Allison Higgins of George Smith Partners arranged the non-recourse, 36-month bridge loan at Libor plus 3.05 percent.
NORTH LAS VEGAS, NEV. — Sacramento, Calif.-based Panattoni Construction Inc. has broken ground for the construction of a 39,100-square-foot addition to the Civic Center Corporate Park in North Las Vegas. Located at 3828 Civic Center Dr., the single-story light industrial building is the latest component of the business park, which was developed by Panattoni Development Company LLC. The $3 million project is scheduled for completion in September. Tectonics Design Group provided architectural services for the project.
NORCO, CALIF. — Sero Properties LP has purchased Hidden Valley Village, a shopping center located at 1101-1161 Hidden Valley Pkwy. in Norco, for a consideration in excess of $8 million. Anchored by a freestanding CVS/pharmacy, the 32,296-square-foot retail center also has a 13-tenant satellite building. At the time of acquisition, the property was 85 percent occupied. Tanel Harunzade, Brian Jensen and Kevin Byer of Charles Dunn Company, a partner of GVA Worldwide, represented the buyer and the seller, Sena Properties LLC, in the transaction.
LOS ANGELES — GE Real Estate has provided a $380 million first mortgage facility to Douglas Emmett Inc. for the acquisition of a six-building office portfolio located in Southern California. The 1.38 million-square-foot Class A portfolio includes 2001 Wilshire Boulevard in Santa Monica, Calif.; 9100 and 8383 Wilshire Boulevard in Beverly Hills, Calif.; 15250 and 16000 Ventura Boulevard in Sherman Oaks/Encino, Calif.; and 21300 Victory Boulevard in Warner Center/Woodland Hills, Calif. The properties are being acquired from Los Angeles-based Arden Realty. At the time of acquisition, the portfolio was 91 percent occupied by a variety of tenants, including Bosley Inc., Spark Networks, Shapell Industries, Dentsu America Inc., Zenith Insurance Company, Tobin Lucks, COMP Medical Group Inc., Zurich American Insurance and People’s Bank of California.