PORTLAND, ORE. — Portland-based Harsch Investment Properties has acquired Oceanside Business Center, an 80,494-square-foot industrial building located at 4040 Oceanside Calle Platino within Rancho Del Oro Technology Park in Portland. Fenway Properties sold the property for $9.7 million. Built in 1985 with major renovations in completed in 2007, the center consists of a single-story, multi-tenant commercial office and warehouse building offering 24 units, which range in size from 1,649 to 9,826 square feet. At the time of acquisition, the property was 13 percent occupied by a variety of tenants including My Family Seasonings, San Juan Specialty Woods, Colorado Electric Supply and G. Gene LeBoeuf.
Western
LAS VEGAS — Las Vegas-based DFG Development Corp. has partnered with San Diego-based McMahon Development Group to develop Asia Town Center, a 180,000-square-foot Asian shopping center in Las Vegas. Located at the corner of Warm Springs Road and Jones Boulevard, the center will be anchored by a 50,000-square-foot HMart, which will offer a wide variety of high-quality meats, produce, household ware and hot food stations at very low prices. Irvine, Calif.-based Lee & Sakahara is providing architectural services for the project.
BEAVERTON, ORE. — GE Real Estate has made equity investments totaling $15.6 million in a joint venture with Guardian Management Acquires to acquire and renovate two apartment communities in Beaverton. The company invested $7.6 million in Westbury, formerly known as San Remo Apartments. Built in 1991, the property offers 260 garden-style units. GE Real Estate also invested $8 million in Wyndam Park, formerly Preston’s Crossing Apartments. The 228-unit property consists of 12 two- and three-story buildings on 15 acres.
VACAVILLE AND STOCKTON, CALIF. — The Buzz Oates Group of Companies (BOGC) has acquired the former Serta facility, a 220,800-square-foot industrial property located at 2050 Cessna Dr. in Vacaville. National Bedding Company sold the property for an undisclosed price. Additionally, BOGC has purchased the former IRIS manufacturing plant in Stockton from IRIS USA for an undisclosed price. The plant includes a 150,000-square-foot facility and 15 acres of additional land for development. Steve Moreno provided in-house representation for BOGC in the Serta acquisition, while Bob Taylor provided in-house representation for BOGC in the IRIS transaction.
EL SEGUNDO, CALIF. — KARL STORZ Endoscopy-America Inc. has acquired Grand Avenue Executive Center, an office complex located at 2151 E. Grand Ave. in El Segundo, for approximately $40 million. Designed by Nadel + Associates and built in 2001, the four-story, 121,000-square-foot center is leased to a variety of tenants including LA Lakers Corp., Boeing, Oracle, Mattel and Teledyne. Mike Catalano of Studley represented the buyer; Steven Solomon of Jones Lang LaSalle represented the seller, Transwestern Investment Co., in the transaction.
EL SEGUNDO, CALIF. — KARL STORZ Endoscopy-America Inc. has acquired Grand Avenue Executive Center, an office complex located at 2151 E. Grand Ave. in El Segundo, for approximately $40 million. Designed by Nadel + Associates and built in 2001, the four-story, 121,000-square-foot center is leased to a variety of tenants including LA Lakers Corp., Boeing, Oracle, Mattel and Teledyne. Mike Catalano of Studley represented the buyer; Steven Solomon of Jones Lang LaSalle represented the seller, Transwestern Investment Co., in the transaction.
TORRANCE, CALIF.— RCMI has acquired Palermo Apartments, a 130-unit apartment community located at 4315 W. 182nd St. in Torrance. Fairfield Residential sold the property for $25.1 million or $193,077 per unit. The 91,116-square-foot community consists of one three-story building offering a mix of studio, one-, two- and three-bedroom units. Community amenities include a swimming pool, a spa, a barbecue area, 24-hour on-site laundry facilities and subterranean parking. Gregory Harris and Ronald Harris of Marcus & Millichap represented both parties in the transaction.
WALNUT CREEK, CALIF. — Alamo Essex LLC, a joint venture between Alamo, Calif.-based Alamo Group and Essex Property Trust, has acquired 1500 Newell Avenue in Walnut Creek. Located at the corner of South Main Street and Newell Avenue, the eight-story property offers 51,343 square feet of office space. Sean Cooley, Mike Zylstra, Forrest Gherlone and Joyce Gutzeit of Cornish & Carey Commercial represented both the buyer and the seller, Hong Kong-based Shaw Foundation Properties Corp., in the transaction. The financial terms of the transaction were not disclosed.
HAWAIIAN GARDENS, CALIF. — Park City Main Street Mall LLC, a Los Angeles-based family trust, has purchased a 58,944-square-foot retail property in Hawaiian Gardens. Los Angeles-based NF Hawaiian Gardens LP sold the property for $14 million. Located at 12254 Carson, the property is leased on a long-term basis to Food 4 Less. Dixie Walker and Peter Spragg of Grubb & Ellis’ Newport Beach, Calif., office represented the seller; Sperry Van Ness represented the buyer.
VERNON, CALIF. — Newport Beach, Calif.-based Master Development Corp. (MDC) has acquired a 113,500-square-foot industrial building, which is located at 4380 Ayers Ave. in Vernon, from 4380 Ayers Ltd. for $10.4 million. MDC purchased the property through its joint venture with GE Asset Management. The company plans to renovate the property with interior and exterior upgrades. Jeffrey Sanita, John McMillian and Tim Wallace of Cushman & Wakefield represented the buyer.