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.
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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.
NORTH LAS VEGAS, NEV. — Centennial West LLC, a joint venture between Las Vegas-based LM Construction Co. and EJM Development Co., has broken ground for the construction of a 40-acre industrial project, which is bordered by Centennial Parkway, Mt. Hood, Azure and Shatz in North Las Vegas. Currently, two distribution buildings are being developed on a 10-acre site within the project. The buildings will offer a combined total of more than 158,000 square feet of space and are slated for completion by fall 2008. The 72,284-square-foot building is divisible to 6,570 square feet and offers 22-foot by 10-foot dock-high doors, eight grade-level doors, 24-foot and 30-foot warehouse clear height, a power capacity of 200 amps, 3-phase power per suite, M-2 zoning and an ESFR fire suppression system. The 86,570-square-foot facility, which is also divisible to 6,570 square feet, features 26-foot by 10-foot dock-high doors, four grade-level doors, 30-foot warehouse clear height, a power capacity of 400 amps, 3-phase power per suite, M-2 zoning and an ESFR fire suppression system.
SAN DIEGO — SEBCO Inc. has acquired Brady Distribution Center, a 56,350-square-foot warehouse/distribution facility located at 9550-9590 Distribution Ave. in the Miramir submarket of San Diego, for $7.8 million. The building is 100 percent leased to five tenants: DOD Home Interiors, Bakker & Sons, San Diego Rustic, Vertical Hold and KJM Enterprises. Paul Lafrenz, Bill Dolan and Shauna Fick of CB Richard Ellis represented the buyer; Randy LaChance and Todd Holley of Voit Commercial represented the seller, B&B Partners, in the transaction.
MEDFORD, ORE. — Medford-based Lithia Motors Inc. has partnered with Medford Urban Renewal Agency (MURA) to develop The Commons, a six-block urban redevelopment project located in Medford. The development will feature Lithia’s new headquarters, as well as several mixed-use buildings that will accommodate commercial office space, retail shops, restaurants and residences. Additionally, the project will feature a parking garage and three new parks for residents and visitors. The $150 million project is slated for completion by 2010. Once completed, Lithia’s headquarters will house 550 employees and seek LEED certification.