NORWALK, CALIF. — MVP Carmenita, an affiliate of the Meridian family of companies, has purchased Carmenita Square Business Park, a 105,442-square-foot business park located on Carmenita Road in Norwalk, for $13.75 million. The park consists of three buildings, which offer units ranging in size from 412 to 7,409 square feet. At the time of acquisition, the property was 90 percent occupied. Robert Socci, Louis Tomaselli and Mitch Zehner of Voit Commercial Brokerage’s Anaheim, Calif., office represented the seller, Carmenita Square Business Park LLC, and the buyer in the transaction.
Western
GLENDALE, ARIZ. — BRON-AZ Business Properties LLC has selected McShane Construction Corp. to provide design/build services for Glen Harbor Commerce Park, a master-planned commerce park located at the intersection of North Glen Harbor Boulevard and Northern Avenue in Glendale. The first phase of the project consists of four buildings totaling 86,968 square feet. The buildings will range in size from 14,105 to 37,067 square feet, and will be available to multiple tenants for lease and sale. More than 7.5 acres within the 14.1-arce park will be developed as part of the first phase. Construction has commenced and completion is slated for July. Dickinson Architects is providing architectural services for the project.
PALO ALTO, CALIF. — San Francisco-based Shorenstein Properties has acquired 601 California Avenue, a 111,653-square-foot office building located within Stanford Research Park in Palo Alto. Built in 1998, the two-story, Class A property is currently 100 percent leased to Wilson, Sonsini, Goodrich and Rosati. The property also includes parking for 385 vehicles. Terms of the transaction were not disclosed.
COLORADO SPRINGS, COLO. — Highland Ranch, Colo.-based KCOM Inc. has purchased Value Inn & Suites in Colorado Springs. The 111-room property sold for $4.15 million. Phil McDonald of Marcus & Millichap represented the seller, Colorado Springs-based Value Inn LLP, in the transaction.
SAN FRANCISCO — An affiliate of San Francisco-based The Swig Company has acquired a 105,225-square-foot data and telecommunications building, which is located at 274 Brannan St. in San Francisco’s Transbay Terminal/South of Market area. Built in the 1920s, the nine-story property originally served as a maintenance facility for Pacific Railroad. The building was later converted into an office property and then to its current state as a state-of-the-art, fiber-rich telecommunications facility. Tony Crossley and David Brandwein of Colliers’ San Francisco office represented the seller, an affiliate of Yale Properties USA Inc. Mitch Thurston and Andy Ahlers of Capmark Finance Inc.’s San Francisco office arranged acquisition financing for the transaction. The acquisition price was not disclosed.
EL CAJON, CALIF. — Vickie Winters of Dwinn-Shaffer & Co. has arranged $14.5 million in first mortgage financing and a $2 million accounts receivable line of credit for Eldorado Care Center in El Cajon. Located at 510 E. Washington Ave., the 256-bed skilled/sub-acute care facility offers six one-bedroom units, 65 two-bedroom units, 40 three-bed wards, a 37-bed sub-acute care unit and a 35-bed secured unit, which provides dementia/behavioral rehab services.
CARLSBAD, CALIF. — RF Darwin LP has purchased Darwin Court, a 52,260-square-foot office building located at 5935 Darwin Ct. in Carlsbad, for $15.25 million. The recently renovated property serves as the global headquarters for Reef, a leading surf brand. Dennis Visser and Mark Emerick of Grubb & Ellis|BRE Commercial represented the seller, Cruzan|Monroe, dba 5935 Darwin Court LLC, in the transaction; Greg Lewis, Bill Barnett and Doug Hogan of Cushman & Wakefield represented the buyer.
LAS VEGAS — Vancouver, Canada-based The Solterra Group of Companies received approval from the Las Vegas City Council to build two residential projects in downtown Las Vegas. Located at the intersection of First Street and Hoover Avenue, the loft-style residence will be a 14-story, mixed-use development offering 130 condominiums, as well as commercial space. The second project, located at the intersection of First Street and Grass Avenue, is planned to be a twin 50-story, mixed-use project offering 350 residential units per tower and commercial space.
LAS VEGAS — San Francisco-based California Mortgage & Realty Inc., through its CMR Commercial Mortgage Fund, has closed a $25.5 million bridge loan for the development of a mixed-use project. Nevada Towers LLC holds entitlements to convert the property from a 200-unit apartment complex into a high-rise, mixed-use project. The new development will feature a hotel, residential units and retail space.
SAN DIEGO — Jamison Properties has acquired The Chamber Building, a 23-story, 177-725-square-foot office tower in downtown San Diego, from Barker Pacific Group and PNC Realty Advisors for $29.25 million. Located at 110 West C St. and built in 1963, the property is 86 percent leased by major tenants including Legal Reprographics, Alternate Public Defender, First Choice Executive Suites and law firm Stock Stephens. Louay Alsadek, Kevin Shannon, Ken White, Evan August and Scott Schumacher of CB Richard Ellis, along with Tim Cowden of Colliers International, represented both parties in the transaction.