ONTARIO AND WALNUT, CALIF. — Irvine, Calif.-based CIP Real Estate has completed the disposition of two multi-tenant business parks to CRP-2 Acquisitions LLC, an affiliate of Colony Realty Partners, for a total consideration of $37.25 million. The properties are Miliken Business Center, a 12-building, 157,711-square-foot property in Ontario, and Brea Canyon Business Park, a five-building, 79,839-square-foot park in Walnut. Michael Hefner, Alan Pekarcik and Dan Vittone of Voit Commercial Brokerage represented CIP in the transaction.
Western
HENDERSON AND LAS VEGAS, NEV. — Spence Ballif and Jeff Swinger of CB Richard Ellis’ (CBRE) Las Vegas office have brokered the sales of two apartment communities in the Las Vegas area. The team represented Empire Investments in the disposition of Copper Hills at Whitney Ranch, a 272-unit community located at 981 Whitney Ranch Dr. in Henderson. Artisan acquired the property for $32.9 million. Additionally, Ballif and Swinger represented Terra Holdings in the sale of Rancho Destino Apartments, a 184-unit complex located on Durango Drive in Las Vegas. Boston-based Colony Realty Partners purchased the property for $24.47 million.
WESTMINSTER, COLO. — A California syndicated investment group has acquired Westminster Crossings, a 31,279-square-foot retail center located at 13630-13640 Orchard Pkwy. in Westminster, for $9.67 million. Current tenants of the property include Starbucks Coffee, Verizon Wireless, Subway, Slim4Life, KaCee’s Wine & Spirits and Carl’s Jr. Jon Hendrickson of Marcus & Millichap brokered the transaction.
LINDSAY, CALIF. — Los Angeles-based Olivewood Properties LLC has acquired Olivewood Plaza, a 96,259-square-foot retail center located at 202-265 N. Highway 65 in Lindsay. Calabasas, Calif.-based Raymond Plaza LLC sold the property for $13.7 million. At the time of acquisition, the four-building property was 94 percent occupied by a variety of tenants, including Save Mart Supermarket, Rite Aid, Starbucks Coffee, AutoZone, Taco Bell, Tulare County, Subway, Movie Gallery and Straw Hat Pizza. Edward Hanley and Bryan Land of Hanley Investment Group Real Estate Advisors represented both parties in the transaction.
DENVER — California-based City Square Denver has purchased Southgate Apartments in Denver. Located at 2330 S. Kearney St., the 130-unit property sold for $7 million. Jon Hendrickson of Marcus & Millichap’s Denver office represented the seller, Colorado-based S-G Apartments LLC, in the transaction.
CULVER CITY, CALIF. — Los Angeles-based IDS Real Estate Group has acquired a 3.3-acre land parcel within the 1.6 million-square-foot Corporate Pointe office campus in Culver City for the development of a 12-story office tower. The $115 million project will offer 277,607 square feet of office space in 25,200-square-foot, column-free floor plates. Designed by Gene Watanabe of Gensler, the project is slated to meet LEED Silver standards. Steve Walbridge and Eric Olofson of Cushman & Wakefield represented IDS in the acquisition of the property. The acquisition price was not disclosed.
PHOENIX — Phoenix-based Miamar Investments L.P. has purchased Country Club Manor, an 89,214-square-foot office complex located at 1221 and 1313 E. Osborn Rd. in Phoenix. Laguna Hills, Calif.-based Muller-County Club LLC (The Muller Company) sold the property for $13.97 million. Built in 1987, the property consists of two one- and two-story buildings. At the time of acquisition, the property was 100 percent occupied. Barry Gabel, Mindy Korth, Mark Dancer, Ken White and Rob Hannan of CB Richard Ellis (CBRE) represented the seller in the transaction. Financing for the transaction was arranged by Rocco Mandela and Brad Miner of the Phoenix office of CBRE|Melody, CBRE’s debt and equity financing service.
SANTA ANA, CALIF. — Schnioda Design Center has signed a 10-year lease for a 135,731-square-foot industrial building, which is located at 601-603 W. Dyer Rd. in Santa Ana. 601 West Dyer Road LLC leased the property for $13.5 million. Kevin Turner and Mike Hartel of Voit Commercial Brokerage’s Irvine, Calif., office represented the landlord in the lease transaction.
MORENO VALLEY, CALIF. — Eric Werner of Hanley Investment Group represented a Riverside, Calif.-based private partnership in the acquisition of Sunnymead Professional Building, an 8,625-square-foot office/retail center located at 23205, 23207 and 23209 Sunnymead Blvd. in Moreno Valley, for $2.32 million. Built in 2006, the two-story building is currently 100 percent leased to multiple tenants, including FastSigns, Geller Stewart & Foley LLP and PIP Printing. Jamie Harrison of Marcus & Millichap’s Ontario, Calif., office represented the seller, Moreno Valley-based Sunnymead Building Partners 1 LLC, in the transaction.
LAS VEGAS — Portland, Ore.-based HIC Trident LLC has acquired Trident Industrial Park, a four-building industrial campus located at 2915 Losee Rd. in Las Vegas, for $16.2 million. Built in 2001, the 130,000-square-foot park offers 15 percent office space and 85 percent warehouse space. At the time of acquisition, the property was fully occupied. Al Barbagallo of Grubb & Ellis|Las Vegas represented the seller, Trident Industrial Park LLC, in the transaction.