LOS ANGELES — Oracle Corp. has selected CB Richard Ellis Group as the preferred commercial real estate services provider for the company’s 3.8 million-square-foot EMEA portfolio, which consists of more than 120 properties in 59 countries. With approximately 128 offices in the region, CBRE will be able to deliver comprehensive coverage for Oracle’s portfolio. The new partnership expands upon CBRE’s existing relationship with Oracle in North America, where CBRE was selected as a preferred real estate advisor.
Western
VICTORVILLE, CALIF. — Alex Garcia and Bill Melton of Marcus & Millichap’s Ontario, Calif., has completed the $5.3 million disposition of Casa Del Sol Apartments in Victorville. Located at 14250 Borego Rd., the 50,678-square-foot property consists of 17 two-bedroom/one-bath units, 24 two-bedroom/two-bath units and 16 three-bedroom/two-bath units. The property also features covered parking, garages, a resort-style pool, a fitness center and patios/balconies. The sales price represents $106 per square foot. The seller and buyer were not disclosed.
LOS ANGELES — Meridian Capital Group recently arranged $33.45 million for the refinancing of seven multifamily properties in the Los Angeles area. The properties, which total 145 units, are located in West Hollywood, North Hollywood and Los Angeles. Ben Grossman of Meridian’s California office secured the interest-only, 10-year loan, which includes a rate at sub-5.5 percent. Each of the properties was recently constructed by the undisclosed sponsor in Class A sectors across the Los Angeles market.
CHINO, CALIF. — ODW Logistics Inc. has signed a long-term lease to occupy Building 30 at Majestic Spectrum, a 425-acre business park in Chino. Located at 13725-13835 Pipeline Ave., the facility offers 300,000 square feet of industrial space. ODW provides logistics services for Pioneer Electronics, Edwards Lifesciences and Broan NuTone, among others. Trent Wydle and Justin Wheeler provided in-house representation for the owner-developer, Majestic Realty Co., in the transaction; Tim O’Rourke and Dan McGillicuddy of Los Angeles-based The Staubach Company represented ODW.
BEAVERTON, ORE. — Portland, Ore.-based Highland Rentals LLC has purchased Larch Drive Townhomes, a 20-unit apartment community located at 4795 SW Larch Dr. in Beaverton. Portland-based Larch Properties LLC sold the property for $1.75 million. Grayson Pounder of Hendricks & Partners’ Portland office represented the seller in the transaction.
DENVER — RREEF, on behalf of an institutional client, has partnered with Redhill Realty Investors to acquire Mezzo Apartment Homes, which is located in Denver’s central business district, for an undisclosed price. The 14-story, high-rise property features a fitness center, a cyber café, a large outdoor patio and 14,000 square feet of street-level retail space. The buyers plan to renovate the apartment units and common areas. Jeff Hawks and Doug Andrews of Apartment Realty Advisors represented the seller, Fairfield Residential, in the transaction.
SAN DIEGO — Providence Chesapeake LLC has purchased a 50,520-square-foot office building, which is located at 9573-9577 Chesapeake Dr. in San Diego’s Kearny Mesa area. Chesapeake Drive LP sold the property for $14.6 million. Constructed in 1985, the property was 80 percent leased to Northrop Grumman at the time of acquisition. Greg Lewis of Cushman & Wakefield and Eric Thies of BRNIKA Inc. brokered the transaction.
DOWNEY, CALIF. — Steven Brombal and Steve Bryant of Hendricks & Partners’ Newport Beach, Calif., office represented the seller, Whittier, Calif.-based Terry P. Veyna and Richard W. Veyna, in the disposition of 9341 Elm Vista Drive, an apartment community located in Downey. Downey-based Raoul & Ninfa Palacio purchased the 20-unit property for $1.85 million. The community consists of two two-bedroom units, eight one-bedroom units and 11 studio units.
LOS ANGELES — AMB Property Corp. has purchased a 902,000-square-foot industrial facility located in Los Angeles’ Inland Empire submarket. The Class A property, AMB Loma Grande Distribution Center, is currently occupied by Wal-Mart Stores Inc. With this acquisition, AMB Property now owns more than 22 million square feet of distribution facility space in Southern California. The seller and acquisition price were not disclosed.
PHOENIX — Broadreach Capital Partners has completed Grace Court Office Complex, a 9-acre, 300,000-square-foot master-planned development in downtown Phoenix. The final phase of development included Grace Court IV, a six-story glass and steel structure offering approximately 150,000 square feet and located at 250 N. Seventh Ave., and Grace Court III, a four-story, 98,000-square-foot building located at 118 N. Seventh Ave. Phoenix-based Dick & Fritsche Design Group provided architectural services for the project.