(Save the dates: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)
COSTA MESA, CA-Bristol Berry Tract Ltd. has sold Bristol Corporate Center here to Turner Real Estate Fund II LP for $3.4 million. The all-cash transaction closed in 10 days. Allen Basso and Brian Garbutt of Lee & Associates‘ Irvine, CA, office represented both the buyer and the seller. According to Basso, the buyer plans to rehab and modernize the 12-unit, 165,000-square-foot building, which was built in 1986 and is 87% leased.
IRVINE, CA-Hanley Investment Group Real Estate Advisors has negotiated two single-tenant retail transactions totaling $6.8 million. William B. Asher, Kevin T. Fryman and Edward B. Hanley represented seller 665 Claremont LP in the sale of a single-tenant Chase Bank at 10355 Magnolia Ave. in Riverside, CA, to a private investor for $5 million, and Jeremy S. McChesney represented the buyer, a private investor, and seller, a developer from Hermosa Beach, CA, in the sale of a single-tenant 7-Eleven at 4436 Sepulveda Blvd. in Culver City, CA. The bank’s buyer was represented by George Y. Ragheb of Entrance Homes Inc. here.
SHERMAN OAKS, CA-Singer Trust has sold a 33,000-square-foot office property at 17555 Ventura Blvd. here to a private trust for $6.6 million. Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Co.‘s local office, represented the buyer. The seller was represented by Ron Feder of Keller Williams. Vierheilig-Fraser says the buyer plans to make improvements the common areas and exterior of the building.
TIGARD, OR-Geopacific Testing Inc. has leased 12,058 square feet of industrial space at Tigard Tech Center, 7409 SW Tech Center Dr., from Watumull Properties. Tim Budelman and Scott Finney of Norris & Stevens represented the lessor, while Kevin Kriesien of JLL represented the lessee.
CERRITOS, CA-Argent Retail Advisors is handling the leasing of a free-standing retail building adjacent to Los Cerritos Mall, a 1.367-million-square-foot mall and the city’s largest revenue source. Area retailers include Nordstrom’s, Macy’s, Sears, Forever 21, UA Theaters, Office Depot and Target. The property is located just off the northeast corner of South St./Gridley Rd., with a traffic count of approximately 63,584. The area has a dense infill population, and the building has a dedicated parking field. Triple-net expenses are 20 cents per square foot per month.
SAN DIEGO-Jones Lang LaSalle‘s local brokerage team has completed three leases totaling 46,687 square feet of space in San Diego County. Elizabeth Hospice has leased 3,187 square feet of space at Carmel Valley Office Plaza at 15373 Innovation Dr. here; the 60-month lease is valued at $302,127. JLL’s managing director Jay Alexander and associate Chaneng Joe negotiated the lease on behalf of Arden Realty. The tenant was represented by Don Zech and Nick Zech of CDC Commercial. Picture It On Canvas has leased 33,652 square feet of warehouse space at 12525 Stowe Dr. in Poway. Alexander and SVP Ryan Grove negotiated the 48-month lease, valued at $1.1 million, on behalf of the French Co., while the tenant was represented by Todd Murphy of Cassidy Turley. Also, Millennium Laboratories Inc. has leased 9,848 square feet of warehouse space at Rancho Bernardo Distribution Center at 11035 Technology Pl. Dave Harper of Colliers negotiated the lease on behalf of CWCA Rancho Bernardo 79 LLC, while Alexander and Grove represented the tenant in the 38-month, $253,088 lease.
BROOMFIELD, CO-VP Charles H. Williams and western regional manager Jon Reible from KeyBank Real Estate Capital‘s multifamily group have provided a $22.1-million loan through Freddie Mac on behalf of Griffis/Blessing Inc., a real estate services firm headquartered in Colorado, for financing on Willow Run Village, a class-A multifamily property that contains 216 garden-style apartments. Additional terms of the loan include a fixed interest rate and 30-year amortization schedule. Prior to closing transaction, senior banker Alex Buecking from KeyBank’s income property group closed an interim bridge loan within four weeks to facilitate a year-end closing on the asset.
LOS ANGELES-Mortgage banking firm Quantum Capital Partners has secured a new acquisition loan in the amount of $4.375 million fixed for five years at 3.8% interest. The financing closed the acquisition of a 50,440-square-foot office building at 1122 West Washington Blvd. here. This is the twelfth assignment Quantum Capital has completed for this borrower.
LOS ANGELES-National real estate law firm Pircher, Nichols & Meeks has promoted Robert J. Cooper, Daniel B. Guggenheim and Michael D. Soejoto to partner. The new partners all practice within the firm’s Los Angeles office. Cooper joined the firm in 2004 as an associate in the real estate practice. His practice focuses on the representation of institutional investors in real estate acquisitions and dispositions, financings and joint ventures as well as other transactional real estate-related matters. Guggenheim joined the firm in 2007 as an associate in the real estate department. He has experience representing opportunity and hedge funds, mortgage and mezzanine lenders, and commercial and residential developers in all aspects of transactional real estate. Soejoto joined the firm in 2004 as an associate in the firm’s tax department. His practice includes federal and state taxation, with an emphasis on partnership taxation and the taxation of real estate transactions, including real estate investment trusts and real estate investments by tax-exempt organizations.
LOS ANGELES-CBRE has hired Carlos Vigon in the multi-family sector as a SVP. Vigon specializes in apartment, condominium, student housing and land for development of multi-housing properties. A veteran of real estate for more than 24 years, he was previously with Grubb & Ellis as a SVP in the financial-services asset-management group.