NEWPORT BEACH, CA-A private investor has purchased a single-story, triple-net-leased medical office building at 4300 Von Karman in the Koll Center Newport here from the PRES Cos. for $5.4 million. The building will be occupied by DaVita Dialysis. The price per square foot of $811 represents the highest price achieved for a net-leased property sold for more than $5 million ever in Orange County, according to industry experts, and the 4.95% cap rate is the lowest cap rate ever for a DaVita-occupied property nationally. Nicholas Coo, Matthew Mousavi and Patick Luther of Faris Lee Investments represented PRES in the transaction, while the buyer was represented by Jack McNutt of Newmark Grubb Knight Frank.
MORENO VALLEY, CA-First Industrial Realty Trust has purchased 13 separate but contiguous properties here for $17 million to develop a modern logistics center. The complex land-assemblage package was managed by Colliers International EVP Kevin McKenna and associate Scott Sanders, who found a site that could accommodate a 1.4-million-square-foot specialized logistics facility. First Industrial is working through its development plan and has not yet disclosed when it plans to break ground on the project. It is marketing the site as a solution for companies seeking to expand or consolidate in the Inland Empire, including logistics firms, retailers, and other large corporate users. The site is centrally located in the Inland Empire with direct access to I-215, I-15 and both the Pomona and San Bernardino freeways.
ASPEN, CO-Sheldon Good Luxury Residences, the luxury residential sales and marketing division of Sheldon Good & Co., has been retained to auction two estates here. The first property is an 18,000-square-foot, custom-built estate located on Clay Lane, offered at a minimum bid price of $17.5 million. The second property is a 15,000-square-foot estate located at 1518 W. Buttermilk Rd. that is being offered at a minimum bid price of $15 million. The live, open-outcry auction will take place at the W. Buttermilk estate on Tuesday, July 30, with registration starting at noon. The auction will commence at 1:00 P.M.
LOS ANGELES-Charles Dunn Co. has completed the $12.5-million portfolio sale of two multifamily properties totaling 103 units located at 119 and 219 N. Avenue 51 in the Highland Park neighborhood of Los Angeles. The portfolio was 98% occupied at the close of escrow. Hamid Soroudi, senior managing director of Charles Dunn, represented the seller, 11022 Santa Monica Blvd. LP. The buyer is undisclosed. The property sold at a cap rate of 6%.
NEWPORT BEACH, CA-NGKF Capital Markets has represented the Theila L. Smith and Thelma B. Houston Trust in the $6.3-million sale of 3450 Via Oporto, an 11,750-square-foot waterfront property on Newport Bay here. The ground lease for the propertywas acquired by Lido Group Retail LLC, an operating entity of DJM Capital Partners Inc. This site has in excess of 100 feet of bay frontage on Newport Bay. DJM represented itself in the transaction.
SAN MARCOS, CA-Builder C.W. Driver has broken ground on the new 20,000-square-foot Student Health and Counseling Building at California State University San Marcos. The $7.5-million design-build project, which is slated for completion in 2014, was designed by Los Angeles-based HMC Architects to achieve LEED® Gold certification.
HONOLULU-Parallel Capital Partners Inc. has completed the $5.5-million renovation of a 10-story office building at 1833 Kalakaua Ave. Improvements to the 91,886-square-foot project include new paint and landscaping for the ground-floor exterior, new roofing, a new fire life safety system, upgraded heating and air conditioning systems with digital controls, a new conference room, energy-saving fans, a new energy-management system and remodeled restrooms. In addition, new ceilings and energy-efficient lighting were added throughout and the parking lot was repaved.
MORENO VALLEY, CA-CT Realty Investors has leased its March Inland Port property at 16875 Heacock St. here to DDI Distributions Inc. for $ 3.7 million for a lease term exceeding five years. DDI leased 100% of the property, a class-A cross-dock distribution facility with 190-ft. truck yards, 142 trailer parking stalls, ESFR sprinkler systems and 32-foot clear height. The property sits contiguous to the March Air Reserve Base runway on the east side of the air base across the street from a large Lowe’s facility.
UNION CITY, CA-Phillips Delivery has signed a two-year lease with Westcore Properties for 20,425 square feet in Central Plaza, a three-building retail, office and industrial-warehouse project at 33572 Central Ave. here. The transaction value was not disclosed. Phillips occupies space in the industrial building of the project, which is 85% leased. In the lease transaction, Westcore Properties was represented by the Colliers International team of Mark Maguire and Kevin Hatcher. The lessee was represented by Joe Fabian of CBRE.
MAUI, HI-Brent Lister and Eric Salveson, SVPs of Johnson Capital, have arranged a $19.5-million loan secured by a retail center in Lahaina here, on behalf of new developer Honu Group. The property, the Outlets of Maui, is composed of 10 buildings containing 145,855 square feet of retail space located at the northeasterly corner of Front and Papalaua sts. Johnson worked with a major life-insurance company to structure a fully amortizing, fixed-rate, non-recourse loan to be placed on the property at acquisition.
In addition, the firm arranged for the necessary equity capital through two different sources: one that provided the initial start-up capital while the permanent capital replaced the original source after the loan was in place.
PORTLAND, OR-Marcus & Millichap Capital Corp. has named Steve Otos as a director in the firm’s local office. In his new position, Otos will arrange debt and equity financing for all types of commercial real estate assets, including hospitality, multifamily, retail, office and industrial properties. Prior to joining MMCC, Otos was a development and contract specialist for a $60-million high-rise project in San Antonio, TX.