San Diego

Bixby Land Co. has acquired a 50,000-square-foot research and development facility in San Diego, for $9.2 million. The property, which was purchased from LBA Realty, increases Bixby's total portfolio to more than six million square feet. With this acquisition complete, the REIT is shifting its acquisition focus to a value-add investment strategy based on changing market dynamics in 2010. "We believe we can identify investment opportunities suitable for our REIT from distressed sellers needing to dispose of their properties," says Bill Halford, president and CEO of Bixby Land Co. "The existence of these opportunities will have a significant influence on our acquisition strategy as we look to expand our REIT portfolio." The single-tenant research and development building constructed in 1991 is located at 6325 Lusk Blvd. in the Sorrento Valley sub-market of San Diego. The building is occupied by Quantum Designs, a manufacturer of integrated, automated systems for characterizing scientific research materials over a broad range of temperatures and applied magnetic fields. Harry Stone of Voit Commercial Brokerage represented both Bixby and LBA in the transaction.

Latham & Watkins LLP leased 28,726 square feet of office space for three years, eight months at 12636 High Bluff Dr., Suite 300 and 400, from Arden Realty Inc. for $3.3 million. Tony Russell, Joe Anderson and Brooks Campbell of Cassidy Turley BRE Commercial represented the lessor in the transaction. Jerry Keeney of Cassidy Turley BRE Commercial represented the lessee.

DataQuick Information Systems Inc. has signed a 36-month, $1.5 million lease renewal for 26,897 square feet of office space in Eastgate Technology Park at 9620 Towne Centre Dr. in San Diego. The lessee was represented by Cushman & Wakefield Inc. The lessor, the Irvine Co. LLC, represented itself. Eastgate Technology Park, a 14-building, 734,000-square-foot office park, is located near University Town Centre.

Douglas E. Barnhart purchased 12,760 square feet of office space at 10803 Thornmint Rd. from Mission Federal Credit Union for $3.5 million. Brian Driscoll, Rick Reeder and Brian Starck of Cassidy Turley BRE Commercial represented the seller in the transaction. The buyer's representation was undisclosed.

In an all-cash transaction, PacVentures Inc. has purchased 16 of 27 units in the nine-story Metrowork class-A office condominium development at 1350 Columbia St. in Downtown San Diego for an undisclosed price. The property was acquired as an REO asset from Key Bank, and closing was completed in less than five days from execution of the purchase agreement. PacVentures bought the property through its PV Opportunity Fund I LP, the third investment for the Fund in 2009. PacVentures now owns 35,700 net rentable square feet in the building, which amounts to approximately 64% of the building's 56,000 square feet of office condominiums. The first two floors are occupied by a retail tenant.

Orange County

[IMGCAP(2)]RB Dwyer Co. has signed a seven-year lease on a 104,000-square-foot industrial property in Anaheim, CA for $5.4 million. The property is located at 2891 East Miraloma Ave. and is close to where the 57 Freeway intersects with the 91 Freeway. The lessor, MS Partners, a real estate investment company, was represented by Voit Real Estate Services. CB Richard Ellis Inc. represented the lessee. "We understood our client's needs and were able to negotiate a new long-term lease that not only preserved a quality tenant on a long term basis, but also created an opportunity for the ownership to satisfy its refinancing requirement" says Mike Hefner, executive vice president of Voit's Anaheim Metro office. "Preemptively modifying existing lease terms in exchange for a longer term tenant commitment is a strategy being implemented by many property owners who want to proactively avoid a vacancy in today's market." RB Dwyer is the leading converter and supplier of various heat shrink packaging materials such as cut flat bands, printed labels and seamless and seamed roll stock.

[IMGCAP(3)]Edward B. Hanley and Eric P. Wohl of Hanley Investment Group Real Estate Advisors represented Los Angeles-based Westwood Financial in the sale of a multi-tenant retail strip center in Tustin, CA. The purchase price was nearly $3 million, representing $312 per square foot. The 9,597-square-foot retail center, known as Walnut Newport Center, is located at 13842 Newport Ave. The four-tenant strip center is anchored by Blockbuster Video and is situated on a 0.74 acre parcel of land. Built in 1986, Walnut Newport Center was 100% occupied at the time of sale. "Due to the property's excellent location and surrounding demographics, we experienced a great deal of interest," says president Hanley. The sale was an all cash transaction. The buyer, Lee Family Trust of Orange County was represented by Chuck Hathoot of Prudential California Realty based in Laguna Niguel, CA.

SCIF Fullerton LLC has sold five industrial buildings totaling 31,175 square feet in Fullerton, CA for $4.5 million. The five buildings are part of a newly developed 221,253-square-foot industrial business park, the Valencia Business Center, which is composed of 25 buildings ranging in size from 5,117 square feet to 23,816 square feet. Voit Real Estate Services represented the seller and two of the four total buyers in the transaction. The Valencia Business Center is located at the intersection of East Valencia Drive and Sally Place, close to the Fullerton Amtrak Station Platform and with access to the 91, 57 and 5 freeways. The five properties included in the recent sales are: 1456 & 1476 E. Valencia Dr., an 11,117-square-foot industrial property, was acquired by Phillip Dionne for $1.6 million; 1372 E. Valencia Dr., a 7,818-square-foot industrial property, was acquired by Terry Fleming for $1.1 million; 1432 E. Valencia Dr., a 6,590-square-foot industrial property was acquired by Kyong Son for $950,000; and 1424 E. Valencia Dr., A 5,650-square-foot industrial property was acquired by Joe Yoon for $800,000.

Los Angeles

[IMGCAP(4)]TPMC California, a subsidiary of TPMC Realty Corp., has completed a $5-million redevelopment of 12301 Wilshire Blvd., a six floor, 107,000-square-foot class-A office building in West Los Angeles. The 1970's era building underwent a complete transformation at the ground level, including installation of a new modern glass façade and a complete renovation of the building's lobby and outdoor plaza.

Las Vegas

Total Renal Care Inc. signed a nearly $3.4-million, 180-month lease of 11,995 square feet of medical office space from Meadows-Zim LLC. The property is located at 150 S. Valley View Blvd. in Las Vegas. CB Richard Ellis Inc.'s Bruce Follmer and Carla Cole represented the lessee.

Joeker LLC dba HobbyTown USA has signed a 120-month lease. The 4,000-square-foot retail property is located at 4590 W. Sahara Ave., Ste. 103. The total value of the transaction was $828,000. David A. Grant of Colliers International represented the lessor, McLaren Las Vegas LP.

Denver

Bank of the West sold 5055 E. 48th Ave., a 43,000-square-foot industrial building, to Premier RE Holdings for an undisclosed price. Grubb & Ellis Co. and Acquire Real Estate represented the seller in the transaction. CB Richard Ellis Inc. represented the buyer.

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50,000-SF Acquisition Illustrates Value-Add Strategy

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