1955 Sunny Crest Dr.
Orange County
FULLERTON, CA-The sales of three medical office condos here have closed for $499 per square foot in this week’s Deal-Wrap, a roundup of sales, leases and other deals in the West. According to seller Accretive Realty Advisors, Central Drugs Compounding Pharmacy, owned by La Habra-based physician Dr. Nayan Patel, bought the 3,000 square feet of medical office condominium space in shell condition for $1.4 million. The property is at 1955 Sunny Crest Dr., directly adjacent to St. June Medical Center, and is part of Providence Two, a 23,890-square-foot medical office building in Providence Medical Center, a three-building, 110,000-square-foot, full-service medical center. Thomas LeBeau. CEO of Accretive, said that the price is likely another record per square foot price for shell space in Orange County. Accretive also sold a retail building last December at the same project for $620 per square foot. “Providence Medical Center has seen renewed activity in a market where a significant supply and demand imbalance exists for quality medical space,” LeBeau said. John Wadsworth, vice president and director of healthcare services in Colliers International’s Irvine office, added that, “Demand to own versus lease is finally returning to the market. Favorable financing returning to the commercial markets, coupled with a well-located medical office building within walking distance to a top Orange County hospital were the key drivers in completing this transaction.” Wadsworth, who represented Accretive, added that the developer has dropped prices by more than 25% since 2009 in response to the recession. Accretive is an Irvine-based real estate investment and advisory firm specializing exclusively in medical office space. The buyer was represented by John Collins of Lee & Associates.
5482 Argosy Ave.
In Huntington Beach, educational publishing company Teacher Created Materials Inc. has acquired a 38,149-square-foot industrial property at 5482 Argosy Ave. from H & E Graham Trust for $3.6 million, according to Voit Real Estate Services. Mike Bouma of Voit’s Anaheim metro office, who represented the seller, says the deal is the largest industrial building sale this year by square foot in Huntington Beach. “Although owner and user sales activity has increased in recent months, buyers are still searching for unique opportunities in the form of well-located properties that offer attractive pricing and financing,” Bouma said. “We were able to offer the incentive of owner financing for this property. This is the fourth building in 18 months that was sold after we introduced the idea of owner financing, which ultimately contributed to a successful sale.” The property is near Bolsa Chica Street and the 405 Freeway and less than one mile from the company’s current headquarters. Teacher Created Materials was represented by Terry Rylski of Coldwell Banker/Campbell Realtors.
Phygen LLC signed a seven-year lease renewal and expansion of its approximately 11,000-square-foot corporate headquarters space located at 2301 Dupont Centre in Irvine. The company was represented by senior vice president Chon Kantikovit, associate vice president John Pomer and associate Ben Gott of Grubb & Ellis Co. According to Kantikovit, the renewal and expansion will enable Phygen to renovate the headquarters and improve work flow efficiencies while simultaneously reducing occupancy costs. Phygen develops products for spine surgery that are designed to reduce the cost and recovery time of the surgery. John Weiner of CB Richard Ellis represented the landlord, KBS Realty Advisors LLC.
Inland Empire
Palm Springs Marketplace
Ramsey Real Estate Group acquired a 10,550-square-foot building that is a part of Palm Springs Marketplace in Palm Springs for $1.15 million via its Shops at Palm Springs Marketplace LP. The property is a Stater Bros.-anchored community shopping center with a tenant mix of Arco, McDonald’s, Taco Bell, AutoZone, Dollar Tree, Dairy Queen and Kaiser Permanente. It is at the southeast corner of East Vista Chino and North Sunrise Way, one of the most prominent retail locations in the Coachella Valley. Previously the building was occupied by Hollywood Video and Domino’s Pizza. Ramsey plans to renovate the property to create the Shops at Palm Springs Marketplace. Both the buyer and the seller L & A Associates LLC, were represented by Jereme Snyder of Colliers International’s Irvine office.
Newberry Solar I LLC bought 80 acres at 32952 Mountain View Rd. in Newberry Springs for $480,000 and plans to use the property for solar electricity production. The buyer was represented by Daniel McCarthy, Terry Jackson and Matthew Davis of Cushman & Wakefield. The sellers, David C. and Mary C. Hoffman, Trustees, represented themselves.
Kern County
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Tehachapi Land
Tehachapi Valley LLC bought one of the largest available parcels of commercial property in Tehachapi, a 46.8-acre site with extensive high-visibility frontage along Tehachapi Boulevard, according to Capital Realty Solutions Inc. of Encino, which represented seller FLD Corp. Ash Joshi, principal of Capital Realty Solutions, said the buyer operates a contracting business in Tehachapi and will use approximately five acres of the property for his operations, with plans to eventually subdivide the balance for an industrial park. Principal Dennis Verner of SCV Commercial Real Estate Services of Santa Clarita, who represented the buyer, said the site is very well positioned and is located adjacent to other similar developments. “Big plans are afoot for Tehachapi to create jobs locally so residents don’t have to commute to Bakersfield and Lancaster,” Verner said. “The buyer was attracted by the community and its future and the significant recent growth in business including a “big box store for Home Depot and a Wal-Mart Super Center currently in development.”
Los Angeles County
US Bank negotiated a new lease for a branch at Harbor Cove Plaza at 29000 S. Western Ave. in Rancho Palos Verdes. Dave Mensinger of the Everest Group represented the landlord in the $3 million transaction. Harbor Cove Plaza is a two-building, 48,000-square-foot complex originally built in approximately 1966 and 1982 that today accommodates multi-tenant office, medical, and financial users. The US Bank transaction maintains a financial institutional presence that dates back to 1966 when Harbor Cove Plaza was originally designed by architect Kurt Meyer and developed for Fishermen and Merchants Savings. Mensinger says the lease reflects “the desirability of the building, its excellent location and affluent demographics.”
Law firm Hurrell Cantrall LLP signed a seven-year lease for 17,000 square feet of office space at 700 S. Flower St. in Downtown Los Angeles, where the firm will relocate in June from its offices at 660 S. Flower St. in Downtown L.A. Executive vice president Maury Gentile and senior vice president Sean O’Leary of Grubb & Ellis Co. represented Hurrell Cantrall. The property’s owner, Jamison Services Inc., represented itself.
San Diego County
Inland Western Retail Real Estate Trust Inc. of Oak Brook, IL and Federal Realty Investment Trust of Rockville, MC closed the sale of a 75,712-square-foot former Mervyn’s in Escondido for $11.25 million. In July 2010, Inland Western signed a 44,760-square-foot lease with Dick’s Sporting Goods Inc. to occupy part of the space, and Inland Western commenced construction in September to facilitate an early 2011 opening. The tenant improvement costs incurred to date will be reimbursed by Federal Realty Investment Trust with the closing of the transaction
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