424 S. Holt Ave.

Inland Empire

RIVERSIDE, CA-In this week's roundup of deals in the West, the new owner of a 175,000-square-foot industrial building here will occupy half of the building initially and then will take the rest of the space when a tenant's lease expires. New owner Aviar Investments LLC, operating as Innova Champion Discs, bought the building, which is at 900 S. Dupont Ave., from Principal Life Insurance for $10.5 million. Grubb & Ellis Co. senior vice president Roger Rhoades, who represented the buyer, a disc golf equipment company, says that the new owner plans to immediately begin using approximately 50% of the 175,000-square-foot property for its corporate headquarters and distribution facility. The remainder of the property is occupied by Proctor & Gamble, so the plan will be for Aviar to occupy the remainder of the building when Proctor & Gamble’s lease expires. Mike McCrary and Ruben Goodsell of Jones Lang LaSalle represented Principal Life Insurance in the transaction.

Los Angeles

Tenants at Yahoo! Center in Santa Monica have signed two new leases totaling approximately $10 million, according to principal Chris Houge of LA Realty Partners, who represented the tenants. Modern VideoFilm signed a long-term lease valued at $8.8 million and will occupy 18,750 square feet in the 2500 Broadway Ave. building. This is the first expansion for the company, which is headquartered in Downtown Burbank. In the other lease, Australian skin care company Jurlique has relocated its corporate headquarters to 5,441 square feet in the 2425 Colorado Ave. building in a long-term transaction is valued at $1.1 million. The landlord, Equity Office, was represented in-house by Brenden McCracken in both leases. Yahoo! Center is a 15-acre, class A office park comprising seven buildings with more than one million square feet of office and retail space.

A private investor has acquired an 18-unit apartment complex namned the Atrium at 424 S. Holt Ave. for $6.8 million, according to Hamid Soroudi of Charles Dunn Co.’s West Los Angeles office, who represented both the buyer and the seller. The names of the buyer and the seller were not disclosed, but sales records indicate that Princeville Properies LLC bought the complex from 424 Holt LLC. The deal marks Soroudi’s 12th multifamily sale this year.

Pacifica Enterprises Inc. bought 15 units at the Pan American Lofts at 253 S. Broadway in Downtown Los Angeles from Phoenix Realty Group for $3.2 million, according to Grubb & Ellis Co. Phoenix was represented by EVPs Richard Plummer and Michael Ross of Grubb & Ellis, as well as VP Andrew Harper, all in the company’s Institutional Capital Markets Group.The Pan American Lofts is an adaptive reuse condominium project with a total of 40 units. The building was originally constructed in 1894 and was converted to condominiums in 2007. Pacifica Enterprises represented itself in the transaction. The remaining 25 units in the building were sold to individuals; Grubb & Ellis was not involved in those sales.

Jels Parthenia LLC, owner of Ideal Meat & Provisions, has acquired a cold storage building at 18425 Parthenia Place in Northridge for $1.37 million and plans to occupy the building as an owner-user, according to SVP Jeff Albee of the Encino office of Colliers International, who represented the undisclosed seller. Built in 1963, the property comprises 11,400 square feet of cold storage, 1,700 square feet of office and 2,000 square feet of warehouse space. Commenting on the deal, Albee said: “The market is showing signs of a recovery. The tenant had previously occupied the subject property for many years and elected to acquire the property based on favorable market conditions and SBA financing terms. Additionally, there is a limited supply of cold storage space in the San Fernando Valley which heightened the demand for this type of property.” Along with Albee, senior associate Jeff Gould of the Colliers Encino office also represented the seller. The buyer was represented by Bruce Simpson of Delphi Business Properties. Albee also negotiated a deal in which Living Waters of the San Fernando Valley, a Woodland Hills-based church, signed a five-year lease valued at $1 million for a 13,716-square-foot building at 6140 Variel Ave. in Woodland Hills. Albee said that Colliers found the off-market space and negotiated with the owner of the building as well as a shared parking agreement with the owner across the street to meet requirements of the Warner Center Specific Plan. With the new space, Living Waters can accommodate more people and double its congregation, Albee said. Both the tenant and landlord Image Works Entertainment were represented by Albee, Gould, and associates Brock Burnett and Blake Lichtig of the Colliers Encino office.

San Diego County

The World of Life Worship Center has acquired a 28,025-square-foot church at 8691 Echo Dr. in La Mesa from WaterStone Support Foundation for $4.7 million, according to SVP Tom Morgan of the Grubb & Ellis Co. retail group, who is also director of the company’s religious properties practice group. Morgan, who represented both parties, says that the World of Life Worship Center will relocate its worship activities to the property from its previous location at 2701 E. 8th St., National City. With the church relocating, Morgan and his partner, associate Gary Friesen of the Grubb & Ellis retail group and also a member of the company’s religious properties practice group, have been selected by Paradise Valley Seventh Day Adventist Church, the owner of 2701 E. 8th St., to lease the 20,000-square-foot property for Sunday use. Morgan also represented the previous occupant of 8691 Echo Dr., Father’s House Church International, in its relocation to 18,589 square feet of space located at 2705 Via Orange Way, Spring Valley. Father’s House Church signed a 63-month lease at the property. Jeremy Dentt and Ryan Dentt of Pacific Realty Advisors represented the owner of the property, Pacific Ranch San Diego.

Six tenants have signed leases valued at approximately $6 million at Bressi Ranch Village Center at 2633-2687 Gateway Rd. in Carlsbad, according to Newport Beach, CA-based LNR Commercial Property Group, the owner of the retail center. The tenants, accounting for a combined total of approximately 18,468 square feet, are Unleashed by Petco, Chase Bank and Luna Grill, all of which signed for 10 years; and Souplantation, Perfectly at Home, and Ollie & Me Children’s Boutique, all of which signed for five years. Stewart Keith, Bill Thaxton and Tommy Gibbs of Flocke & Avoyer Commercial Real Estate represented LNR and Bressi Village in the transactions. Unleashed by Petco was represented by Nancy Johnston of Epsteen & Associates, Chase Bank by Dave Hagglund of CB Richard Ellis, Luna Grill by Kevin Cassidy of Epsteen & Associates, and Souplantation by Bill Walker of Walker Commercial Realty. Perfectly at Home and Ollie & Me represented themselves.

Ventura County

1601 Beacon Place

Industrial tenants have signed leases for 68,670 square feet in Oxnard, according to Colliers International. Nava Enterprises Inc. leased a 21,323-square-foot building at 1601 Beacon Place for five years, Worldwide Plastics Co. leased a 28,815-square-foot building at 2260 Camino del Sol for 38 months and Nutiva, Inc. subleased 18,532 square feet of space at 2201 E. Sturgis Rd. for 31 months. The values of the leases were undisclosed. In the Nava Enterprises lease, landlord Marcus Adams Propedrties was represented by Colliers EVP John DeGrinis, associate VP Patrick DuRoss and associate Jeff Abraham, all of Team DeGrinis based in the Colliers Encino office. Michael Wax and Doug Wax of Industrial Park Associates represented Nava, a packager and distributor of fresh produce. In the Worldwide Plastics lease, DeGrinis, DuRoss and Abraham represented the tenant, a distributor of plastic containers. Grant Harris and John Ochoa of Lee & Associates represented landlord, Rexford Industrial LLC. In Nutvia's deal, DeGrinis, DuRoss and Abraham represented both the sub-tenant, a distributor of organic foods, and the sub-landlord, DHL Express (USA) Inc.

Alameda County

Bruker Corp., an analytical instrumentation company, signed a lease for 36,100 square feet of office space at 3500 W. Warren Ave. in Fremont in a relocation from 22,500 square feet at 2859 Bayview Dr. in Fremont. Bruker was represented by Fletcher Baker of the San Jose office of Cresa Partners, who said that the company is expected to complete the move in March and will use the facility for R&D for medical devices. He said that Bruker will consolidate two facilities from Fremont and Walnut Creek into one location. The landlord, JER Bayside LLC, was represented Chris Shaffer of Cornish & Carey.