(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22^nd in Los Angeles).

SALES

SAN RAMON, CA-The Hoffman Co. has closed the sale of the Faria Preserve property to Lafferty Communities, a private, family-owned developer, in one of the largest land transactions in the East Bay area in several years. Faria Preserve is a roughly 440-acre property annexed in 2009 by the City of San Ramon, the heart of the East Bay real estate market. Construction is projected to commence in 2014 with the first model homes expected to be open by 2015. The Faria Preserve development is a master-planned residential community set among the rolling hillsides on the northwestern edge of San Ramon. It consists of a Tentative Map approved for 786 units ranging from single family detached homes to multifamily apartments. The community also will boast an assortment of public amenities including active parks, open space and natural resource preservation. GlobeSt.com has learned that the total project cost in the acquisition and development of the site is in excess of $100 million.

LOS ANGELES-M West Holdings has completed the acquisition of 900 E. 1st St. Lofts, a 45-unit property located in the Arts District neighborhood of Downtown Los Angeles. The 61,961-square-foot building originally served as the distribution warehouse for the J. R. Newberry Co., a Los Angeles grocery store chain founded in 1898. In the 1980s the building underwent a complete renovation and was converted into 45 artist lofts. The open plan lofts currently feature exposed brick walls and original wooden columns.

DOWNEY, CA-Hanley Investment Group Real Estate Advisors negotiated the sale of a single-tenant Walgreens. Located at 8030 Imperial Hwy. here, the 12,255-square-foot freestanding building (including a drive-thru) leased to Walgreens is situated on a 0.98-acre parcel of land and was built in 2011. The tenant has a brand new 25-year NNN lease. The buyer, a private investor from Palm Desert, CA, was represented by Jeremy S. McChesney of Hanley Investment Group. The seller, Downey 1 Partners LLC from Seal Beach, CA, was represented by Art Flores of CBRE in Newport Beach, CA. The purchase price was just north of $8 million. According to Jeremy McChesney, senior vice president at Hanley Investment Group, “Single-tenant Walgreens continue to be a preferred investment for buyers seeking a safe place to put their money in today’s commercial real estate market.”

NEWPORT BEACH, CA-MIG Real Estate revealed its plans to invest up to $600 million in property acquisitions in 2012. MIG has acquired more than $400 million of real estate properties since April 2009, with approximately $200 million closing in 2011. In 2012, MIG will continue to be active in several of its primary markets in California, Arizona, Colorado, and Hawaii, with expansion into Seattle, Portland and Salt Lake City. Recently, the company decided to also enter the major Texas markets—Dallas, Houston, Austin, and San Antonio as well as key markets in the Southeast where its primary focus will be multifamily and hotels.

DEVELOPMENT

LOS ANGELES-More than 800 people have already submitted applications to live at Lorena Heights Apartments, a new income-eligible housing community in Boyle Heights that had its official grand opening celebration on March 7. The $40-million urban-infill community features both two- and three-bedroom floor plans in two, four-story contemporary buildings, which are affordable to working families earning 30% to 60% of the area median income in Los Angeles County, as defined by the US Department of Housing and Urban Development. In addition to the 112 apartment units, property highlights include a picnic area, playground, a subterranean parking garage, and a community recreation center that features the restored fa