RENO, NV—CBRE Global Investors has purchased a 707,010-square-foot industrial property on behalf of a separate accounts client. Located at 3200 USA Parkway is located in the Tahoe Reno Industrial Center, the property is LEED-Silver certified and leased to a single-tenant ecommerce company. The market is becoming a popular destination for industrial users because of its proximity to the ports and its ability to reach 11 western states with one-day shipping.

SALES:

SAN DIEGO, CA—Park Grove Apartments has traded hands for $9.6 million. An investor under the name 3635 College Ave. LLC purchased the 98-unit, 58,814-square-foot property from William R. Mundt Trust. The buyer plans to renovate and reposition the property. Peter Scepanovic and Corey McHenry of Colliers International represented the buyer.

BUENA PARK, CA—Structure Property Management has purchased the Villa Grande apartments from Sue Pebley Management LP for $8.6 million. The 44-unit property is fully occupied. To improve revenues, the buyer plans to add value to the property by making significant interior and exterior improvements. Ken Morgan of Morgan-Skenderian Investment Real Estate Group represented the buyer, while Jay Skenderian of Morgan-Skenderian Investment Real Estate Group represented the seller.

IRVINE, CA—Red Rock Management has purchased the Pacific Building from Gumm Investments for $5.3 million. Located in the Santa Ana arts district, the 16,274-square-foot mixed-use property is 100% leased by 11 tenants. The property sold at a 6% cap rate. Dan Vittone and Alan Pekarcik, principals at Avison Young, represented the seller in the transaction. Red Rock Capital Advisors represented the buyer.

LEASES:

SAN DIEGO, CA—A new restaurant concept from Chef Pascal called Crudo, has signed an 11-year lease at Village at Pacific Highlands Ranch. The 3,499-square-foot restaurant lease is valued at $2.5 million. Bo Havlik and Victor Aquilina of Lee & Associates North San Diego County office represented the tenant in the transaction.

SAN DIEGO, CA—The 80-acre parcel of land that houses the San Diego Polo Club will go up for lease bid. The Polo Club's 26-year lease expired in 2012, but the city has been delayed from bringing the property up to the bidding block, until now. The San Diego Polo Club says that it plans to bid on the property and sign a new lease.

EMPLOYMENT:

SAN DIEGO, CA—Douglas Lozier and Andrew Huggett have joined CBRE's occupier advisory & transactions group as occupier specialists. The duo joins the firm from Savills Studley, where they have completed more than $250 million in transactions over the past three years. They will be based in the firm's San Diego office.

IRVINE, CA—Sandy Davis has become a partner at ORION Property Partners. Davis joined the firm in 2010, and has served as a director of operations, providing operations and marketing support to the firm.

DENVER, CO—Jules Sherwood joins HFF as managing director. Based in the Denver office, he will focus on investment sales in the Rocky Mountain region and online auction sales nationally. Prior to joining the firm, he worked at Rocky Mountain Real Estate Advisors, a subsidiary of Auciton.com. In his lofty career, he has held positions at Trigild, J.F. Shea Co. and KB Home.

DEVELOPMENT:

ISSAQUAH, WA—Construction is underway on the Continuing Care Retirement Community with an 8,100-square-foot, 190-seat auditorium. The project is part of the $154-million phase II expansion plan for the development, which is located in Timber Ridge at Talus. Phase II of the project includes the addition of an indoor swimming pool, larger dining venue, an additional 145 apartment homes and an expansion to its on-site Briarwood Health Center. The project will open in fall 2016.

SEATTLE, WA—Timberlane Partners has completed construction of the Hudson, a 124-unit multifamily project on Queen Anne's East Slope. Located at 2450 Birch Ave., the property has a mix of studio, one- and two-bedroom apartments, which opened 70% pre-leased. Onsite amenities include a gym, outdoor roof deck, fire a main lobby and lounge. Rents range from $1,450 to $2,500.

COSTA MESA, CA—The Costa Mesa Planning Commission approved plans for 50 new homes. The plans included a housing tract that will replace the Mesa Verde Church. Pinnacle Residential is planning to build the 3,300-square-foot homes, which, according to the city, will sit on 6,902-square-foot lots and have 55% open space throughout the project.

AWARDS:

LOS ANGELES—Stanley Felderman and Nancy Keatinge of FKA Studio have won top honors at the L.A. Business Council's 45^th Annual L.A. Architectural Awards. The duo earned the award for their work redesigning Legendary Entertainment's offices.  

OTHER:

SACRAMENTO, CA—Industrial Division of ARB, a Primoris Services Corp. subsidy, has won a $200 million contract from the California Power Plant. The repowering project includes a 500MW natural gas-fired simple cycle power plant north of San Diego, CA; a joint venture with Kansas City-based Burns & McDonnell Engineering Co., which will provide engineering, procurement, construction, start-up and commissioning services; and three existing steam boiler units 1, 2, and 3 of the adjacent power plant will be retired upon successful commercial operation of the new facility. Work will be done from late 2015 though 2017.