In the Riverside transaction, Magnolia Court LLC, a Canyon Lake-based investment group, purchased the 56-unit Cerro Vista Apartments at 7450-7451 Wells Ave. from Turner Dale Associates Inc., a pension investment firm based in Burlingame. John Kalmikov and Dean Washle of Grubb & Ellis' Ontario office represented the buyer, who was in a 1031 exchange, and the seller. The two-building, two-story complex was built in 1986 and was 100% occupied at the time of sale.
In the Irvine transaction, Analytical Planning Services purchased the 5,962-sf office building at 8885 Research Drive from Bacchus Development for a more than $1.5 million. The buyer was represented by George Economos, Geoff DeWolf and Steve Economos of NAI Capital Commercial. Analytical Planning Services will occupy the newly constructed building for corporate offices. The new Analytical Planning facility is only one of three single-story buildings out of 18 buildings in Phase I of the development known as Brenexus Ltd. Edition that is located near the 405 Freeway, notes DeWolf. The seller, Bacchus Development represented itself.
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