Aero Dynamic Machining Expands Business

Colliers International has directed the sale of a 50,625-square-foot industrial building at 7472 Chapman Ave. in Garden Grove to Aero Dynamic Machining Inc., a manufacturer of aerospace parts. The transaction is valued at just north of $4 million. Built in 1978, the single-story industrial building will be used by Aero Dynamic for the machining of precision parts for the aerospace industry. The company, which will continue to occupy its other facility of approximately 24,315 square feet in Garden Grove, is expanding its business. "The property features high visibility on Western Avenue and Chapman Avenue in a prime location within the Garden Grove Industrial Park, and is ideal for a manufacturing use," says Clyde Stauff, executive vice president in Colliers International's Irvine office, who represented the sellers, private investors David and Faith Grant, in the transaction. Union Pacific Realty represented the buyer in the transaction.

[IMGCAP(2)]San Diego

Plaza Research Corp., a network of focus group facilities with 13 offices nationwide, has signed a seven-year, $1.3-million lease for 6,538 square feet of office space in Genesee Executive Plaza at 9339 Genesee Ave., Suite 100, in San Diego. The lessee was represented by Studley. The lessor, PCCP Janez Genesee LLC, was represented by Cushman & Wakefield Inc. Genesee Executive Plaza, a 159,000-square-foot office project in the UTC area of San Diego, was acquired by Janez Properties in 2008. The project is nearly 90% leased and includes additional tenant such as FedEx, IGO Medical Group and First Pacific Bank. Janez Properties has since completed more than $1.2 million in property capital improvements and upgraded the energy management systems.

KMA Architecture & Engineering has started construction on the P704V In-Service Engineering facility at China Lake Naval Air Weapons Station in Ridgecrest, CA. KMA was retained by Barnhart Inc. in March of 2009 and construction is expected to be complete by spring 2010. The one-story, 20,000-square-foot in-service engineering facility was designed with sustainable features including efficient cooling equipment, storm water runoff management and the installation of a cool roof in order to reduce the roof surface temperature up to 100 degrees.

Los Angeles

Andrew, Andrew Susan purchased a 15,552-square-foot industrial building, located at 12747 Schabarum Ave., Irwindale, from Saba Holding Co. for $3.3 million. Grubb & Ellis Co.'s Los Angeles East—San Gabriel office represented the seller in the transaction. Lee & Associates represented the buyer.

[IMGCAP(3)]Hirsch Sherman and Jared Levine of KW Commercial represented the seller the close of 180 S. Sycamore Ave., a 15-unit Spanish trophy apartment building located in the submarket of HancockPark in Los Angeles at a sale price of $3.4 million. The approximately 12,966-square-foot apartment building was built in 1927 and features renovations such as exterior paint, new landscaping, and other improvements. The unit mix consisted of studios, one- and two-bedroom apartments with street parking only. The KW Commercial brokers note that this was not a distressed sale, it was a conventional deal between two local private multifamilyinvestment operators. The financing was brokered by Elliot Treitel of Meridian Capital Group with the nonrecourse, 75% LTV, 10-year debt coming from Sovereign Bank (Savings Bank).

Voit Real Estate Services has directed the acquisition of a 44,815-square-foot class A R&D Flex Tech building in Santa Clara County. Peter Castleton of Voit Real Estate Services' Anaheim Metro office represented the buyer, AE Peterson Enterprises. The property is located at 1561 Buckeye Dr., in Milpitas, CA. The seller, South Bay Development Co., was represented by CPS. Terms of the deal were not disclosed. "This is a spectacular property," Castleton says in a prepared statement. "A recent refurbishment brought in top of the line upgrades. We were able to close in two and a half weeks and secure this class A, R&D flex space at roughly 50% of replacement cost." The property is one of four buildings that make up the 200,000-square-foot Oak Creek Technology Centre, located within the master-planned Oak Creek Business Park that was built in the early 1980s. The remaining three buildings were retained by the seller, South Bay Development.

Inland Empire

Cassidy Turley BT Commercial's leased Investment Group based in the firm's San Francisco office along with Jay Hagglund in the firm's Oakland office represented the buyer,A private investor acquired a 3,000-square-foot retail building fully leased to Jack in the Box for nearly $2.18 million or $725 per square foot. The property is located in the city of Perris, CA.

San Francisco

A 51,483-square-foot industrial property at 2311 Kruse Dr. in San Jose, CA, has sold for an undisclosed price. Marcus & Millichap Real Estate Investment Services Inc.'s Oakland office had the exclusive listing to market the property on behalf of the seller. Located within the Golden Triangle of north San Jose, 2311 Kruse Drive is a cold storage facility that includes 6,555 square feet of mezzanine office. The building underwent approximately $2.1 million worth of renovations in 2007, including a new 25,758-square-foot freezer and cooler unit with concrete floors. Neighboring tenants include ARCO, Kinder Morgan, Fed Ex, PG&E and Cadence.

Lowenberg Corp. leased out 19,800 square feet at 2705 Merced St. in San Leandro, CA to E-Poly Star Inc., which signed a short-term lease. The tenant was represented by Cassidy Turley BT Commercial of Oakland. There is currently still 57,200 square feet--divisible to 14,300 square feet--still available at the business park. Colliers International, Oakland, represented the landlord.

[IMGCAP(4)]Portland

The MachineWorks Building has achieved the LEED Gold certification from the USGBC and was awarded 37 out of a possible 44 points. Located at 1414 NW Northrup St., MachineWorks is a 209,000-square-foot mixed-use project, incorporating four levels of class A office space totaling 70,844 square feet, a state-of-the-art LA Fitness Facility and three levels of parking. The MachineWorks building is 90% leased. In February, the US General Services Administration-Indian Health Services executed a 15-year lease for 19,431 square feet, the entire 8th floor of the building. In October 2009, McCormick & Schmick's Seafood Restaurants leased the entire 7th floor totaling 19,250 square feet for its new Portland headquarters and in December 2009, the Portland Dermatology Clinic signed a 10-year lease for the entire 6th floor totaling 19,482 square feet. The building was designed by Group Mackenzie and the contractor is Skanska USA. The brokers on the project are Eric Haskins, Dave Squire and Brandon Frank from Grubb & Ellis Co.

[IMGCAP(5)]Denver

Atlanta-headquartered Apartment Realty Advisors recently brokered the sale of a 78-unit, two property portfolio located at 1377-1397 Laredo St. and 16415 E. 14th Pl. in Aurora, CO. JTA Properties, a private local buyer, purchased the property for a price of nearly $2.13 million, representing a price per unit of $27,244 and a price per square foot of $52.15. Buckley Place and Buckley Park Apartments are located just east of the new $5 billion, 578-acre Fitzsimons Redevelopment which, at build-out, will comprise 18 million square feet of office space that will house patient care, educational, bioscience research and development companies and will generate more than 45,000 jobs.