5931-5933 Sea Lion Place
SAN DIEGO COUNTY
Peregrine Realty Partners of Los Angeles has acquired two industrial properties comprising seven buildings in Carlsbad for $11.9 million: the 78,326-square-foot El Fuerte Business Park at 2788-2796 Loker Ave. and the 48,638-square-foot Carlsbad Oaks Commerce Center at 5931-5933 Sea Lion Place. The seller, COCC Associates Ltd. and EFBP Associates, was represented by Tucker Hohenstein of Colliers International and the buyer, Peregrine Realty Partners was represented by Ron Jacobson of Madison Partners. Colliers will be handling the leasing of the project.
INLAND EMPIRE
1455 Research Dr.
BlackRidge Real Estate Group has acquired 1455 Research Dr., a 147,677-square-foot industrial building in the Redlands Business Center in the city of Redlands, from Bixby Land Co. for $7.38 million. The warehouse was built in 2006 and is 50% leased, with the remaining 73,814 square feet being marketed by Jones Lang La Salle on behalf of BlackRidge. has hired Jones Lang LaSalle. BlackRidge was represented by Frank Geraci and Walt Chenoweth of Voit Real Estate Services. The seller was represented by Ruben Goodsell, Michael McCrary and Peter McWilliams of Jones Lang LaSalle. This is the fourth industrial property that BlackRidge has acquired in the Southwest US within the past seven months and the third in the Inland Empire.
A joint venture of Omni West Group Inc. of Laguna Hills, CA and Menlo Park, CA-based HG Capital has acquired the 30,000-square-foot JFK Medical Plaza on Washington Street in Bermuda Dunes and adjacent land from Tenet Healthcare for an undisclosed price. The existing building is a two-story medical office building on four acres, with tenants including Laboratory Corporation of America and Desert Oasis Healthcare, the largest regional healthcare group in Coachella Valley.
JFK Medical Plaza
The adjacent parcel will accommodate a second phase, comprising a 30,000-square-foot MOB, with additional space for medical professionals including imaging, orthopedic, physical therapy and other ancillary services. Kip Dubbs, president of Omni West Group, commented on the deal: “With a large number of gated retirement communities nearby and a growing need for high quality healthcare, the campus is ideally situated to meet the community demand for medical services.” He noted that many doctors in the JFK Medical Plaza are on the staff at JFK Memorial Hospital, a 156-bed acute care hospital that has provided medical services to the community since 1966. The hospital is located approximately seven miles from the site. Tenet was represented by managing director Guy Ponticiello of Jones Lang LaSalle.
Shea Center Ontario
Shea Properties has signed three tenants to leases totaling nerly 750,000 square feet at Shea Center Ontario, a five-building, 1.65-million-square foot distribution center along Interstate 10 in Ontario. Emser Tile, a supplier of tile and natural stone, renewed its lease for 400,000 square feet; Aeolus Down, a distributor of down comforters, signed a new lease for 244,947 square feet; Caterpillar Logistics Services renewed its lease for 103,587 square feet. Shea was represented by Walt Chenoweth, Patrick Wood, Frank Geraci and Juan Gutierrez of Voit Real Estate Services’ Inland Empire office in all three transactions. Aeolus Down was represented by Larry Kliger of Lawrence Allen & Associates. Caterpillar was represented by Dan de la Paz of CB Richard Ellis. Emser did not have broker representation. Terms of the leases were undisclosed.
DENVER
Bike Trail Apartments
Brothers Redevelopment Inc., a local non-profit group, acquired the 81-unit William Tell Apartments, an affordable housing complex at 1599 Williams St. in the Uptown neighborhood in Central Denver, for $5.1 million. The buyer was represented by Joe Hornstein of Pinnacle Real Estate Advisors in Denver and the seller by Kevin Calame and Matt Lewallen of Pinnacle. The property was built in 1964 and consists of eight studio, 72 one-bedrooms and one two-bedroom unit. Horstein also represented both the buyer and the seller of the 18-unit Bike Trail Apartments at 2550-2560 South Valley Highway in Denver. The property, which is located along the Highline Canal Trail near I-25 and Yale Avenue, was built in 1962 and consists of one studio, nine one-bedroom and eight two-bedroom apartments. Three of the units were vacant at the itme of the sale, which closed at a contract price of $995,000. The buyer and the seller were both local investors.
An Orange County, CA-based private investor has acquired the Shops At Park Meadows, an approximately 5,556-square-foot pad retail center on a 0.93-acre parcel at 9226 Park Meadows Dr. in Lone Tree, CO for $1.99 million. The seller was Cielo Yosemite LLC, also based in Orange County. Both parties were represented by CB Richard Ellis retail specialists Philip Voorhees, Pat Toomey and Megan Read in partnership with Brad Lyons in CBRE’s Denver office. At the time of the sale, the center was 100% occupied by three tenants: Subway, Max Muscle and Pasta Jay’s. The sale price represented a 9.22% cap rate on in-place NOI, which was consistent with initial pricing expectations, according to CBRE. Voorhees said it was only coincidence that both buyer and seller are based in Orange County. However, "It confirms that California-based capital continues to drive pricing around the Western US," he said.
ORANGE COUNTY
14262 Franklin Ave.
TWR Properties LLC bought a 24,814-square-foot industrial property at 14262 Franklin Ave. in Tustin from H&H Properties for $3.82 million. The property was built in 1982 and consists of two units that are fully leased. The sale is "one of the first industrial sales the airport area had in this price range and one of the first industrial investment sales per the markup," according to SVP Brian Garbutt of the Irvine office of Lee & Associates, who represented the seller along with Lee SVP Phil Cohen. TWR was represented by Dennis and Jordan De Meis of Southwest Commercial.
NORTHERN CALIFORNIA
Container Consulting Services has renewed its lease and expanded at the Willowbrook Business Center at 1745-1779 Atlantic Court in Union City, where the company now occupies 44,786 square feet. Landlord Young’s Holdings Inc. was represented by Greig Lagomarsino and Rick Keely of Colliers International’s Oakland office. Container Consulting is a packaging distributor that services the San Francisco Bay Area and Northern California with two locations in Gilroy and Union City. The company previously was in 34,347 square feet at the Willowbrook center before expanding into an additional 10,439 square feet . The terms of the lease were not disclosed. Lagomarsino also represented Container Consulting, along with Jeff Barnes of Colliers International’s Gilroy office.
LOS ANGELES COUNTY
Walnut Village Apartments
RFT Sprouts LLC, a private buyer based in Tarzana, CA, has acquired the 48-unit, 100% occupied Walnut Village Apartments in Newhall rom the Sussex Capital Group of Woodland Hills, CA for $7.25 million, fulfilling the buyer's 1031 exchange requirement from the sale of another investment property. Listing brokers Dean Zander and Chris Malcolm of Hendricks & Partners report that the buyer "was optimistic about the prospect for continued rent growth for many reasons," including the jobs that will be created by the fully entitled Gates-King and Needham Ranch projects, which will create 4.2 million square feet of office, industrial and retail space. The 500-acre-plus project will also give Newhall a new hotel. Malcolm added that Disney is in the entitlement stages on a studio at the Disney Ranch that will create economic growth for Newhall and the Santa Clarita Valley.
A Starbucks traded for $1,194 per square foot in a Culver City deal negotiated by Colliers International. The property is a single-tenant building with a Starbucks corporate-guaranteed lease at 12313 Jefferson Blvd. that sold for more than $2.68 million. The seller was Olive Investment Group LLC, which was represented by Jereme Snyder, SVP of Colliers Retail Services and director of Colliers NNN Group based in the company’s Irvine office. The buyer, a Los Angeles County-based private investor, was represented by Kathleen Silver and Kay Thorpe of Colliers.
12313 Jefferson Blvd.
CRP Properties Inc. has sold a 9,376-square foot, 87%-occupied mixed-use property at 410 N. La Cienega Blvd. to a private investor for $2.1 million, according to first vice president and regional manager Stephen Stein of the Los Angeles office of Marcus & Millichap, which represented both the buyer and the seller. Built in 1937, the property comprises approximately 2,500 square feet of ground floor retail space, five office suites totaling 4,716 square feet on the second floor, and 2,100 square feet of warehouse space that is used for tandem parking.
VENTURA COUNTY
The owners of ProDoc, a legal service document company with more than 100 employees and six production offices throughout California, have acquired a 16,391-square-foot industrial building at 875 Patriot Dr. at the Patriot Commerce Center in Moorpark from developer M.W. Ossola & Associates for more than $2.66 million. The seller was represented by a team from Lee & Associates-LA North/Ventura Inc. including president Mike Tingus and principals Grant Fulkerson and Scott Linklater. The property, located in the Patriot Commerce Center, was sold to the owners of ProDoc, which will be relocating its Simi Valley facility to the new building, was represented by Tom Siciliano of TDS Management Inc. in Burbank, CA. While most of the buildings at Patriot Commerce Center are fully built out, the two units acquired by ProDoc were in shell condition, allowing the buyer to build out the facility to its specifications. “This was an important feature for the buyer because its business requires a unique build-out,” Fulkerson noted. Patriot Commerce Center is a $105 million office, industrial and R&D business park with approximately 160,000 square feet of office and industrial/R&D buildings in its first phase.
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