FULLERTON, CA-The sale marks the highest price-per-square-foot paid for a multi-tenant retail property in Orange County over the past 15 months in this week's wrap-up of deals.
By Natalie Dolce|March 19, 2010 at 10:32 AM
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Faris Lee Investments has completed the sale of a three-tenant retail property in Fullerton, CA for $4.98 million. Located adjacent to St. Jude Medical Campus at 1981 Sunnycrest Dr., the property totals 8,047 square feet and is situated on just under one acre. According to a prepared statement, this sale marks the highest price-per-square-foot paid for a multi-tenant retail property in Orange County over the past 15 months. Completed in 2009, the retail center includes Panera Bread, Z-Pizza and Phans 55, all of which recently signed 10-year NNN leases. The seller was Irvine, CA-based Accretive Laguna Partners LLC. Realtyland represented Seyoung LLC, a La Habra, CA-based buyer. According to the statement, the buyer paid all-cash and the sale closed at a 6.7% cap rate.
Inland Empire-based Hodgdon Group Realty Inc. represented Ashley Furniture Industries Inc. in the acquisition of a former Circuit City building in Hawthorne, CA. CB Richard Ellis Inc. assisted Hodgdon with the sale. CBRE also represented the seller, WhiteFire Capital LLC of New York City and the Tabani Group Inc. of Dallas. The purchase price was not disclosed. Located in the South Bay area of Los Angeles County at 14600 Ocean Gate Ave. in Hawthorne, the 33,952-square-foot retail building faces the 405 Freeway, and is just off of Rosecrans Avenue, a major thoroughfare and freeway off ramp.
Perfect World Entertainment Inc. signed a 28,031-square-foot office lease at 1001 East Hillsdale Blvd. in Foster City, CA. Harvest Properties is the landlord.
Westcore Mission Falls LLC sold three office buildings totaling 128,286 square feet at 47065 Warm Springs Blvd., 121-181 Mission Falls Ln. and 47092-47132 Mission Falls Court in Fremont, CA. Northwestern Polytechnic University is the buyer. The purchase price was undisclosed.
CISKO LLC has purchased a 26,461-square-foot R&D building at 360 N. Pastoria Ave. in Sunnyvale, CA from North Pastoria Sunnyvale LLC. The purchase price was undisclosed.
Round Table Pizza renewed its lease for its corporate headquarters at 1320 Willow Pass Rd. in Concord, CA for 18,894 square feet for an additional seven and a half years. Founded in 1959, Round Table Pizza has made its headquarters in Concord since 2003. Jones Lang LaSalle represented Round Table Pizza.
QuinStreet signed a long term 63,998-square-foot office lease at 950 Tower Ln. in Foster City, CA. Equity Office Properties is the landlord.
Centro Properties Group executed a 1,260-square-foot lease with Rustler’s Grill at Gateway Plaza, located just east of Interstate 80, on Turner Parkway at Plaza Drive in Vallejo, CA. Centro Properties Group is the owner of Gateway Plaza and was represented by Matthew Berger with Centro Properties Group.
Chassis Plans has signed a five-year, $1.22-million lease for 22,976 square feet in Scripps Ranch Business Center located at 10123 Carroll Canyon Rd. in the Scripps Ranch area of San Diego. The lease represents a relocation and expansion by Chassis Plans within the H.G. Fenton Co. industrial portfolio that nearly quadruples its overall space and gives it nearly five times the manufacturing area it had before. Scripps Ranch Business Center met all of Chassis Plans’ requirements, including proximity to the I-15 and the potential to modify the space to meet its assembly and work space requirements. In the transaction, Chassis Plans was represented by Irving Hughes. H.G. Fenton Co. was represented by CB Richard Ellis Inc.
Crunch Holdings LLC has signed a 60-month, $1.15-million lease for 12,132 square feet of office space in Palomar Crest Corporate Center located at 2701 Loker Ave. West, Suite 230, in Carlsbad, CA. The tenant was represented by Cushman & Wakefield Inc. and Colliers International. The lessor, Gateway Colorado Properties, was represented by Cassidy Turley. The fitness company moved into its new headquarters in February. The two-story, 81,168-square-foot office building is located near the McClellan Palomar Airport as well as several retail amenities.
Pacific Sun Technologies leased 2,537 square feet of industrial space for 12 months at 42075 Remington Ave., Suite 106 in Temecula, CA from Industrial Condominiums of Temecula LLC. Grubb & Ellis
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