LOS ANGELES-A locally based family trust that had owned the property for more than 50 years has sold the 56-unit El Royale apartment community to a team composed of New York-based developer and investor Kamran Hakim and Farhad Eshaghpour, a real estate professional who spearheaded the acquisition locally. The property, built in 1929 and located at 450 North Rossmore Ave., sold for $29,500,000, or $526,786 per unit, with an in-place cap rate at the time of sale at 3.5%. Ron Harris, an EVP investments; Stewart I. Weston, a SVP investments; and Joseph Smolen, a director—all with Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap—represented the seller.
LOS ANGELES-Archstone-sponsored partnerships have made two multifamily acquisitions in the Los Angeles area. The Frank, a LEED-Platinum certified 70-unit apartment community in Venice, CA, was acquired for $56.2 million and has been renamed Archstone Venice on Rose; and the Bay Club, a 205-unit apartment community located on the west shore of the marina on Tahiti Way in Marina del Rey, CA, was acquired for $43.95 million. The sellers for both properties were not disclosed. Over the next year, the Bay Club will undergo a comprehensive renovation and be renamed Archstone Marina Bay.
NATIONAL CITY, CA-H.G. Fenton Co. has acquired four industrial projects here totaling 610,000 square feet from Collins Development Corp. for an amount undisclosed to GlobeSt.com. The properties include Southland Industrial Park on W. 35th St.; Southport Industrial Park, adjacent to I-5 at Mile of Cars Way; Southport Commercial Park; and Southport Office Park on Hoover Ave. and Mile of Cars Way. The acquisition brings H.G. Fenton’s portfolio to more than 4 million square feet.
COSTA MESA, CA- Penwood Select Industrial Partners III L.P., Penwood Real Estate Investment Management LLC’s third value-added investment vehicle, has closed on the acquisition of a 345,000-square-foot industrial building at 1683 Sunflower Avenue here for an amount undisclosed to GlobeSt.com. The two-tenant building was acquired with a 112,000-square-foot vacancy. Mitch Zehner of Voit Real Estate Services’ Anaheim Metro office and Michael Hartel of Voit’s Irvine office represented Penwood as the buyer on the property and have been named the exclusive leasing representatives for it. Penwood and Voit will improve the landscape and vacant space to position the property.
LOS ANGELES-King’s Arch Capital has acquired 6515 W. Sunset Blvd., a vacant four-story office building located in prime Hollywood, for an amount undisclosed to GlobeSt.com. The Beverly Hills, CA-based investment office has begun a full-scale renovation of the property. Marketing for the leasing program is expected to begin early next quarter with delivery of spec and build-to-suit space in the following quarter.
HENDERSON, NV-An international logistics company is in the process of purchasing 35 acres of land for a new facility at the South 15 Airport Center here. Dan Doherty, SIOR, SVP for Colliers International – Las Vegas, is representing the buyer. The unnamed company is expected to begin building a 200,000-square-foot facility at the 150-acre master planned industrial and office park by early 2013. When operational, the location will employ approximately 280 workers, providing much-needed jobs in Southern Nevada.
LOS ANGELES-MPG Office Trust Inc., a Southern California-focused REIT, has held a trustee sale with respect to Two California Plaza here. As a result of the foreclosure, the company was relieved of the obligation to repay the $470-million mortgage loan secured by the property as well as accrued contractual and default interest on the mortgage loan. In addition, the company received a general release of claims under the loan documents pursuant to an in-place agreement with the special servicer of the mortgage loan.
SAN JOSE, CA-W3 Partners and Ridge Capital Partners LLC have acquired a three-building, class-A, R&D office complex on approximately 11 acres at 51, 77 and 145 Rio Robles Dr. here. The parties involved were unable to reveal the sale price, but an industry source tells GlobeSt.com that the price was $34 million. Two of the three buildings within the property are fully occupied by SunPower Corp. Trevor Wilson, managing partner of Ridge Capital, will focus on releasing the building for the ownership. The seller, Lane Partners and Walton Street, was represented by Newmark Knight Frank Cornish & Carey Commercial Capital Group; the buyers represented themselves.
BRENTWOOD, CA-Ridge Capital Investors LLC has acquired TownCentre Commons Apartments, a 137-unit apartment community here, for $19.625 million. Over time, the company will invest an additional $1 million to renovate the 97% leased property and its amenities. FPI Management Inc. will manage day-to-day property operations on behalf of the owner. This is the third investment for RCI in the last 12 months and represents the first investment it has made with capital partner Redwood Real Estate Partners of Rancho Santa Margarita, CA.
REDMOND, WA-Panos Properties LLC has purchased Overlake Village Shopping Center here from Sato Corp. for $18,200,000. The 112,680-square-foot retail center is anchored by Safeway, and tenants include Big 5 Sporting Goods, Starbucks and RiteAid and was 100% leased at the close of the sale. Reynolds Haas of Colliers International Seattle brokered the sale for both the buyer and seller. Haas originally leased the center when it was first constructed in 1976.
COMPTON, CA-Prologis has acquired a 132,926-square-foot industrial property at 175 East Manville St. here from Felix Family Trust for $9.1 million. Peter D. Bacci and Jack Cline of Lee & Associates, who had originally sold the 1954-built property to Felix Manufacturing in 1996, represented the buyer and seller in the recent transaction. Prologis, who already owns two adjacent industrial properties, plans to begin rehab work on the site’s existing building immediately.
SEATTLE-Harbor Urban LLC has completed the topping out of Kavela apartments, a new mixed-use transit-oriented development project at 6521 Roosevelt Way NE here. Kavela tells GlobeSt.com that total anticipated construction costs for the project are $17 million. Adjacent to the future North Link Light Rail Roosevelt Station, Kavela is the first multi-family project in the neighborhood that will provide housing for Seattle residents who want to utilize mass transit and the future station. Kavela features 63 apartments that include studios, one- and two-bedroom homes and two live-work spaces with more than 4,000 square feet of ground-floor retail space.
SAN DIEGO-The dome topping-out for the $185-million San Diego New Central Library has been completed. The dome is the only customized dome structure in California. Designed by architect Rob Quigley, the library features bay view terraces, roof gardens, flexible meeting space, a state-of-the-art auditorium and a three-story reading room under the lattice dome. With 294,673 square feet, nine stories, and an energy-efficient design, the library is designed to achieve LEED Silver certification.
LAGUNA HILLS, CA-Vintage Real Estate has acquired 4 acres immediately adjacent to its Moulton La Paz Shopping Center at the intersection of Moulton Parkway and La Paz Rd. from the City of Laguna Hills as part of its $17-million expansion and redevelopment plan for the center. According to Vintage’s Fred Sands, the firm will be doing a major remodel of the center to give it a contemporary look and transform it into an attractive destination with an array of quality shopping and dining options. The design includes new fa