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NEWPORT BEACH, CA-Turner Real Estate Investments has purchased a 30,000-square-foot, class-B office building here at 1300 Quail St. for an undisclosed price from an unnamed seller. The two-story, freestanding office building, located in the Airport submarket, was acquired for the Turner Real Estate Fund II portfolio. TREI plans to completely renovate the interior and exterior of the building, as well as common areas and vacant units, by the end of the third quarter. TREI’s president and CEO worked with Brian Garbutt and Allen Basso of Lee & Associates, while Sean Ahern of Lee & Associates represented the seller in the transaction.

SAN BERNARDINO, CA-Rancon Realty Fund V (a California limited partnership) has sold Three Carnegie Plaza, a 85,846-square-foot, two-story office building at 735 E. Carnegie Dr. here, to 1250 Fairfax, LLC and 521 East 11th St., LLC (a 1031-exchange partnership) for $8 million. The building was 64% occupied at the close of escrow. Canadian-based Avison Young principals Dan Vittone and Alan Pekarcik represented both parties in the transaction. The building is part of the Tri-City Corporate Centre, a 153-acre, master-planned mixed-use development that offers office and retail options totaling more than 1.2 million square feet.

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