Real Estate Deals
Palo Alto-based Essex Property Trust Inc. paid $31.8 million to Northwestern Mutual Life Insurance Co. of Milwaukee and Fairfield Residential of San Diego for the 225-unit Arboretum at Lake Forest apartments at 22700 Lake Forest Drive. The deal was brokered by Joe Leon of Hendricks & Partners Inc.
Peter Evans of Huntington Beach paid $2.9 million to an undisclosed seller for the 23-unit Graham Street Apartments at 9721 Graham St. in Cypress. Jack Metcalf of Collins Commercial Corp. represented the seller. Steven Brombal of Hendricks & Partners represented Evans.
Rudd Trust paid $1.4 million to Mark and Deborah Tanner for an eight-unit apartment complex at 141 Avenida Florencia in San Clemente. Grant Hahn of Morgan-Skenderian Investment Real Estate Group represented both the buyer and seller.
Worldwide Antiques, a distributor of antiques and collectibles, paid $1.1 million to the Harris Family Trust for a 19,000-square-foot industrial building on an acre of land at 501 E. Cerritos Ave. in Anaheim. Worldwide recently moved to the building from an 11,000-sqaure-foot building nearby in Anaheim. Paul Gingrich of Daum Commercial Real Estate represented Worldwide. The Harris trust was represented by Darin McDonald of CB Richard Ellis Services Inc.
LEASES
Kring & Chung Attorneys LLP renewed its lease for 21,215 square feet of office space at 38 Corporate Park in Irvine. The six-year deal, which includes an option to buy, is valued at $2.6 million. Stu Betty of The Staubach Co. represented Kring & Chung. James Iino and Bryan Iijimo of InvestNet Real Estate Services represented owners Masaaki and Fumiko Nakaoka.
Spain’s Azuvi SA leased 18,300 square feet of space at 1080 N. Kraemer Place in Anaheim. The three-year deal is valued at $375,000. Azuvi is moving from smaller quarters at 1070 N. Kraemer Place. Tom Spooner of The Martin Co. represented both Azuvi and landlord Glenborough Realty Trust Inc.
The U.S. General Services Agency leased 13,815 square feet of office space at 18881 Von Karman Ave. in Irvine for two years. Financial terms weren’t disclosed. Chris Stauff of Commercial Property Real Estate represented GSA. Adam Boskovich and Tim Marshal handled the deal for landlord Equity Office Properties Trust.
Western Medical Management, which handles accounts receivable, coding, office consultation, digital transcription and computer system design for medical professionals, leased 11,882 square feet of office space at 3333 Michelson Drive in Irvine for two years. Financial details weren’t disclosed. Bill White of Colliers Seeley International Inc. represented Western Medical. Janine Padia of Winthrop Management represented landlord First Winthrop Corp.
California Yardware LLC leased 10,095 square feet at 2100-B Wilshire Ave. in Santa Ana for three years. Financial terms weren’t disclosed. Bob Griffin of Lee & Associates represented California Yardware. Dave Desper of CB Richard Ellis represented landlords The Bristol Group and Makena Properties.
OTHER
United Dominion Realty Trust Inc., a real estate investment trust based in Richmond, Va., bought out the 36% stake of an unnamed investment partner in the 768-unit Grand Resort apartments at 2235 W. Broadway in Anaheim. United Dominion also bought out its partners’ 36% stake in the 158-unit Pine Avenue apartments in Long Beach.
