SALES
Thomas Roberts and Kenneth Hoffman, owners of Fashion Craft Flooring Company, purchased a 20,324-square-foot building in Anaheim. Clifford Holdings Inc. sold the property for a value of $1.56 million. Doug Himes and Jim Oliver of Lee & Associates of Orange represented the buyer, while Mitch Zehner and Louis Tomaselli of Voit Commercial Brokerage represented the seller.
The Huff Family Trust purchased the College Center, a 32,416-square-foot property in Claremont, from 665 Claremont LLP. The property sold for $4 million. Edward B. Hanley and Gregory S. Brown of Marcus & Millichap represented the seller.
The Wu Family Trust purchased the 28,540-square-foot Meridian Plaza in Cypress from MRes Properties for $3.1 million. Edward B. Hanley and Gregory S. Brown, senior associates with the Newport Beach office of Marcus & Millichap, represented the buyer.
Moore Packaging purchased a 23,379-square-foot industrial property at 5192 Oceanus Drive in Huntington Beach for $1.6 million from Light Investments. Jack Haley and Greg Diab of Prudential RB Allen Commercial Real Estate Services in Costa Mesa represented the buyer.
Corcopia Investments of Seattle sold an 82-unit apartment complex in Tustin to Steadfast Properties of Newport Beach for $5.5 million. Shane McConnell and Frank Dinari of Marcus & Millichap, Newport Beach represented the buyer. The four-building property is at 15520 Tustin Village Way.
Goldrich & Kest Industries purchased a 292,080-square-foot building at 5911 Fresca Drive in La Palma for $12.2 million from Neupalma Co. John Tenaglia of Lee & Associates, Orange, represented the buyer in the net-leased deal. The seller was represented by Tim Howard of Trammell Crow, Commerce.
Orange Coast Ford Tractor purchased a 22,400-square-foot industrial building at 1451 S. Manhattan Avenue in Fullerton for $2.0 million from the Casale Family Trust. Chris Migliori of Daum Commercial Real Estate Services’ Anaheim office represented the buyer. Mike Hefner of Voit Commercial represented the seller of the 2.7-acre property.
Hunter Industries purchased an 18,000-square-foot parcel at La Casa Meadows Industrial Park in San Marcos for $1.25 million from San Dieguito Publishers. Chuck Hardy of Lee & Associates’ Orange office represented the seller; Ken Dubs of Lee & Associates’ Carlsbad officer represented the buyer.
A 59-unit apartment complex in Costa Mesa was sold to Granite Investment Group, Santa Ana, by Huntington Beach-based Wycliffe Bible Translators for $4.5 million. The property, at 720 W. Victoria Street, is comprised of 14 buildings on two parcels. Shane McConnell of the Newport Beach office of Marcus & Millichap represented both parties.
The 19,402-square-foot Foothill Center on Lake Forest Drive in Lake Forest was sold by Osborn Trust for $2.5 million. Reza Etedali of Sperry Van Ness, who represented both parties, declined to identify the buyer. The center is 91% occupied and includes Jasmine’s Restaurant, Enterprise Rent A Car and Remedy Temp as tenants.
Phoenix-based Magellan Real Estate Investments LLC purchased the Saturn Office Building, a 125,000-square-foot, two-story building in the Saturn Office Park in Brea for an undisclosed price. The property was previously used as corporate offices by the seller, Unocal. Bob Crum of CB Richard Ellis represented Magellan in the transaction. Mark Friend of CB Commercial Real Estate Group in Anaheim represented Unocal and is marketing the space for Magellan.
Krause and Morell of San Francisco purchased a 30-unit apartment complex in Costa Mesa from Drs. Camilon and Molarte of Orange for $3.2 million. Jon Mitchell of Marcus & Millichap’s Newport Beach office represented the buyers.
LEASES
The Art Institute of Los Angeles-Orange County leased 55,000 square feet of office space at Sunflower Avenue and Harbor Boulevard in Santa Ana for a new school slated to open next July. The 15-year build-to-suit transaction was valued at $11.5 million. Dave Kinney of Grubb & Ellis’ Newport Beach office represented the tenant in the transaction in cooperation with Peter Best of Trammell Crow. The landlord, Carr America, represented itself.
Reid Plastics signed a 49-month lease for 101,920 square feet of expansion space at 1201 Cerritos Avenue in Anaheim for $2.2 million. Jeff Chiate and Rick Ellison of Cushman & Wakefield represented the landlord, AMB Property Corp.
OTHER
FINOVA Realty Capital, Irvine, arranged $9.23 million in permanent financing for the owners of an apartment complex in Las Vegas. The loan proceeds are being used by a Woodland Hills-based investment firm to refinance the 261-unit Vista Del Apartments. Wes Peaker of FINOVA’s Denver office arranged the financing. In a separate transaction, FINOVA funded $4.5 million in permanent financing for the Boston-based owners of Rotunda Apartments, a 68-unit luxury complex. The financing was arranged by Rick Gallitto and Callie Ensley-Smith of FINOVA’s Boston office.
R.D. Olson Construction, Irvine, completed construction of a $3.85 million, 48,200-square-foot Fairfield Suites in Arcadia. The 86-suite property is owned by Stonebridge Companies of Aurora, Colo., which also owns the recently opened Hilton Garden Inn and Hampton Inn in Garden Grove.
Newport Beach-based Investment Building Group broke ground on an 18-acre industrial project in the Mira Loma Gateway Industrial Park. The project includes two buildings of 216,300 square feet and 151,300 square feet and is scheduled for completion next April. KPRS Construction Services Inc. of Brea is the general contractor. Both buildings will be offered for lease or purchase.
