SALES
Revere Investments paid for $7 million to Elsie Marie Card Trust for the 32-unit Pacific Crest Apartments at 1702 Florida St. in Huntington Beach. The apartments sold for $218,750 each at a capitalization rate of 4.5%. The apartments are 97% full. The buyer plans to invest $25,000 per apartment to upgrade the inside, outside and common areas. Carmela Ma of CJM Associates represented both parties.
Lido Pacific LLC paid $4.8 million to C & D; Shammas Realty LP for a 3,800-square-foot retail bank building at 3201 Newport Blvd. in Newport Beach. The building sold for $1,263 per square foot. Wachovia Corp. occupies the building with a bank branch. Mark Sigler, Chris Deason and Doug Killian of Voit Commercial Brokerage LP represented both parties.
LEASES
Ohio’s Diebold Inc. leased 27,980 square feet of office space on two floors at 6181 Chip Ave. in the Warland Cypress Business Center in Cypress. Terms weren’t disclosed. Diebold, a maker of ATMs, combined its former regional office from Brea and a warehouse elsewhere in Cypress at the new building. The company has about 80 local employees. Brett Racanelli, Brad Armstrong and Rory Murray of UGL Equis represented Diebold. Brian DeRevere of CB Richard Ellis Group Inc. represented landlord Warland Investment Ltd.
