CT Realty, Newport Beach, purchased five buildings totaling 265,787 square feet of office space in California for $24.5 million from Newport Federal, also of Newport Beach. Rob Mitchell of Voit Commercial Brokerage’s Anaheim office, and Alan Pekarcik and Tyson Theel of the firm’s Irvine office represented both CT and Newport Federal.
Chapman Meadows Apartment Co., Cypress, purchased Maureen Apartments, a 21-unit apartment complex in Garden Grove, for $1.3 milion from Newport Beach-bsed Med-Prop Ltd. Ken Morgan and Jay Skenderian of Morgan Skenderian Investment Real Estate Group’s Newport Beach office represented both parties.
The Su Group purchased a 12,377-square-foot building at 6461 Global Drive in Cypress for $1.06 million from Sys Technology. Kirk Cole of Grubb & Ellis represented the Su Group; Bob Goodmanson, Brian DeRevere and Brad Bierbaum, of CB Richard Ellis, represented Sys Technology.
Lee & Associates has announced three deals it was involved in. Victor Medical Co., Irvine, purchased a 26,027-square-foot building at 50 Bunsen in the Irvine Spectrum from Fardin Mostafavi for $2.68 million. Dennis Highland and Mark Jerue of Lee & Associates’ Irvine Spectrum office represented Victor Medical; John R. Salmon, an independent agent, and Jeff Carr of CB Richard Ellis, represented Mostafavi. Meanwhile, TYR Sports Inc. acquired a 65,000-square-foot facility at 15461 Springdale Ave., Huntington Beach, for $3,675,000 from West Coast Realty. Curt Stadler and Jim Snyder of Lee & Associates’ Newport Beach office represented West Coast and CB Richard Ellis represented TYR Sports. Finally, JAFAM Corp. acquired a 48,856-square-foot building at 3200 E. Inland Empire Blvd. in Ontario for $4.55 million from Foremost Airport Vegas Ltd. Mat Pipkin of Lee & Associates’ Newport Beach office represented the Jafam, and ITC Real Estate Group represented the Foremost.
Grubb & Ellis recently struck four deals. In the first, Laguna Graphic Arts purchased a 12,928-square-foot building at 16782 Red Hill Ave., Irvine, from Redhill 16 Associates for $1.4 million. Scott Read of Grubb & Ellis’ Newport Beach office represented Laguna Graphic Arts; The Seeley Co. represented Redhill 16 Associates. Second, Techno Engineering bought a 17,132-square-foot building at 13528 Pumice St., Norwalk, from John Crane Inc. for $1.05 milion. Lance Parker of Grubb & Ellis’ Anaheim office represented Techno, and the Seeley Co. represented John Crane Inc. In addition, a private investor purchased a 19,360-square-foot building at 22982 Alcalde Drive, Laguna Hills, from Alcalde Partners for $2 million. David Kluver of Grubb & Ellis’ Newport Beach office represented the buyer; Tom Acklam of The Acklam Co. represented Alcalde Partners. Finally, Hudson Properties acquired the 67,000-square-foot Mission Viejo Garden Plaza at 27001 La Paz Road from Los Angeles-based Pacific Garden Plaza for $8.15 million. Ed Palmer and Michael Shustak of Grubb & Ellis’ downtown Los Angeles office represented Hudson, and Pacific Garden Plaza represented itself.
The Irvine office of Marcus & Millichap brokered two deals, both of which were handled by Mark E. Lucescu. In the first, he represented K/B Retail Properties LP in its sale of San Fernando Value Square, a 229,353-square-foot power center in San Fernando. In the second, he represented the buyer in the $23 million purchase of AMC 30 Theaters, a 95,150-square-foot, stadium-style, megaplex theater on Covina Town Square in Covina.
FutureLink Corp. leased 77,326 square feet of office space at 2 South Pointe, Lake Forest, for 10 years. Jeff Carr of CB Richard Ellis’ Newport Beach office represented FutureLink, which will occupy the space in August. Jon Marchiorlatti and Jim Menconi, also of CB Richard Ellis, represented the landlord, Olen Commercial Realty.
Taco Bell Corp. signed a 20-year, $1.1 million lease with Catellus Development Co. for a 12,387-square-foot industrial site at Tustin and La Palma avenues in Anaheim. Darrell McKibban of Lee & Associates’ Orange office represented Taco Bell.
John Paul Mitchell Systems leased 9,000 square feet of retail space at 1534 Adams Ave., Costa Mesa, for 10 years from Sparks Enterprises, Costa Mesa, in a deal valued at $2.2 million. Bill Browne of Grubb & Ellis’ Newport Beach office represented Paul Mitchell; Voit Commercial Brokerage represented Sparks.
Chris Eddy and Tom Wilcox of Voit Commercial Brokerage’s San Diego office represented CT Realty in three transactions involving the redeveloped Mission Corporate Center at 6150-6162 Mission Gorge Road in San Diego. Pacific Bell, represented by Glen Volk of Voit’s San Diego office, signed a five-year, $1.3 million lease for 15,000 square feet in the 6150 building. United Cerebral Palsy Association of San Diego County, represented by Brian Mulvaney of Grubb & Ellis’ San Diego office, signed a seven-year, $700,000 lease for 5,200 square feet in the 6153 building. And North American Mortgage, represented by Michael Dyer of Burnham Real Estate’s San Diego office, signed a five-year lease valued at $200,000 for 2,200 square feet in the 6151 building.
Arden Realty signed two deals in Orange County and Riverside, valued at a total of $3.2 million. David Neault of Stephen Daniels Commercial Brokerage Inc. represented Royal Alliance Mortgage in its five-year lease of 5,977 square feet at 10370 Commerce Center Drive. Arden was represented by Tom Pierik and Dave Mudge of Lee & Associates in that deal. And Woodruff, Spradlin & Smart, represented by Rich Sherburne of CB Richard Ellis, signed a seven-year lease of 18,060 square feet at 701 South Parker St.
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Financial Institutional Partners underwrote the funding of a $1.4 million, fixed-rate mortgage to finance a multifamily property, Desert Dorado Villas, a nine-building apartment complex on a 3.5-acre site in Palm Springs. The 10-year non-recourse loan carries a fixed rate of 9% with a 30-year amortization schedule.
