Real Estate Deals
SALES
RK Multifamily Fund XII LLC paid $6.85 million for the Oakcrest Villas Apartments, a 92-unit complex in Riverside. The seller was Granite Villas Apartments LLC, a joint venture of Los Angeles-based Hanover Financial Co. and Irvine-based Granite Investment Group. The seller was represented by Alex Mogharebi of Marcus & Millichap. The buyer was represented by RK Properties.
Long Beach-based Bixby Land Co. bought an 82,474-square-foot industrial building at 2356 Moore Ave. in Fullerton for $5.1 million. The seller was HC Fullerton LLC, a joint venture of Hanover Financial and Newport Beach-based Clifford Cos. The seller and buyer were represented by Louis Tomaselli and Mitch Zehner of Voit Commercial Brokerage.
Nantucket 187 LLC, a joint venture of Hanover Financial and Beverly Hills-based Kennedy-Wilson International, bought for undisclosed terms a 187-unit apartment complex at 727 S. Lyon St. in Santa Ana. The seller was Western National Partners LP. Both parties represented themselves. Santa Ana Park Place Associates LLC, another joint venture of Hanover and Kennedy-Wilson International, bought for undisclosed terms a 196-unit apartment site and 13,000 square feet of retail space at 300 and 301 W. Second St. in Santa Ana. The seller was 300 West 2nd LLC. Melinda Russell represented both the seller and buyer in that deal.
LEASES
GE Capital Corp. leased more than 22,000 square feet at 1901 Main St. in Irvine, an office tower recently completed by Koll Development Co. The deal, the terms of which weren’t disclosed, brings the building to 57% occupancy. Chris Deason of Voit Commercial represented GE Capital. Koll represented itself.
B. Braun McGaw, part of Germany’s B. Braun Melsungen AG, renewed a lease for 25,550 square feet of warehouse space at 17138 Von Karman Ave. in Irvine for five years. Financial terms weren’t disclosed. Chip Wright of CB Richard Ellis Services Inc.’s Newport Beach office represented B. Braun. The landlord, Shiffman Enterprises, represented itself.
Wells Fargo & Co.’s home mortgage arm leased 6,663 square feet at 15661 Red Hill Ave. in Tustin for three years in a deal valued at $500,000. Phil Cohen & Simon Dillon of CB Richard Ellis’ Newport Beach office represented the landlord, JS Northpointe LP, while Tom Taylor & Chon Kantikovit of Grubb & Ellis’ Newport Beach office represented Wells Fargo Home Mortgage.
USF Bestway renewed its lease for 60,000 square feet at 1702 Edinger Ave. in Tustin. The lease is for an extra five years. The value wasn’t disclosed. Chip Wright & Philip Cohen of CB Richard Ellis’ Newport Beach office represented USF Bestway. The landlord, Chicago-based RREEF, represented itself.
Irvine Scientific Sales Co. renewed its lease for 28,260 square feet at 1840 Carnegie Ave. in Santa Ana for five years. Financial terms weren’t disclosed. Chip Wright of CB Richard Ellis’ Newport Beach office represented Irvine Scientific. Mike Meyer of SZA Real Estate Inc. represented the undisclosed landlord.
Iceland’s Ossur HF, a maker of medical prosthetics, leased 15,948 square feet at 27 Journey in Aliso Viejo. Terms weren’t disclosed. Chip Wright of CB Richard Ellis’ Newport Beach office represented Ossur. The landlord, Sunflower Windell, was represented by Gregg Haly and Jeff Carr, also of CB’s Newport Beach office.
OTHER
Buchanan Street Partners, Newport Beach, arranged $27.6 million in financing for The Promenade, a 362,000-square-foot Garden Grove retail center. The center is 92% leased and anchored by Regal Cinema, 24-Hour Fitness, Marshall’s, Smart & Final, Pic’ n’ Save and Rite Aid. The Promenade got a 7.5%, 10-year fixed rate. Separately, Buchanan Street Partners has arranged $27.9 million in construction and mezzanine financing for the development of CityPlace Apartments in Long Beach.
