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January 11, 2011 
 
 
THE DEAL SHEET:
THE PLOTTERS THICKEN

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Western States Technologies signed a five-year, 44k SF lease valued at more than $1.5M with Graphtec America at 17462 Armstrong Ave in Irvine for the latter’s new US HQ.

 
Japan-based Graphtec Corp

The tenant, a wholly owned subsidiary of Graphtec Corp, a Yokohama, Japan, based company that makes plotters, vinyl cutters, scanners, and thermal transfer label printers plans to occupy 100% of the building (above). Western States president Scott Venturelli says the building recently underwent a major renovation that included numerous green improvements like a water-saving irrigation system based on soil moisture. In addition, new T5 fluorescent lamps for warehouse and office lighting will reduce electrical use by 60%. Dave Desper of CBRE’s Newport Beach office represented Western States. Kenji Sakai of CBRE’s Japanese Desk in Torrance and Tom Dorman of CBRE’s Anaheim office represented Graphtec America.

Sales

BioMed Realty Trust bought a 48k SF life science R&D facility at 3525 John Hopkins Court in San Diego’s Torrey Pines area for just under $25M. The building is 100% leased until 2018 to UC San Diego.

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Marcus & Millichap SVP Alan Krueger sold a 100k SF, single-tenant, net-leased Kmart at 1670 E Fourth St in Ontario for more than $7M. The buyer, a private investor, was represented by Irwin Woldman of M&M’s Encino office.

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Boutique developer Laurus Corp sold a one-acre site entitled for 35 luxury condos at the intersection of North Palm Drive and Civic Center Drive in Beverly Hills.

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Robond Investments purchased a 16k SF single-tenant industrial property at 7865 Ostrow St in San Diego for $2M. Voit’s Randy LaChance and Glen Volk represented the seller, The Earl Robinson Family Trust, while Cassidy Turley’s Glenn Arnold and Jeff Sallen repped the buyer. According to LaChance, the property was purchased on behalf of Allied Refrigeration to open a branch location and expand its services throughout San Diego County.

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Neema Ahadian of Marcus & Millichap’s West LA office represented a private investor in the purchase of a 16-unit apartment building at 804-810 E. Chevy Chase Dr in Glendale for just over $2M.

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KFC

Marcus & Millichap first VP Don Emas sold two single-tenant, net-leased restaurants in Adelanto and Bellflower for just under $2M each. In Adelanto, he sold a 3,122 SF KFC at 14258 US Highway 395. In Bellflower, he sold a 3,974 SF Burger King at 10134 Artesia Blvd on behalf of an LLC for 100% of the list price. The Bellflower buyer, a private investor, was represented by David Yeh of M&M’s Newport Beach office.

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A private investor purchased a 5,616 SF retail property in Beverly Hills for just under $2M. Kyle Matthews, an investment specialist in M&M’s Encino office, represented the buyer as well as the seller, another private investor.

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Escrow closed in just 10 days on the $1.5M sale of 7750 Formula Place, a 12.3k SF industrial property in San Diego’s Miramar submarket. The single-tenant building’s 100% leased to SSF. Randy LaChance and Jon Danton of Voit Real Estate Services’ San Diego office represented the seller, Formula Industrial Holdings LLC. Voit’s Mike Mossmer repped the buyer, Mossmer Family Trust.

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Marcus & Millichap sold Valley Village Self Storage (above), located at 15 Delfino Place in Carmel Valley, on behalf of a private investor for $1.2M. Walter Brauer of M&M’s Encino office and Charles LeClaire, an SVP investments in the Denver office, had the listing.

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Raymond Choi, VP investments in Marcus & Millichap’s San Diego office, sold a seven-unit multifamily property at 3704 Madison Ave in Normal Heights on behalf of the seller, a private investor, for more than $1M. He also repped a private investor in the purchase of a five-unit property at 3918-3924 Iowa St in North Park for $450k.

Leases

 

King’s Harbor Church signed a 10-year lease extension for 28k SF of an industrial building at 23915 Garnier St in Torrance, where it has held services for 15 years. Todd Taugner, David Prior, and Frank Schulz of The Klabin Co/CORFAC repped the landlord, Richard Meine Trust. CBRE’s John Ayoob repped the tenant in the transaction, which is valued at $2.6M.

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Clear Channel Communications subleased 25k SF of office space at 3400 W. Olive Ave in Burbank to Ryan Specialty Group. Grubb & Ellis EVP Clay Hovivian and SVP Chon Kantikovit represented Clear Channel, while Dan Maslauski and Tom McDonald of Jones Lang LaSalle represented Ryan Specialty.

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General Ledger Resources, a boutique finance and accounting professional services firm that specializes in consulting and staffing, signed a lease for 4,595 SF of office space at Sabre Corporate Centre (above), located at 13280 Creekside Dr in Rancho Bernardo. Jeff Saywitz of The Saywitz Co. represented the tenant, which is relocating its HQ to the building. Jay Alexander and Ryan Grove of Jones Lang LaSalle represented the landlord, Kilroy Realty Corp.

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Ash Joshi of Capital Realty Solutions of Encino brokered a 1,000 SF lease at Yozya Plaza, located at 7344 Van Nuys Blvd in Van Nuys, to a massage therapy company that establishes outlets in new locations and sells them as ongoing businesses. This brings occupancy at the 9,000k SF center to 100% vs. 72% in mid-2010, when Capital Realty was hired by landlord Shaina Properties.

Financing

 

HFF arranged a $33M financing for Sterling University Palms, a five-building, 152-unit student housing community at 1400 University Ave near UC Riverside. Tim Wright, Rob Hinckley, and Zack Holderman of HFF’s San Diego office worked on behalf of Pierce Education Properties to secure the 10-year, 5.38% fixed-rate loan through Freddie Mac. Pierce used the proceeds to acquire the 96% leased property. HFF will service the securitized loan through its Freddie Mac Program Plus Seller/Servicer program.

 

Executive News

Chris Casey joined Jones Lang LaSalle’s Irvine office as a managing director on the firm’s real estate investment banking team. He has 25 years experience in CRE as both an investment banker and a firm principal. Most recently, Casey founded Trillium Realty Partners, a boutique brokerage and investment company.

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Theodore Guth was named an EVP of Douglas Emmett, where he’ll serve as one of five executive officers. He’s been an outside business and legal adviser to the company since 2005 and played a key role in its transition to a public company in 2006. Guth’s also served as a law firm partner and manager, a boutique investment banking firm president and a UCLA law school professor.

 

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Gumbiner Savett managing director Michael Savoy was appointed to the California Board of Accountancy, one of former Gov. Schwarzenegger’s last acts before his term ended Jan. 2.

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Maury Gentile, EVP, tenant advisory group with Grubb & Ellis, received the senior leader of corporate real estate (SLCR) certification from CoreNet Global.

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Marcus & Millichap named John Thornton deputy general counsel. Formerly division general counsel at CBRE, he brings nearly 25 years of expertise in CRE law.

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BH Properties says growth spurred by last year’s eight-figure, unsecured Wells Fargo credit line has prompted it to finally create a COO position. Ronald Platisha, CFO for the past four years, was named to the slot.

 
 
 
 
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