In one of the largest apartment sales this year, Cigna Life Insurance has acquired Porto Verde Apartments, a 216-unit luxury apartment complex in Palos Verdes, from owner Porto Verde Apts. for $25.8 million. The fully occupied property, which has ocean views, was never officially listed. Nevertheless, it received numerous offers, according to Melinda Russell of Capital Commercial Real Estate, which brokered the sale.
In recent weeks, Kennedy-Wilson of Santa Monica has acquired two more office buildings, at 5900 Sepulveda Blvd. in Van Nuys and at 301 S. Fair Oaks Ave. in Pasadena. The 75,000-square-foot, five-story office building in the San Fernando Valley was purchased from a private individual for $6.6 million. It is 80% leased. The 53,000-square-foot medical office building in Pasadena was acquired from Tokai Bank for $9.1 million.
Lowe Enterprises has purchased a 12-story Class A office building at 180 Ocean Ave. in Long Beach from Westrust Financial for just over $19 million, according to Bob Safai of Madison Partners, who listed the building along with Kevin Shannon of Seeley Co. Although the 208,820-square-foot oceanfront property was only 44% occupied at the time of the sale, brokers estimate it would cost an estimated $43.8 million to replace in today's market.