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Dallas Firm Buys 800-Unit Apartment in Lancaster

Commercial Real Estate | DEALS

April 30, 2002

Beneke Cos. of Dallas acquired the 800-unit Sunset Ridge Apartments at 43436 N. 16th St. in Lancaster from Sunset Ridge LLC for $47.8 million. The price was the highest paid per unit for an apartment complex in north Los Angeles County, according to Sean Deasy of CB Richard Ellis, who represented the seller. Beneke represented itself.

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Orangefair Marketplace LLC, an affiliate of Columbus Pacific Properties, bought the 352,720-square-foot Orangefair Marketplace in Fullerton for about $31.5 million from Orangefair Co. LLC of Beverly Hills. The buyer and the seller were represented by David Norcott and Bryan Norcott of Colliers Seeley International, and Howard Mann of JLM Realty.

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Portland, Ore.-based real estate investment firm ScanlanKemperBard Cos. and a real estate fund managed by New York's Praedeum Group are purchasing 800 Wilshire Blvd. in Los Angeles for about $22 million. The partners are buying the 16-story tower from Sumitomo Life Realty. Cushman & Wakefield's Richard Plummer, Anthony Gatti, Steve Algermissen and John Eichler brokered the sale.

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P O'B Montgomery of Dallas bought the 159,000-square-foot Bell Gardens Marketplace in Bell Gardens from Burnham Pacific for $21.6 million. Richard Rizika and Todd Goodman of CB Richard Ellis represented the buyer. The seller was represented by Sam Alison and Dan Riley, also of CB Richard Ellis.

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CT Realty Corp. of Newport Beach sold its 208-unit Los Arbolitos Apartments at 1825 Foothill Blvd. in La Verne for about $20.3 million to a private pension fund client of Lend Lease Real Estate Investments of San Francisco. Marc Renard of Cushman & Wakefield represented the seller. The buyer was represented by Todd Darling of Lend Lease.

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Watt Family Trust bought the 151-unit Pebble Grove Apartments at Central Avenue and Arrow Route in Upland from F&F Pebble Grove Associates for $12.5 million. The seller was represented by Douglas Froehlke of Marcus & Millichap. The buyer was represented by David Ridgway and Matthew Sullivan, also of Marcus & Millichap.

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RK Properties of Long Beach bought the 166-unit Sierra Vista Apartments at 10558 Mountain View Ave. in Loma Linda from Village Investment of Irvine for $12.3 million. The buyer and the seller were represented by Douglas Froehlke of Marcus & Millichap.

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Ming Management bought the 228,423-square-foot Ontario Ridge Commerce Center at 2055 S. Haven Ave. in Ontario for $10 million from Chicago-based Kensington Ridge Ontario I. Ron Washle, Mark Kegans and Roger Rhoades of Grubb & Ellis represented the seller. Brian Miller of Lee & Associates represented the buyer.

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FSC Realty bought the Kingsley Apartments at 333 S. Kingsley Ave. in Los Angeles from 333 S. Kingsley LLC for $9.3 million. The seller was represented by Ron Harris of Marcus & Millichap. The buyer was represented by Rick Ringer, also of Marcus & Millichap.

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RPM Investment Inc. of Downey bought a 101,617-square-foot shopping center at 1141-1259 Carson St. in Torrance from 1213 Carson LP for $8.1 million and plans to renovate the property. David Norcott and Bryan Norcott of Colliers Seeley International represented the buyer and the seller.

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San Francisco-based ATC Partners is in escrow to buy a vacant 111,000-square-foot industrial building at 202 Nash St. in El Segundo for about $8 million from Exodus Communications. Renovation specialist ATC, which is scouting for additional Southland real estate acquisitions, has engaged Steve Solomon and Craig Meyer of Colliers Seeley to market the Nash building, which includes an adjacent parking garage.

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Western National Properties bought the 160-unit Arbor Court Apartment complex at 9950 Juanita Ave. in Cypress from Bascom Group of Irvine for $15.3 million. The seller was represented by John Walsh and Joe Berkson of Marcus & Millichap. Walsh also represented the buyer.

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Bertelsmann Services signed a 5 1/2-year, $7.6-million lease for 165,141 square feet of industrial space at 29011 Commerce Center Drive in Valencia Commerce Center in Valencia. The landlord, Sares-Regis Group, was represented by Craig Peters and Doug Sonderegger of CB Richard Ellis. The tenant was represented by Tim Crissman of Crissman Commercial Real Estate Services.

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