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Commercial Real Estate | DEALS

Aslan Buys Apartments From REIT

January 15, 2002

Aslan Realty Group of Irvine acquired the 350-unit Arbor Heights Apartments at 2401 S. Hacienda Blvd. in Hacienda Heights for $35.3million from Avalon Bay real estate investment trust. Sean Deasy and Raymond Eldridge of CB Richard Ellis represented the seller. Aslan represented itself.

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Regency Centers, owner of 268 retail properties throughout the United States, acquired the 198,461-square-foot Park Plaza shopping center at North Western Avenue and Park Western Drive in San Pedro from Heitman Capital for $28.8 million. Gregg Herbert, Jeff Hanson and Mike Shustak of Grubb & Ellis represented the seller. Regency represented itself.

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Joint ventures of Los Angeles-based Hanover Financial Co. and Beverly Hills-based Kennedy Wilson International acquired two apartment complexes totaling 383 units.

One venture, Santa Ana Park Place Associates, acquired a 196-unit property at 300 and 301 W. 2nd St. in Santa Ana for about $16.7 million from 300 West 2nd LLC. Melinda Russell of Hendricks & Partners represented the buyer and the seller.

The other venture, Nantucket 187 LLC, bought a 187-unit property at 727 S. Lyon St. in Santa Ana for about $14.3 million from Western National Partners. The buyer and seller both represented themselves.

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San Jose Hills Road LLC of Newport Beach bought the 163-unit Shadow Springs Apartments at 20700 San Jose Hills Road in Walnut from Shadow Springs Apartment Co. of Tustin for $13.3million. Udi Katz of Multi-Housing Realty represented the buyer and the seller.

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FDL Inc., a manufacturer and distributor of office furniture, signed a five-year, $5-million lease for 127,000 square feet of warehouse space at 1650 Charles Willard St. in the Dominguez Technology Center in Carson. Bill Rippberger of Cushman & Wakefield represented the tenant. The landlord, Carson Cos., was represented by John Schumacher and Jeff Morgan of CB Richard Ellis.

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Southwest School & Office Supply bought a 63,500-square-foot warehouse in Crossroads Business Park in Ontario for $3.5 million from Newport Beach-based Master Development Corp. Mark Giuliano of Lee & Associates represented the buyer. Master Development was represented by Michael Chavez and Bill Heim, also of Lee.

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ChoicePoint Corp. signed a five-year, $3.3-million lease for 33,600 square feet of space in a building under construction at 1901 Alton Parkway in Irvine. Rick Sherburne and Travis Boyd of CB Richard Ellis represented the tenant. The landlord, Searles Development Co., was represented by Don Nourse, also of CB Richard Ellis.

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