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Commercial Real Estate | DEALS

Sares-Regis Acquires Apartment Building

January 22, 2002

Sares-Regis Group of Irvine purchased the 348-unit Waterstone Apartments at 9901 Lurline Ave. in Chatsworth from Pacific Property Co. for more than $30.7 million. The buyer and the seller were represented by Bill DuBrowa, Baron Jones, David Casper and Bruce Furniss of Grubb & Ellis.

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Aslan Realty Group of Irvine bought the 220-unit Marin Club apartments at 2241-2263 W. Valley Blvd. in Pomona for $13.2 million from Steadfast MCA of Newport Beach. The buyer and the seller were represented by Brian Hawkins and Margie Molloy of Hendricks & Partners.

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Mike Solomon bought a 42-unit apartment building at 6700 Franklin Place in Hollywood for $5.5 million from F.P.H. LLC. The buyer and seller in this transaction were represented by Ron Harris of Marcus & Millichap.

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Red Mountain Retail Group of Santa Ana bought a 57,231-square-foot grocery-anchored shopping center at Magnolia Avenue and McKinley Street in Corona for $5.1 million from Full Service Inc., a subsidiary of Fullerton Community Bank in Fullerton. The seller was represented by Jay Brun, Bob Crisell and Brian Bielatowicz of Lee & Associates. Brad Umanski of Sperry Van Ness represented the buyer.

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Kamino International Transport Inc. signed a 10-year, $5-million lease for 54,212 square feet of industrial space at 2580 Santa Fe Ave. in Redondo Beach. Luke Staubitz and Harvey Beesen of Klabin Co. represented the tenant. The landlord, C.R.C. Investment, was represented by Jim Sullivan, also of Klabin.

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Mission Hills-based Asset Management Consultants Inc. acquired a 40,349-square-foot office building at 6147 Rivercrest Drive in Riverside for $4.7 million from Fata Hunter Inc., an Italian company. Dave Mudge and Tom Pierik of the Riverside office of Lee & Associates represented the buyer and the seller.

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Todd Avenue Partners bought 12.5 acres of land at 1201 N. Todd Ave. in Azusa for $4.3 million from CalMat Co. Darla Longo and Barbara Emmons of CB Richard Ellis represented the seller. The buyer was represented by Gil Bates of Bates Co.

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St. Jude Medical S.C. Inc., a St. Paul, Minn.-based maker of medical devices, signed a five-year, $3.1-million lease for 19,758 square feet of office space at 21700 Oxnard St. in Woodland Hills. Jim Lindvall, Jim Linn and Todd Lorber of Grubb & Ellis represented the tenant. Dave Solomon and Don Hudson of CB Richard Ellis represented the landlord, AH Warner Center Properties of Woodland Hills.

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Sit 'n Sleep signed a five-year, $3-million lease for 80,759 square feet of industrial and office space at 18431 S. Wilmington Ave. in Dominguez Technology Center in Carson, where the company will relocate its corporate headquarters and main warehouse from Montebello. The technology center is a development of Watson Land Co., which was represented in-house by Kirk Johnson and Lance Ryan. Jim Dionne of Dionne Partners represented Sit 'n Sleep.

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Bank of China, one of four major state-owned commercial banks in China, signed a seven-year, $3-million lease renewal and expansion for 14,571 square feet of office space at its Los Angeles branch office in Citibank Center at 444 S. Flower St. in downtown Los Angeles. Clayton S. Hovivian and Marco A. Vartanian of Cushman & Wakefield represented Bank of China. John Ollen of Insignia/ESG represented the building owner, Meijiseimei/Pacific Freeholds.

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