Las Vegas
Grubb & Ellis Co. has strengthened its presence in the Western US by acquiring a 100% interest in its Las Vegas affiliate, Grubb & Ellis|Las Vegas. The acquisition marks the third owned office the company has established during 2010. Terms of the transaction were not disclosed. “The acquisition is consistent with Grubb & Ellis’ growth strategy to bolster its full-service capabilities throughout the country,” says Thomas D’Arcy, president and chief executive officer of Grubb & Ellis. “We believe Las Vegas offers significant opportunity, and Grubb & Ellis|Las Vegas is a recognized leader in the region. They have been one of our most productive affiliate offices, and there is no question that they best represent our company and our clients in the market.” The change in ownership structure adds approximately 30 experienced brokerage professionals to Grubb & Ellis. Joseph Kupiec Sr. will continue to oversee the Las Vegas office as executive vice president and managing director. “Since joining the company as an affiliate in 2000, the Las Vegas office has demonstrated its willingness to take full advantage of the Grubb & Ellis platform and its strong commitment to clients,” says Jack Van Berkel, chief operating officer of Grubb & Ellis and president of real estate services. “Our affiliate platform remains an important component of servicing the company’s clients in a number of secondary and tertiary markets throughout the country; however, there are certain markets where we believe it is critical to have an owned-office presence.”
San Diego
Cassidy Turley BRE Commercial, revealed a $9-million land sale at Fenton Technology Park, located at the southwest corner of Camino Santa Fe and Summer Ridge Road in Sorrento Mesa. The seven acres of land were purchased by Advanced Particle Therapy for the Scripps Proton Therapy Center, a cancer treatment center using proton therapy that will serve Southern California and beyond. “This center will be the first of its kind in San Diego,” says Jeff Bordok, president of Advanced Particle Therapy. “We are scheduled to break ground in mid- to late July 2010 and the project should take approximately 30 months to complete.” As clinical partners of Advanced Particle Therapy, Scripps Clinic Medical Group and Scripps Health will operate and provide clinical support at the new Proton Therapy Center. Casey Brown and Mike Colarusso of BCL Inc. are the local managing partners for the $185-million construction project, along with the Haskell Co. of Jacksonville, FL, and Signet Enterprises of Akron, OH. Cassidy Turley BRE Commercial represented both the buyer and the seller, H.G. Fenton Co., in the transaction.
The new 17,000-square-foot Gary and Mary West Senior Wellness Center at 1525 Fourth Ave. in downtown San Diego is complete and on track to receive LEED Gold certification within the next few weeks. It will be the first LEED certified senior center in San Diego, and is expected to serve as a model for new senior centers across the country in terms of design sustainability and services, according to a prepared statement.
Orange County
Carl Fuller of the Alison Co. recently provided financing for an industrial business park located in Mission Viejo, CA. The property consists of seven buildings having 97,272 square feet. A life insurance company correspondent funded the permanent loan of $6.15 million.
Newport Beach, CA-based Voit Real Estate Services has directed seven transactions in Southern California for a total consideration of $8.7 million. Mother’s Market & Kitchen has leased a 13,000-square-foot retail building at 413 S. Associated Rd. in Brea, CA. Jayway Properties LLC has acquired a 16,386-square-foot property for $1.8 million. The property is located at 1959 North Main St. in Orange, CA. Unicable Inc has acquired a 10,831-square-foot property for $1.5 million. The property is located at 511 S. Harbor Blvd. unit I in La Habra, CA. YCC Pacific Commerce Center LLC, has sold a 13,810-square-foot property for $1.4 million. The property is located at 9220 Norwalk Blvd. in Santa Fe Springs, CA. Pacific Premier Bank has sold a 33,360-square-foot property for $1.4 million. The property is located at 2401 27th St. in Vernon, CA. Glenmount Properties LLC has sold a 5,334-square-foot office property for $1.3 million. The property is located at 17701 Cowan Ave. in Irvine, CA. Marriott International has renewed their office lease on a 10,278-square-foot property for $1.3 million with a term of 96 months. The property, Colton Corporate Center, is located at 3130 S. Harbor Blvd. in Santa Ana, CA.
Los Angeles
Equity Office Properties’ Andrew Goodman and LA Realty Partners’ principals Hunt Barnett and Peter Best, together with directors Beau Rawi and Karly Nolen, have successfully negotiated a 10-year, $9.8-million lease renewal and expansion for Singer Lewak Greenbaum Goldstein for 25,258 square feet in suites 700 and 800 at 10960 Wilshire Blvd. in Westwood Village, Los Angeles. LA Realty Partners represented the landlord, Equity Office, in the transaction. The tenant was represented by David Toomey and Brian Davies of CresaPartners.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
