Los Angeles

Developer West Covina Senior Villas II LP has broken ground on a 65-unit affordable senior apartment project in West Covina, CA. The $7.7-million project is being built in response to the City’s need for more affordable housing facilities. The project site was previously reserved for a condominium complex. Due to the collapse of the housing market, the West Covina Community Development Commission and West Covina Senior Villas worked together to convert the land use in order to better serve the community and its residents, according to a prepared statement.

1250 Wellesley Ave.

Investment Real Estate Associates reported the sale of a rare Pacific Palisades development site at 15201 Bestor Blvd. for $4.9 million and the sale of the 10-unit Wellesley Penthouse loft apartments at 1250 Wellesley Ave. in West Los Angeles for $3.3 million. The development site, consisting of approximately 36,852 square feet, is zoned R-1 and may be suitable for multiple single-family homes or a large estate home. The property is also the site of 10,242-square-foot church building once occupied by the Thirty Seventh Church of Christ, Scientist. The property was also marketed to religious organizations. Dennis Herzig, senior associate at IREA, was on the listing team. Clark Everitt and William Everitt, vice presidents at IREA, represented the buyer, Bestor Boulevard LLC. In the sale of 1250 Wellesley Ave., a four-story building that is one block south of Wilshire Boulevard and two blocks east of the City of Santa Monica border, the Everitts represented the seller, a private individual. Darin Beebower of Madison Partners represented the buyer, Wellesley Apartments Partners LLC. The average unit size in the building is over 1,200 square feet. Built in 1962, the property has undergone many recent upgrades and features new landscaping.

Colliers International has completed four retail sales totaling $11.25 million in greater Los Angeles area. Jereme Snyder, senior vice president in Colliers International’s Irvine office, closed all four sales. The first is the sale of a 25,825-square-foot retail building located at 18527 Yorba Linda Blvd. in Yorba Linda, CA to a private Orange County-based investor. The transaction is valued at $5.25 million. The property has been leased to Stater Bros. since 1975 and recently executed a new 10-year lease extension. The building is situated on approximately 2.2 acres of land and is the anchor to the Lakeview Town Center, an approximately 100,000-square-foot community retail center located at the northeast corner of Lakeview Avenue and Yorba Linda Boulevard. The second is the sale of a 2,360-square-foot retail building located at 308 Abbot St., Salinas, CA, to a private investor. The transaction is valued at $660,000. This single tenant 7 eleven had a corporate guaranteed NNN lease, and is located at the Southwest corner of Abbot Street and Maple Street. Snyder represented both the seller, Evercore Trust Company and the buyer. The third is the sale of a 42,289-square-foot retail building located at 9155 Jurupa Rd. in Riverside, CA. The transaction is valued at $3 million. Snyder and Robert Hoyt, senior vice president based in Collier International’s Irvine office, represented the seller, and the private local buyer represented themselves. This property is the 13th single tenant Stater Bros Market Snyder and Hoyt have sold for Vornado since 2009. The fourth is the sale of a 3,198-square-foot retail building located at 8660 W. Warm Springs Rd. in Las Vegas to a Calif.-based private investor. The transaction is valued at $2.34 million. Built in 2009, the property is a single tenant, free-standing brand new Carl’s Jr, with a 20-year NNN lease with 15% increases every five years.

Inland Empire

Gateway Centre

Voit Real Estate Services has negotiated the purchase of a 122,935 square-foot industrial property called Gateway Centre for $7.5 million in Murrieta. Alan Pekarcik, Dan Vittone, and Nick Frasco of Voit’s Irvine office represented the buyer, Frome Realty Fund-Alpha LLC. “Our client’s acquisition of the property was completed as part of a lender-facilitated short sale,” said Pekarcik. “Despite the distressed condition of the industrial market in the Temecula-Murrieta Valley, the property is positioned for long-term rental and value appreciation and the Frome family acquired the property at a considerable discount to replacement cost.” The property is located at 26305-26499 Jefferson Ave., near the 15 and 215 Freeways. The seller, Gateway Business Park LP, was represented by Brandon Sudweeks and Matt Haskin of Sudweeks Commercial Real Estate.

Orange County

The Muller Co. has recently started construction on the $3 million renovation of its “mid-century modern” landmark building, the Taj Mahal Medical Center building, formerly known as the Taj Mahal, located at 23521 Paseo de Valencia in Laguna Hills, CA. The renovation of the 90,000-square-foot, four-story building will take place over the next 15 months and is scheduled to be completed in the spring of 2012. “With the increasing demand for state-of-the-art medical office space, the Muller Co. wants to create a building that is solely dedicated to the needs of medical professionals and transform the already exceptional building into one that truly stands out amongst the rest due to its specialized amenities, in addition to its iconic architecture and premier location,” says Jon M. Muller, principal.