SALES

OAKLAND, CA-CallSocket LP has paid $8 million for one of the best known landmarks in the Bay Area: the 85,000-square-foot Oakland Tribune building. The building, which had been in receivership, is to be converted to a call center employing up to 2,300 people within three years. Lori Bluett of Bluett & Associates represented the seller, special servicer Torchlight Investors. The buyer was represented by David Noravian, Hyoung Chon and Robert Newstead of CB Richard Ellis.  

REDLANDS, CA-Industrial Income Trust paid an undisclosed amount for the 437,084-square-foot Inland Empire Industrial Center. Jeff Chiate, Jeffrey Cole, Michael Ma, David Hasbrouck, Ed Hernandez and Phil Lombardo of Cushman & Wakefield represented the seller, Canyon Capital Realty Advisors LLC of Los Angeles. The buyer represented itself.  

IRVINE, CA—An affiliate of New York-based AIG Inc. has acquired a 170,466-square-foot industrial building  formerly occupied by St. John’s Knits. The sellers were a venture of Hines Interests and California Public Employees Retirement System. Terms of the deal were not disclosed, although the property was valued at $30 million last year, according to the real estate industry sources. Earlier this year,  AIG spent $176 million for a an 11-building portfolio in Newport Beach, CA.

RANCHO CUCAMONGA, CA—Rexford Industrial has acquired a 107,084-square-foot industrial building in this Inland Empire. Rexford made the purchase on behalf of Rexford Industrial Fund V REIT. The building is 82% leased. Scott Ostlund of Lee & Associates represented both the buyer and the seller, an unnamed investor. 

 BELLFLOWER, CA-Bequer Investments paid $6.5 million for Rosewood Center, a 60,000-square-foot shopping center in this south Los Angeles County city. Christopher E. Maling and David Maling, of  Colliers International’s downtown Los Angeles office represented the seller, AG/BP Rosewood, LLC, while the buyer was represented by Arthur Flores of CB Richard Ellis. 

DAVIS, CA--HighBridge Properties bought Brush Creek Apartments, an 80-unit student housing complex for $8.2 million. HighBridge acquired the housing complex on behalf of a private investor that is investing alongside HighBridge principals Paul Gradeff and Andrew Weddle. Trevor Wilson and Brian Printz of San Francisco-based Ridge Capital Investors represented and underwrote the purchase on behalf of HighBridge, while Sunny Gill of Marcus & Millichap represented the undisclosed seller. FPI Management will oversee day-to-day management and leasing activity.

RIVERSIDE, CA-CIP Real Estate of Irvine, CA paid $6.5 million for Summit Business Center, a 138,000 square foot business park in this Inland Empire city. The seller was Capmark Bank, who owned the property as an REO asset. CIP plans to invest an additional $3.8 million for capital improvements and interior renovations to upgrade the office park to appeal to government, non-profit and professional services firms, the company said in a statement.  CIP acquired the office project in a joint venture with a real estate investment fund managed by Blue Vista Capital Partners. Phil Woodford of CB Richard Ellis represented Capmark Bank while CIP represented itself. 

HUNTINGTON BEACH, CA-MHE Properties paid $12.73 million for a 64-unit apartment building at 19822 Brookhurst St.  Pat Swanson of Colliers International’s Irvine office, represented both the buyer and the seller, the Von Gremp Family. This apartment complex was completely renovated in 2004 and is 100% occupied.