SALES

BEVERLY HILLS, CA-Keller Williams Commercial Beverly Hills’ Sami Dinar represented the buyer in the sale of a 26,715-square-foot apartment community in the Hollywood Hills. The purchase price was $7.4 million, $246,666 per unit or $277 per square foot with 55 subterranean parking spaces. Laurie Lustig-Bower, Adrienne Barr and Nancy Badzey with CBRE represented the seller. The property, also known as the Monterra at Hollywood Hills, is located at 2330 N. Cahuenga Blvd in Hollywood. The property was 97% rehabbed and remodeled, and was 98% occupied at the time of sale.

SAN FRANCISCO-Parktown Plaza at 1350-1490 S Park Victoria Dr., Milpitas, CA has sold. CBRE represented the buyer and seller. The property was purchased by Parktown Plaza Pak LLC from a pension fund based in southern California for $15.59 million. Parktown Plaza is a 100,322-square-foot grocery anchored community center.

FUND CLOSING

SAN FRANCISCO-DivcoWest and its exclusive agent, Greenhill & Co.’s Real Estate Capital Advisory Group have closed of DivcoWest Fund III, the third in a series of funds created by the firm to focus on investment in technology-oriented growth markets. Investors in the fund include public pension plans, investment management firms, endowments, foundations and high net worth investors from the US and abroad. The fund was launched in June of 2011. At inception, the sponsor set an original goal of $800 million for the capital raise, and the fund was subsequently oversubscribed for a total capital raise in excess of $871 million. DivcoWest Fund III, including leverage, provides DivcoWest with over $2 billion of capital available for investment. To date, the fund has already made four investments with a gross value in excess of $200 million. Among the assets acquired for the fund thus far are the Genesee Executive Plaza in San Diego, the Walsh @ Bowers portfolio in Santa Clara and 1275 Market St. in San Francisco.

DEVELOPMENT

DESERT HOT SPRINGS, CA-The Planning Commission for the City of Desert Hot Springs, California approved all land use entitlements for the Aloha Solar Energy project at the Commission’s meeting of January 10, 2012. The Aloha Solar Energy Project will include two projects that will generate a combined 2.94 MW of solar energy under the California Renewable Energy Small Tariff Program. The project will cover approximately 14.4 acres and has a total project cost of about $10 million. The project developer indicated that it will take a team of about 20 people six months to construct the project and will add another couple of permanent jobs to maintain the facility.

SOLANA BEACH, CA-Ronnie Morgan, Louis Kuntz and Ric Shwisberg, veterans of the Morgan Group Inc., have joined forces to launch a new apartment development company, MKS Residential LLC. The three principals have more than a century of combined experience developing and building more than $1 billion worth of high-end multifamily projects. MKS Residential is an institutional quality developer of class A apartments with a regional construction and development office in Denver. Its maiden projects, including the upcoming 3100 Pearl development in Boulder, CO, will be located in the Western US.

LAS VEGAS-EHB Cos., developer of Las Vegas’ One Queensridge Place and Tivoli Village, revealed plans for a 700,000-square-foot enclosed shopping mall development named Las Vegas Renaissance. Located 15 minutes west of the Strip, adjacent to Tivoli Village, the development will break ground in 2013 with a targeted opening for the 2015 holiday season. Renaissance will begin construction after the completion of Tivoli Village’s phase II, scheduled by holiday 2013. “As we continue to build upon Tivoli Village’s unique offerings, we look to the future of West Las Vegas as a prominent retail destination,” explains Yohan Lowie, chairman and CEO of EHB Cos. “Renaissance will provide the community with a distinctive enclosed lifestyle shopping mall away from the bustling Strip. The combination of Tivoli Village, Renaissance and Boca Park retail areas will define this Rampart corridor as the shopping, entertainment, restaurant and office destination of West Las Vegas.”

LEASES

SAN DIEGO- Jones Lang LaSalle’s landlord leasing group wrapped up 2011 by completing five leases totaling 106,155 square feet. The State of California leased 25,728 square feet at Carmel Corporate Plaza. The 96-month lease is valued at $3.52 million. Advantar Labs Inc. leased 17,566 square feet at Sorrento Canyon Tech Center, located at 5451 Oberlin Dr. The 65-month lease is valued at $2.21 million. Audatex North America leased 23,241 square feet at Carmel Point Office Park, located at 15030 Ave. of Science. The 36-month lease is valued at $1.4 million. Red Lion Scientifics leased 8,220 square feet at Rancho Bernardo Tech Center, located at 11011 Via Frontera. The 36-month lease is valued at $2.2 million. LRAD Corp. leased 31,360 square feet at 16990 Goldentop Rd. in San Diego. The 72-month lease is valued at $1.89 million.

LOS ANGELES-Law firm Dongell Lawrence Finney LLP has leased the entire 45^th floor, or 19,118 square feet, of the AON Tower at 707 Wilshire Blvd. for 10 years. Grubb & Ellis’ Sean O’Leary, SVP and Jim Jandro, SVP, represented the tenant.

LOS ANGELES-NAI Capital brokers, Randy Sheinbein, SVP and Daniel Miller, VP represented Good Worldwide Inc. in the leasing of a full floor comprising 14,918 square feet of office space at 6380 Wilshire Blvd. The value of the three-year lease was $1 million. The landlord, Jamieson Services Inc. was represented by Jennifer Resnick of First Property.