DENVER-MPEG LA, the world leader in alternative technology licenses, has signed a 22,000-square-foot lease at Metropoint I, a 280,417-square-foot office tower in the Denver Tech Center, located at 4600 South Ulster St. here. A more modern and efficient space plan will allow the company to drastically reduce its occupancy needs, going from approximately 43,000 square feet at Tuscany Plaza to the more modest footprint when the lease commences in September 2012. Studley EVP Jim McGrath represented the tenant in the transaction, while CBRE’s Sergio Castaneda represented the owner, who was undisclosed.

DEVELOPMENT

IRVINE, CA- The Orange County Great Park Corp. is moving forward with a 30-acre expansion of the Great Park. USS Cal Builders, Inc., headquartered in Stanton, CA, was selected in a public bid process and awarded the $22.8 million contract for construction. The funds for the completion of the Western Sector Park Development Plan are part of the $200 million in developer fees the City of Irvine received under the original agreement with Lennar (now FivePoint Communities, Inc.) in 2005 and appropriated in the fiscal-year 2012-2013 budget. Construction is expected to begin this summer and to be completed in mid-to-late 2013. The project is expected to generate more than 50 full-time equivalent jobs and will provide four new soccer fields, a permanent visitor’s center, community garden, expansion of the walkable historical timeline and the park’s first water features –six new ponds—among other infrastructure improvements.

SALES

CITY OF INDUSTRY, CA-Overton Moore Properties has acquired 15051 Don Julian Rd. here, an 80,000-square-foot industrial building situated on 9.62 acres of land located in the western part of the San Gabriel Valley submarket with close proximity to both the I-605 and I-60 Freeways. When completed, Don Julian Business Center will consist of three buildings totaling 160,000 square feet. OMP plans to reposition the existing 80,000-square-foot building and develop two spec buildings representing 40,000-square-feet each. The existing building will be ready for occupancy by the beginning of fourth- quarter 2012. John Minervini, Robin Dodson, Eric Larson and Chris Tolles of Cushman & Wakefield represented OMP, while Travis Boyd and Alex Hayden of Cushman and Wakefield represented Henkel. The center represents OMP's third acquisition in 2012, and the firm has nearly 1.5 million square feet under construction throughout greater L.A. basin.

BEAVERTON, OR- Portland-based Schnitzer Investment Corp. has completed the $23.35 million sale of 217 Distribution Center, a 449,245-square-foot industrial complex located on SW 11^th St. here, to Kansas City, MS-based life insurance group Kansas City Life. Jones Lang LaSalle managing directors Mary Sullivan, John Jugl, Jr., and Buzz Ellis and VP Paige Morgan led the team on this transaction. The property is composed of five buildings on more than 22 acres. It is 96.5% leased and occupied with a mix of national and regional credit tenants. This is JLL’s second major disposition in Beaverton in the last 30 days.

ELK GROVE, CA-Undisclosed Bay Area investors have sold and bought Laguna Pavilion, a 70,554-square-foot shopping center here, for $18,750,000, or $266 per square foot. The transaction represents one of the few deals over $15 million to close in the last five years within the Sacramento MSA, and it is one of the largest unanchored shopping-center transactions in Northern California during that same time period. David Kram, Pedro Arroyo, and Reid Lewis of the Arroyo Commercial Group represented both sides in the transaction. Before marketing the center, Arroyo advised the seller on the execution of two new leases and two lease extensions, so the property was 100% occupied at the time of sale; 85% of the gross leasable area was leased to national or regional tenants, including Party City, Pier 1, Tuesday Morning, FedEx, Sleep Train, Chili's, and Chipotle.

BAKERSFIELD, CA-The Bascom Group LLC has acquired the Autumn Glen and Serena Vista Apartments, a two-property portfolio, consisting of 250 units here, for $18.7 million. The sale closed on June 8, expanding Bascom's presence in Bakersfield to 487 units and expanding its Central Valley portfolio to 10 properties totaling 1,401 units. Bascom is now ranked as the largest owner in Bakersfield and the Central Valley. The onsite property management will be overseen by AMC.

DENVER- Griffin Capital Net Lease REIT Inc. has purchased a 114,300-square-foot assembly and manufacturing facility for $13 million. The property is 100% leased to and occupied by GE Aviation Systems LLC and is stabilized by a long-term triple-net lease guaranteed by GE Aviation's parent, General Electric Co.

EXECUTIVE MOVES

LOS ANGELES-Charles Dunn Co. has named industry veteran Joseph Mackin as director in the firm’s West Los Angeles office. He will focus on multifamily investment sales for the firm. Mackin comes to the company from Joseph Mackin Investment Real Estate, where he served as the owner/broker. He managed all facets of his clients’ commercial real estate investment portfolios with a specialization in the multifamily sector. Prior to that, he served as a senior investment broker and then as national director of career opportunities with Marcus & Millichap.

FINANCING

SAN DIEGO-Beech Street Capital LLC has provided a $5.4 million Fannie Mae acquisition loan on a 96-unit affordable apartment complex in the San Diego-Carlsbad-San Marcos MSA. The property, Summer Ridge Apartments, had been renovated in 2001 with funds provided by San Diego County Multifamily Housing Revenue Bonds and San Diego Community Home Funds. A speedy resolution was required for the borrower to meet the owner’s bond payoff date. Kristen Croxton and Greg Reed, originating the loan for Beech Street, made sure the timing needs were met.

SAN LEANDRO, CA- Ory Schwartz, SVP and senior director of NorthMarq’s Los Angeles regional office, has arranged acquisition financing of $1.058 million for Chumalia Apartments, a 14-unit, market-rate, garden-style multifamily property here. Non-recourse financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a regional bank.