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Health Plan Gains 87,000-SF Office Asset

CHULA VISTA, CA-The non-profit Community Health Group purchases the building for $11.85 million.

By Carrie Rossenfeld | Updated on November 01, 2012

(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 – 6.) CHULA VISTA, CA-Community Health Group, a nonprofit health plan operating in San Diego County, has purchased an 87,000-square-foot, two-story office/flex building for its operations at 900 Hitachi Way here from Chula Vista Investment Group LLC, a real estate fund managed on behalf of the Alaska Permanent Pension Fund, for $11.85 million. The sale marks the largest office sale in the Chula Vista submarket this year. Brandon Keith, SVP, and Tracy Clark of Voit Real Estate Services’ San Diego office, represented the buyer in the transaction. CHG Foundation will occupy 67,000 square feet of space in the building, while Hitachi America Ltd. will occupy 20,000 square feet on a lease completed as part of the deal.

LOS ANGELES, CA-Astani Enterprises has closed escrow on the purchase of a 1.9-acre site at 5550 Hollywood Blvd. here, just west of the Hollywood Red Line Metro station and the recently redeveloped corner of Hollywood Blvd. and Western Ave., for $10.75 million. The seller is New York’s CapMark Financial Group, whose assets were recently acquired by Warren Buffet’s Berkshire Hathaway Inc. Astani founder and chairman Sonny Astani says he plans to develop the site, which will be named High Line West, into a 280-unit mixed-use apartment complex with an abundance of residential amenities. Twenty-five units in the development will be set aside for very-low-income residents. There will also be 12,000 square feet of retail space and a 5,000-square-foot elevated park that will be open to the public.

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