Shopping Center Bagged for $50 Million

CARLSBAD -- Principal Real Estate Advisors, a Des Moines-based pension fund advisor, and Madison Marquette, a Washington-based retail development firm, purchased Plaza Paseo Real, a 147,000-sq.-ft. retail center in Carlsbad. The property sold for approximately $50 million, in excess of $340 per sq. ft.

A Vons Pavilions store and Ultra-Star Cinemas anchor the neighborhood shopping center located at the northwest corner of El Camino Real and Aviara Parkway. The property was sold by the Board of Administration as Trustee for the Federated City Employees Retirement Fund of San Jose. MIG Realty Advisors was the advisor representing the seller.

The exclusive listing team representing the seller was Michelle Schierberl, Dixie Walker and Jeff Hanson of the Grubb & Ellis Newport Beach office. No other broker was involved in the transaction.

Medical Building Sold for $4.6 Million

ANAHEIM -- The Mahboubian Family Trust, a Los Angeles-based investment group, purchased Anaheim Hills Health Plaza, a 31,880-sq.-ft. medical office building here. The transaction, part of a 1031 exchange, was valued at $4.6 million.

The single-story, concrete tilt-up building was built in 1988. It was 93 percent leased at the time of sale. Anaheim Hills Property Association of Los Angeles sold the property.

Bob Caudill and Matt Didier of the Grubb & Ellis Anaheim office represented the seller in the transaction. Holly Hakimian of Extar Co. represented the buyer.

Premier Tile & Marble Buys Industrial Building

ALHAMBRA - Contractor Premier Tile & Marble, purchased a 12,000-sq.-ft. industrial building in Alhambra that will serve as its corporate headquarters. The transaction was valued at $925,000.

Premier Tile & Marble has already occupied the single-story, concrete tilt-up building located at 798 Monterey Pass Rd.

Han Investment Group LLC of the City of Industry sold the property.

Jim Center and Chalvis Evans of the Grubb & Ellis San Gabriel Valley office represented the seller in the transaction. Michael Louie of Encore Property Services represented the buyer.

Napa Firm Acquires Historic Property

SAN FRANCISCO -- Zapolski + Rudd LLC, a Napa-based private investment group, purchased a 57,772-sq.-ft. historic office property in this city. The transaction was valued at $18.75 million.

The four-building property, which was built in 1853 and also contains a 4,219-sq.-ft. parking lot, is located at 405-445 Jackson St. Two of the buildings housed the original Ghiradelli chocolate factory. The property, which was sold by San Francisco-based Jackson Street Properties LLC, was 100 percent leased at the time of sale.

Richard Johnson, Daniel Cressman, Edward Suharski and Edmund Najera of the Grubb & Ellis San Francisco office represented the seller in the transaction. The buyer represented itself.