Private Investor Purchases Office Building Near LAX

LAX Royal Airport Center LP, a South San Francisco-based private investor, purchased Royal Airport Center, a 214,000-sq.-ft. Class A office building near Los Angeles International Airport. The transaction was valued at $16 million, according to Grubb & Ellis, the broker for the buyer and seller.

The 12-story, steel and glass structure was built in 1984 and renovated in '93. Royal Airport Center has had about $900,000 in common area renovations and capital improvements in the last two years.

The building, at 5933 W. Century Blvd. in Los Angeles, was sold by Royal Airport Center LLC of Torrance. The property was 70-percent leased at the time of sale.

Jamison Properties Purchases MOB in Gardena

Jamison Properties, a Los Angeles-based private investment group, purchased Gardena Professional Medical Plaza, a 116,000-sq.-ft. medical office building in Gardena. The transaction was valued at $14.1 million, according to Grubb & Ellis, the broker for the buyer and seller.

The five-story, steel-frame building, at 1045 W. Redondo Beach Blvd., was sold by Gardena Medical Plaza Partnership Gardena. The property was built in 1989, and was 69- percent leased at the time of sale.

Behringer Harvard Purchases Office Building in Downtown Long Beach

Behringer Harvard, an Addison, Texas-based private investment group, purchased Downtown Plaza, a 100,100-sq.-ft. office building in downtown Long Beach. The transaction was valued at $17.7 million, according to Grubb & Ellis and Cushman & Wakefield, the deal's brokers.

Pacifica Real Estate Group of Laguna Hills sold the property.

The six-story, steel-frame building, at 211 E. Ocean Blvd., was 94-percent leased at the time of sale. The Designory, a wholly owned subsidiary of the Omnicom Group, one of the largest advertising agencies in the world, occupies 50 percent of the project, which was built in 1982.

Pacific Real Estate Group Purchases Office Building in Culver

Pacific Real Estate Group, a Laguna Hills-based private investment group, purchased a 115,000-sq.-ft. office building - called the Promontory -- in Culver City. The transaction was valued at $22.4 million, according to Grubb & Ellis, the broker for the buyer and seller.

The four-story, steel-frame building, at 5901 Green Valley Circle, was 100-percent leased at the time of sale.

The Promontory has two long-term credit tenants leasing 72 percent of the property. The Westside Regional Center occupies 41 percent of the project and The State of California leases 31 percent.

The property, part of a master-planned office park environment, was built in 1979 and renovated in '03. It was sold by TIAA-CREF of New York.

Granite Peak Partners Purchases Office/Flex Complex in Carson

Centre Pointe LLC, a Santa Barbara-based private investment group, purchased Centre Pointe, a 184,400-sq.-ft. office/flex business park in Carson. The transaction was valued at $25.2 million, according to Grubb & Ellis, the broker for the buyer and seller.

The concrete tilt-up complex, which includes two two-story buildings and one single-story building, is at 108-152 Walnut St. and 17235-17245 Main St.

Canon occupies 53.9-percent of the project and has been a tenant in the facility since 1988. Recent major renovations total approximately $870,000, including a new elevator, parking lot, roof and common-area refurbishments.

The property, which was built in 1987, was 98 leased at the time of sale. Westcore of San Diego sold the asset.

Coreland Companies Negotiates 10-Year Lease for Quiznos Sub in Downtown Los Angeles

Coreland Cos. of Tustin has negotiated a retail lease for Quiznos Sub at Pacific Center, a 12-story, 411,000-sq.-ft. Class A office building in downtown Los Angeles.

Coreland Cos. negotiated the retail lease transaction on behalf of the building's owner, Holualoa Cos. of Santa Monica. Quiznos signed a 10-year lease for 1,375 sq. ft. for a total consideration of approximately $565,110. The tenant, who was represented by Steve Selcer of the Legaspi Co. in Montebello, is expected to open in the fourth quarter.

Pacific Center is at 6th Street and Grand Avenue.

Coreland Companies Negotiates Six Leases in Huntington Beach

Coreland Cos. of Tustin, negotiated additional lease transactions at One Pacific Plaza, a 400,000-sq.-ft. office building in Huntington Beach.

One Pacific Plaza is at 7755 and 7777 Center Avenue, adjacent to the new 1- million -sq.-ft. Bella Terra retail center set to open this year.

As the exclusive leasing agents for One Pacific Plaza, Coreland Cos. negotiated these six lease transactions on behalf of the owner, Mullrock 1-Beach Pointe LLC. Coreland also represented some of the tenants.

Shekinah Inc. signed a five-year lease, two-month lease for 11,100 sq. ft. for a total consideration of approximately $1,483,908. The tenant was also represented by Coreland.

Inno Group LLC signed a five-year lease for 3,455 sq. ft. for a total consideration of approximately $444,046. The tenant was represented by Coreland.

Stop Loss Insurance signed a three-year, one-month lease for 3,332 sq. ft. for a total consideration of approximately $240,237. The tenant was represented by Coreland.

Brenda Le Mortgage signed a three-year, two-month lease for 2,170 sq. ft. for a total consideration of approximately $152,443. The tenant was represented by Trammell Crow Co. of Irvine.

Allied Electronics signed a four-year lease for 1,950 sq. ft. for a total consideration of approximately $193,577. The tenant was represented by CB Richard Ellis of Newport Beach.

Broughton Hospitality Group signed a five-year lease, three-month lease for 1,829 sq. ft. for a total consideration of approximately $232,374. The tenant was also represented by Coreland.

West Coast Commercial Mortgage signed a five-year lease for 1,442 sq. ft. for a total consideration of approximately $173,040. The tenant was represented by Coreland.