DEALS
Allstate Insurance Co. signed a 10-year, $18-million build-to-suit lease for 70,000 square feet of space at 21950 E. Copley Drive at the Gateway Corporate Center in Diamond Bar, according to Jeff Hill, director of real estate development for Opus West Corp. in Irvine, developer of the 80-acre Gateway center. Hill represented Opus West in the lease negotiations with Allstate, while Dean Chandler and Jeff Morgan of CB Richard Ellis represented Allstate. Hill said that in addition to the Allstate build-to-suit project, Opus West plans construction of two speculative buildings totaling 95,000 square feet to be completed by October.
* De Soto Apartments, a Beverly Hills-based partnership, acquired the 104-unit Villa Del Sol Apartments at 10025 De Soto Ave. in Chatsworth for $5.9 million from WHC-Three Investors in an all-cash transaction. Dean Zander and Steve Bristol of Sperry Van Ness represented both the buyer and seller.
* Newport Beach-based Hamilton Co. bought 7.8 acres of land at Irvine Avenue and Alton Parkway in Irvine Spectrum for $4 million from the Irvine Co., according to Dave Travis of Voit Commercial Brokerage, who said Hamilton plans a 17-building development called Parkway Center, which will be completed by the end of summer. Travis, who represented both parties in the sale, said the buildings will range from 3,700 to 15,000 square feet.
* American Stores Properties bought about an acre of land at Cahuenga Boulevard and Yucca Avenue in Hollywood for $2.8 million from Lucia Properties of Glendale and plans to build a Sav-On drugstore at the site, according to Ted Slaught of Charles Dunn Co. Slaught represented both the buyer and the seller in the transaction. American Stores is the operator of Lucky markets, Sav-On drugstores, Osco drugstores and Jewel markets.
* Somara Capital sold a 7,800-square-foot office building at 267 Hillcrest Ave. in Thousand Oaks to a private pension fund for $2.25 million, according to Tony Principe of Westcord Commercial Real Estate Services, who represented both parties in the sale.
